中文摘要：

基于中国转型经济背景,采用交易强度与交易持续时间双重维度刻画中国上市公司客户关系。结果发现,客户关系主要通过弱化企业关系承诺动机、而非预防动机进而使其减持现金,尤其在非政府控股企业中表现得更为显著。基于现金持有经济后果的实证分析显示,客户关系的存在弱化了企业现金的价值贡献,表明上述行为的合理性,揭示了客户关系的社会资本特性。

英文摘要：

Based on China＇s transition economy environment and by measuring Chinese listed corporates＇ customer relationship from double dimensions of trading intensity and trading duration,this paper found that a close customer relationship had a negative impact on corporate＇s cash holdings mainly by weakening corporate＇s commitment motive rather than precautionary motive,which was more significant in non-stated-owned corporates. Further evidence showed that a close customer relationship had a negative impact on corporate＇s cash holdings value,which indicated the rationality of this behavior and verified social capital characteristic of customer relationship.