Customer Digital Transformation and Enterprise Working Capital Management Efficiency:Based on the Dual Perspectives of Competition Encroachment and Constraint Defense
Whether in the practice of enterprise management or from the conclusions of the existing literature,the customer digital transformation can promote or inhibit the efficiency of enterprise working capital management,but no consensus has been reached.Based on the data of the top five customers disclosed by the A-share listed companies in Shenzhen and Shang-hai,this paper discusses the spillover effect and mechanism of customer digital transformation on the efficiency of working capital management of enterprises.The benchmark test found that customer digital transformation reduces the efficiency of working capital management,indicating the negative externality of digital spillover.The function channel test shows that com-petition encroachment and constraint defense are the two major channels through which customer digital transformation af-fects the working capital management efficiency of enterprises.In other words,the digital spillover generated by customers'digital transformation reduces the working capital management efficiency of enterprises by reducing the relative bargaining power of enterprises,reducing the recovery rate of enterprises'accounts receivable,increasing the risk of enterprises'special assets,increasing the supply of enterprises'commercial credit and increasing the scale of enterprises'inventory reserves,in-dicating that digital spillover has the characteristics of competition constraints.Heterogeneity test shows that when the cus-tomer concentration is low,the enterprise scale is large,and the enterprise risk bearing ability is strong,the competitive con-straint characteristics of digital spillover are alleviated.The research conclusion explains the theoretical controversy on whether customer digital transformation can improve the working capital management efficiency of enterprises,finds that the digital spillover caused by customer digital transformation has the characteristics of competitive constraints,and provides theoretical guidance for enterprises to overcome the negative externalities of digital spillover,which has theoretical value and practical significance.
Digital TransformationDigital SpilloverSupply Chain ManagementCash Conversion CycleText Analysis
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NSTL
万方数据
