客戶議價能力與供應商現金持有之關係：會計穩健性與公司治理的調節效果

The Relationship between Customer Bargaining Power and Supplier's Cash Holdings: The Moderate Effect of Accounting Conservatism and Corporate Governance

本文探討主要客戶的議價優勢將如何影響供應商的現金持有情況，以及供應商的現金持有與其主要客戶的議價能力之間的關係是否受供應商之會計穩健性的影響。其次，分析供應商之治理機制對供應商現金持有與主要客戶議價能力之關係的影響，以檢驗公司治理的調節效果。實證結果顯示，主要客戶的議價能力與供應商的現金持有呈正向關係，表示主要客戶議價優勢較大時，供應商將會持有較多現金，以作為其對於主客戶之承諾。同時，前述正向關係會因供應商的會計穩健程度而減弱。若以公司治理綜合指標作為調節變數時發現，治理制度愈佳，公司的現金持有愈高，且會減緩主客戶議價能力與供應商現金持有之正向關係。而以治理制度差異分群時發現，當供應商治理機制愈差時，主客戶之議價優勢愈大，供應商的現金持有愈多。敏感性分析也發現，以異常營業現金流量來衡量現金部位時，上述結果仍然成立。

This study examines how bargaining advantages of major customers affect the cash holdings of suppliers and how accounting conservatism system play a role in the customer-supplier relationship. Furthermore, this study investigates how different corporate governance system affect the relation between the bargaining power of major customers and the cash holdings of suppliers. The findings show that there is a positive association between bargaining power of major customers and cash holdings of the suppliers, implying suppliers holding more cash to fulfill the promise to the major customers. This relationship would be mitigated when considering the factor of accounting conservatism of the suppliers. We find consistent results in the moderate effect of corporate governance to the relationship. For the partition samples based on corporate governance level, a supplier has weaker corporate governance, the more bargaining power of major customers, the more cash holdings of the suppliers. Finally, this result is robust when we measure cash holding by abnormal operating cash flow.