Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Accounting Forum》 2015-01
Add to Favorite Get Latest Update

Does Relationship-Specific Transaction Affect Investment Efficiency?Empirical Evidence Based on Perspective of the Suppliers/Customers

Hong Xu;Zhonggao Lin;Qian Li;  
Based on supplier-customer relationship, the paper probed into the effects of relationship-specific transaction on corporate investment through two examination. One is a conditional relationship based on the characteristic of liquidity, another is an unconditional examination founded on the deviation from the expected level of investment. This study found that relationship-specific transaction is negatively related to future investment efficiency, increasing the under-investment and over-investment, and this phenomenon will become more apparently with the strengthening of relationship-specific transaction. Further consideration of financial constraints shows that compared to non-state-owned companies, state-owned companies can effectively alleviate the "threaten" from key suppliers and customers that relationship-specific transaction brings, weakening the negative impact of relationship-specific transaction on investment efficiency. The paper enriches the literature on negative effects of relationship-specific transaction. Under "the relationship of trust based" marketing environment, the results can be used as reference in policy-making and practices in the aspect of moderately grasp relationship-specific transaction, which can improve the efficiency of investment in China.
【Fund】: 国家自然基金项目(71272220)
【CateGory Index】: F274;F275
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
【Citations】
Chinese Journal Full-text Database 10 Hits
1 Sheng Zhang;;Supplier-Customer Relationship and Asset Structure:Evidence from Manufacturing Listed Companies in China[J];会计论坛;2013-01
2 Zhang Min et al.;Supplier-Customer Relationship and Auditor Choice[J];会计研究;2012-12
3 Shen Huihui a ,Yu Peng a ,and Wu Liansheng b ( a: School of Accounting,Capital University of Economics and Business; b: Guanghua School of Management,Peking University);State Ownership,Environment Uncertainty and Investment Efficiency[J];经济研究;2012-07
4 He Xiaoyang;"Relationship network" in the Family Business in China Market:Current Situation and Systemic Origin[J];证券市场导报;2011-11
5 Xiang Kong;School of Accountancy,Shanghai University of Finance and Economics;;Why are social network transactions important? Evidence based on the concentration of key suppliers and customers in China[J];China Journal of Accounting Research;2011-03
6 Li Zengquan et al.;Inter-firm Relationship,Corporate Transparency and Stock Price Characteristics[J];会计研究;2011-01
7 WANG Shao-fei1,ZHOU Guo-liang2,HE Xiao-yang1,YU Xu-hui3(1.School of Accounting,Shanghai University of Finance and Economics,Shanghai 200433,China;2.Institute of Accounting and Finance,ShanghaiUniversity of Finance and Economics,Shanghai 200433,China;3.ShanghaiShenyin Wanguo Security Research Company,Shanghai 200002,China);Relationship-specific Investment and Auditors' Behavior[J];财经研究;2010-05
8 Xin Qingquan and Tan Weiqiang(School of Economics and Business Administration,Chongqing Univesity; Department of Economics and Finance,City University of Hong Kong);Market-oriented Reform,Firm Performance and Executive Compensation in Chinese State-owned Enterprises[J];经济研究;2009-11
9 Li Qingyuan;Accounting Information Quality, Auditing Monitoring and Corporate Investment efficiency——Empirical evidence of our listed corporations[J];审计研究;2009-04
10 Jiang Fuxiua,Zhang Minb,Lu Zhengfeib and Chen Caidonga(a:Business School,Renmin University of China;b:Guanghua School of Management,Peking University);Managerial Overconfidence,Firm Expansion and Financial Distress[J];经济研究;2009-01
【Co-citations】
Chinese Journal Full-text Database 9 Hits
1 He Ren;Wang Chun;School of Management,Shanghai University;;M&A Behaviors,the Quality of Accounting Information and Executive Compensation Changes[J];工业技术经济;2018-03
