Relationship Transaction,marketization And Firms' Level Of Inventory Holdings

From the policy point of view,Chinese Securities Regulatory Commission respectively in 2007,2011 and 2016 made provisions on the listed company disclosing non-financial stakeholders(main suppliers and customers)information.The CSRC strengthens the disclosure of information to listed company,which indicates that the information of main suppliers and customers can not only provide sufficient value information for external investors' investment decisions,but also play a crucial role in their own economic behavior.From the theoretical point of view,in recent years,more and more scholars especially domestic scholars have been beginning to pay attention to the influence of the main suppliers and customers on enterprise economic behavior,and the existent relevant research have also shown that the main suppliers and customers play very important roles in the behavior especially financial behavior of the enterprise.Nevertheless,the domestic scholars' empirical research on the economic consequences of financial behavior of relationship transaction between enterprises and main customers is still lacking,and the research on the integration of relationship transaction into the supply chain framework is even less.It is worth noting that in the supply chain relationship,the link between the enterprise and the main customers is the inventory of the finished goods,and the main customers play a key role in the survival and sustainable development of the upstream enterprises by purchasing and repurchase behavior of the finished goods.When most enterprises are facing the market environment that the supply is larger than demand,does the relationship transaction between the enterprises and the main customer bring the risk effect or the governance effect to the enterprises,besides,Are the main customers eroding the benefits of the upstream enterprises or providing inventory management support for the upstream enterprises? Under the background of emerging and transition economy,the marketization process in various regions of our country is obviously different,in different regions of the marketization process,and what is the difference between the influence of relationship transaction between enterprise and main customers on inventory holding behavior? In addition,in different regions of the marketization process,are there differences in the impact of relationship transactions between enterprises with different property rights and their main customers on the inventory level of enterprises?Taking the 2007-2015 Chinese non-financial listed firms as samples,this paper analyzes the influence of relationship transaction which based on key customers onfirms' level of Inventory holdings and the moderating effect of marketization.The empirical research shows that relationship transaction is negatively related with firms' level of Inventory holdings.Compared to regions with high marketization level,the negative correlation between relationship transaction and firms' level of Inventory holdings is more obvious in regions with low marketization level.Furthermore,in regions with low marketization level,compared with the state-owned enterprises,the negative correlation between relationship transaction and firms' level of Inventory holdings is more obvious in private enterprises.Basing on the empirical evidence of emerging market countries,this paper reveals the influence of relational transaction on firms' level of Inventory holdings from the perspective of supply chain.It provides a new perspective for us to understand the decision of firms' level of Inventory holdings,and also provides a useful reference for us to understand that the interaction between marketization and relational transaction have an effect on enterprise micro behaviors.