基于客户依赖的视角,将企业与客户间的博弈关系引入现金持有市场竞争效应的分析框架中,采用递归模型实证考察现金持有影响企业产品市场业绩的“客户依赖”中介渠道的存在性。研究证实,企业现金持有发挥市场竞争效应的过程中,部分通过弱化客户依赖的中介渠道来发挥作用。相比耐用品企业,易耗品企业更为单方依赖其核心客户,其弱化客户依赖程度的动机更为强烈,进而使得“客户依赖渠道”表现得更为显著。 Based on the perspective of customer dependence, this paper introduces the game relationship between enterprises and clients into the analysis framework of cash holding market competition effect, and uses recursive model to examine the existence of “customer dependence” intermediary channels that cash holdings have on the market performance of enterprises Sex. The research confirms that in the process of enterprise cash holdings exerting the market competition effect, some of them play a role by weakening the intermediary channels on which clients depend. Compared with durable goods companies, consumables companies rely more on their core customers unilaterally, and their motivation to weaken their dependence on customers is even stronger. As a result, “Customer Dependency Channels ” is even more remarkable.