Managing liquidity along the supply chain: Supplier‐base concentration and corporate cash policy
研究发现客户企业的供应商越集中，其现金储备越高；这种关系在非国有、高竞争、库存效率差、关系投资多、生产网络中心及金融欠发达地区的企业中更明显，且债务发行会增强现金持有，供应商集中度也增加了研发支出。
Abstract We find that customer firms with more concentrated supplier bases tend to hold higher levels of cash reserves. The positive relation between supplier‐base concentration and cash holdings is more pronounced for firms with nonstate ownership, higher market competition, worse inventory efficiency, more relationship‐specific investment, central positions in the production networks, and headquarters located in regions with lower levels of financial development. Furthermore, we show that debt issuance enhances firms' cash holdings when they have concentrated suppliers, and supplier‐base concentration increases firms' cash spending on R&D investment. Our study highlights the importance of supplier structure in shaping corporate cash policy.