The impact of horizontal mergers on suppliers' cash holdings
研究发现客户横向并购后，供应商会策略性减少现金持有以应对并购客户议价能力的增强，且该效应在供应商依赖客户时更显著，在集中行业则减弱。
Abstract We examine the impact of customer horizontal mergers on suppliers' cash holdings. We show that suppliers strategically reduce their cash holdings after the merger to counteract the increased bargaining power of merged customers. This effect is more pronounced when the supplier relies on customers and less when the supplier operates in a concentrated industry. Consistent with the bargaining power hypothesis of cash holdings, we find that cash‐reducing suppliers experience higher postmerger cash‐flow margins. Finally, we show that suppliers are more likely to use cash reserves to finance their research and development investments to credibly reduce liquidity.