2 WANG Dong-qing;LIU Jing-jing;Business School,Central South University;;Environmental Uncertainty,Accounting Conservatism and Inefficient Investment:Empirical Evidences from Chinese Private Listed Companies[J];经济问题;2018-03
3 MA Na;HOU Li;Xi'an University of Technology;Dongbei University;;An Empirical Study on the Impact of Relational Assets Investment on Financing Structure——Data Validation Based on Companies Listed in China's Growth Enterprise Market[J];中国流通经济;2018-02
4 LIU Liangcan;NING Xin;LV Chaolin;School of Business Administration,Guizhou University of Finance and Economics;;Does CEO Openness Promote Corporate Innovation?——An Empirical Study Based on China Listed Companies on Growth Enterprise Market[J];经济与管理评论;2018-02
5 ZHAO Xiu-yun;ZHOU Chen;School of Business,Tianjin University of Finance and Economics;School of Business,Shandong University of Political Science and Law;;Customer-based Transaction,Power Allocation and Executive Compensation Contract[J];华东经济管理;2018-02
6 DENG Xiu-yuan;FU Chao;FU Dai-guo;Southwestern University of Finance and Economics;Chongqing University of Technology;Hangzhou Dianzi University;;An Empirical Study on the Impact of Corporate Social Responsibility on Chinese Overseas M&As[J];中国软科学;2018-01
7 SONG Guang-hui;DONG Yong-qi;XIAO Wan;XU Lin;School of Business Administration,South China University of Technology;School of Economics and Commerce,South China University of Technology;;The Risk of Stock Price Crash and Income Gap——An Analysis of the Consequences of the Fluctuation of Stock Price[J];预测;2018-01
8 LIU Qi;LUO Zhong-lian;School of Accounting, Zhongnan University of Economics and Law;;Customer Relationship Investment,Product Market Competition and Auditor Pricing Decision[J];山西财经大学学报;2018-03
9 Fu Jia;School of Economics and Trade,Guangdong Mechanical and Electrical Polytechnic;;Ownership,Tax Avoidance and Trade Credit Mode[J];财经理论研究;2018-01
【Secondary Citations】
Chinese Journal Full-text Database 10 Hits
1 Zhang Min et al.;Supplier-Customer Relationship and Auditor Choice[J];会计研究;2012-12
2 ZHU Jigao LU Zhengfei;Property Rights,Seasonal Equity Offering and the Efficiency of Resource Allocation[J];金融研究;2011-01
3 Liu Huilonga, Zhang Minb, Wang Yapinga and Wu Lianshenga(a: Guanghua School of Management, Peking University; b: School of Business, Renmin University of China);Political Connections, Compensation Incentive,and Employee Allocation Efficiency[J];经济研究;2010-09
4 Li Peigong and Shen Yifeng(Department of Finance,School of Management,Xiamen University);The Corporate Governance Role of Media:Empirical Evidence from China[J];经济研究;2010-04
5 Wu Liansheng, Lin Jingyi and Wang Yaping;The External Fairness of CEO’s Emolument, the Nature of Stock Right and Company’s Performance[J];管理世界;2010-03
6 WANG Yaping LIU Huilong WU Iiansheng;On the Infonnational Transparency, Institutional Investors and Stock Price Comovement[J];金融研究;2009-12
7 XU Yu-de~1,ZHOU Wei~2(1.Research Institute for Fiscal Science,Ministry of Finance,Beijing 100142,China;2.School of Accounting,Southwest University of Finance & Economics,Chengdu 611130,China);Measurement of Investment Efficiency under Different Capital Structures and Ownership Arrangements——An Empirical Evidence from Chinese Listed Companies[J];中国工业经济;2009-11
8 TANG Yue-jun(School of Management, Fudan University, Shanghai 200433);Bargaining Power of Suppliers and Buyers, and Corporate Performance——Evidences from Chinese Manufacturing Listed Companies from 2005 to 2007[J];中国工业经济;2009-10
9 Liu Fengwei,Li Lin and Xue Yunkui(Shanghai National Accounting Institute;Shanghai Institute of Foreign Trade;Cheung Kong Graduate School of Business);Trust,Transaction Cost and Mode of Trade Credit[J];经济研究;2009-08
10 LU Zhengfei ZHU Jigao FAN Zheng;Monetary Contractions,Bank Discrimination and the Wealth Loss of Non-state Listed Firms' Investors[J];金融研究;2009-08
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved