现金持有是一项重要的财务资源决策,它受到各种企业市场决策和竞争策略的影响,也同样包括产品市场中的客户关系。本文以2001-2013年间中国制造业上市公司为样本,研究客户关系集中度对企业现金持有的影响。结果表明,企业客户关系集中度对其现金持有量具有显著的正向影响。客户关系集中度越高,客户关系越重要,企业就倾向持有越多的现金储备。引入市场条件后,这种正向作用还会发生显著变化。在竞争激烈、动态性强或不确定性大的市场环境下,随着客户关系集中程度的增加,企业持有现金储备的动机和持有量会被放大。另外,当企业处于较弱的市场地位时,客户关系集中度对现金持有的积极影响也会显著强于市场地位强的企业。 Cash holding is an important financial resource decision, which is influenced by various corporate market decisions and competitive strategies, and also includes customer relationships in the product market. This paper takes China’s manufacturing listed companies from 2001 to 2013 as a sample to study the impact of customer concentration on corporate cash holdings. The results show that the concentration of corporate customer relationship has a significant positive impact on its cash holdings. The higher the concentration of customer relationships, the more important the customer relationship, companies tend to hold the more cash reserves. The introduction of market conditions, this positive effect will change significantly. In the highly competitive, dynamic or uncertain market environment, with the increasing concentration of customer relationships, the motivation and holding capacity of enterprises holding cash reserves will be magnified. In addition, when companies are in a weaker position, the positive impact of customer concentration on cash holdings will be significantly stronger than those with strong market positions.