中文摘要：

本文基于供应链竞争的现实环境，理论分析与实证考察供应商关系对企业现金持有市场竞争效应的影响。研究发现，随着企业与供应商间关系强度的增加，企业现金持有市场竞争效应呈现递减的趋势，尤其在地区法制环境较差的企业和非政府控股企业中表现得更为显著。由此表明，供应商关系可以替代企业有限的财务资源，帮助企业提升产品市场的竞争优势，然而这种替代功能还要受到宏观地区法制环境与微观政府控股等制度因素的影响。

英文摘要：

Based on the supply-chain competition practice, the paper theoretically analyzes and empirically examines the influence of supplier relationship on corporate cash holdings＇ competition effect. The fordiops show that corporate cash holdings＇ competition effect decreases with the increase of the supplier relationship strength, which is more significant in corporations in regions of low legalization process and non-state-owned corporations. It indicates that supplier relationship could substitute for corporate＇s limited financial resources and help enhance corporation＇s product market competitive advantage. However, the substitution is influenced by institutional system factors of regional legal environment and state-owned character.