产权性质、客户集中度与营运资金动态调整
Property Right, Customer Concentrationand Dynamic Adjustment of Working Capital

以2007-2015年我国A股上市公司为样本，从动态的角度实证研究客户集中度对营运资金管理活动的影响，并考察不同产权性质下影响的差异性。研究结果表明：我国上市公司营运资金存在着目标值，客户集中度是影响企业目标营运资金需求的一个重要因素，并对企业营运资金的偏离程度和调整速度有着显著的影响。具体而言，客户集中度越高，其实际营运资金偏离目标水平的程度越大，且向目标营运资金水平调整的速度也越快；进一步研究发现，客户集中度对营运资金动态调整的影响在不同产权性质下存在着异质性，相对国有企业而言，客户集中度对营运资金偏离程度及调整速度的影响在非国有企业较为显著。
Taking the Chinese A-share listed companies from 2007 to 2015 as samples, this paper empirically studies the effect of customer concentration on the dynamic adjustment of working capital, and further examines the differences of the effects in different ownership. The results show that the target value of working capital exists in Chinese listed companies, and the effect of customer concentration on the dynamic adjustment of working capital of an enterprise is significant. Specifically, the supplier's customer concentration is higher, the deviation degree of the actual working capital requirements from the target is greater, and the speed of the adjustment to the target value is faster. Further studies have found that the effect of customer concentration on the dynamic adjustment of working capital is heterogeneous in enterprises with different ownership characteristics. Compared with the State-owned enterprises, the customer concentration has a more significant impact on the deviation degree and adjustment speed of working capital in non-State-owned enterprises, combined with institutional background and studying.