供应商集中度与企业外部融资约束
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摘要
缓解企业外部融资约束成为学术界关注的重点,但有关供应商集中度对融资约束的影响尚未引起足够重视。以2007-2016年沪深主板A股上市公司为研究样本,考察了供应商集中度对企业外部融资约束的影响。研究发现:(1)供应商集中度能够降低企业的外部融资约束。(2)途径检验表明,一方面供应商集中度能够便利企业获取银行贷款,起到减少企业外部融资约束的作用;另一方面供应商集中度能够减少企业从供应商处获取的商业信用,起到增加企业外部融资约束的作用,但前者作用强于后者,因而总体上供应商集中度能够有效减少企业的外部融资约束。(3)在民营企业以及信息不对称较严重的企业中,供应商集中度缓解企业外部融资约束的作用更强。
Mitigating the external financing constraints of enterprises has become the focus of academic attention,but the impact of supplier concentration on financing constraints has not yet attracted enough attention. Using a sample of A-share listed companies on Shanghai and Shenzhen motherboard from 2007 to 2016,this paper examines the impact of supplier concentration on external financing constraints. The results show that:( 1) supplier concentration can reduce the external financing constraints of enterprises.( 2) Path test shows that,on the one hand,supplier concentration can facilitate enterprises to obtain bank loans and play a role in reducing external financing constraints,On the other hand,supplier concentration can reduce the business credit that enterprises obtain from suppliers and increase the external financing constraints of enterprises,but the former is stronger than the latter,so in general,supplier concentration can effectively reduce the external financing constraints of enterprises.( 3) In private enterprises and enterprises with serious information asymmetry,supplier concentration plays a stronger role in alleviating external financing constraints.
Mitigating the external financing constraints of enterprises has become the focus of academic attention,but the impact of supplier concentration on financing constraints has not yet attracted enough attention. Using a sample of A-share listed companies on Shanghai and Shenzhen motherboard from 2007 to 2016,this paper examines the impact of supplier concentration on external financing constraints. The results show that:( 1) supplier concentration can reduce the external financing constraints of enterprises.( 2) Path test shows that,on the one hand,supplier concentration can facilitate enterprises to obtain bank loans and play a role in reducing external financing constraints,On the other hand,supplier concentration can reduce the business credit that enterprises obtain from suppliers and increase the external financing constraints of enterprises,but the former is stronger than the latter,so in general,supplier concentration can effectively reduce the external financing constraints of enterprises.( 3) In private enterprises and enterprises with serious information asymmetry,supplier concentration plays a stronger role in alleviating external financing constraints.
引文
[1]ALLEN F,QIAN J,QIAN M. Law,finance,and economic growth in China[J]. Journal of Financial Economics,2005,77(1):57-116.
[2]李欢,李丹,王丹.客户效应与上市公司债务融资能力———来自我国供应链客户关系的证据[J].金融研究,2018(6):138-154.
[3]江伟,曾业勤.金融发展,产权性质与商业信用的信号传递作用[J].金融研究,2013(6):89-103.
[4]DOWLATSHAHI S. Bargaining power in buyer-supplier relationships[J]. Production and Inventory Management Journal,1999,40(1):27-36.
[5]LANIER D,WEMPE W F,ZACHARIA Z G. Concentrated supply chain membership and financial performance:Chain-and firm-level perspectives[J]. Journal of Operations Management,2010,28(1):1-16.
[6]孙浦阳,李飞跃,顾凌骏.商业信用能否成为企业有效的融资渠道———基于投资视角的分析[J].经济学(季刊),2014(7):1637-1652.
[7]王敏芳,徐莉萍.金融抑制对民营企业债务融资的经济周期性影响[J].经济问题,2017(4):108-112.
[8]薛爽,耀友福,王雪方.供应链集中度与审计意见购买[J].会计研究,2018(8):57-64.
[9]KALWANI M U,NARAYANDAS N. Long-term manufacturer-supplier relationships:Do they pay off for supplier firms?[J]. Journal of Marketing,1995,59(1):1-16.
[10]DYER J H,SINGH H. The relational view:Cooperative strategy and sources of interorganizational competitive advantage[J]. Academy of Management Review,1998,23(4):660-679.
[11]唐跃军.供应商,经销商议价能力与公司业绩———来自2005-2007年中国制造业上市公司的经验证据[J].中国工业经济,2009(10):67-76.
[12]BOZARTH C C,WARSING D P,FLYNN B B,et al. The impact of supply chain complexity on manufacturing plant performance[J]. Journal of Operations Management,2009,27(1):78-93.
[13]饶品贵,姜国华.货币政策,信贷资源配置与企业业绩[J].管理世界,2013(3):12-22.
[14]陈胜蓝,马慧.贷款可获得性与公司商业信用———中国利率市场化改革的准自然实验证据[J].管理世界,2018(11):108-120.
[15]刘慧芬.商业信用,市场地位与技术创新———来自制造业上市公司的证据[J].经济问题,2017(4):12-17.
[16]黄兴孪,邓路,曲悠.货币政策,商业信用与公司投资行为[J].会计研究,2016(2):58-65.
[17]PSILLAKI M,ELEFTHERIOU K. Trade credit,bank credit,and flight to quality:Evidence from French SMEs[J].Journal of Small Business Management,2015,53(4):1219-1240.
[18]FISMAN R,RATURI M. Does competition encourage credit provision? Evidence from African trade credit relationships[J]. Review of Economics and Statistics,2004,86(1):345-352.
[19]马黎珺,张敏,伊志宏.供应商—客户关系会影响企业的商业信用吗?———基于中国上市公司的实证检验[J].经济理论与经济管理,2016(2):98-112.
[20]刘莉亚,何彦林,王照飞.融资约束会影响中国企业对外直接投资吗?———基于微观视角的理论和实证分析[J].金融研究,2015(8):124-140.
[21]于蔚,汪淼军,金祥荣.政治关联和融资约束:信息效应与资源效应[J].经济研究,2012(9):125-139.
[22]吴军,白云霞.我国银行制度的变迁与国有企业预算约束的硬化[J].金融研究,2009(10):179-192.
[23]余明桂,潘红波.政治关系、制度环境与民营企业银行贷款[J].管理世界,2008(9):9-21.
[24]SHLEIFER A,VISHNY R. The grabbing-hand:Government pathologies and their cures[M]. Cambridge:Harvard University Press,1998.
[25]白俊,连立帅.信贷资金配置差异:所有制歧视抑或禀赋差异?[J].管理世界,2012(6):30-42.
[26]李维安,马超.“实业+金融”的产融结合模式与企业投资效率———基于中国上市公司控股金融机构的研究[J].金融研究,2014(11):109-126.
[27]方军雄.民营上市公司,真的面临银行贷款歧视吗?[J].管理世界,2010(11):123-131.
[28]STIGLITZ J E,WEISS A. Credit rationing in markets with imperfect information[J]. The American economic review,1981,71(3):393-410.
[29]陈仕华,马超.高管金融联结背景的企业贷款融资:由A股非金融类上市公司观察[J].改革,2013(4):111-119.
[30]翟胜宝,张胜,谢露.银行关联与企业风险———基于我国上市公司的经验证据[J].管理世界,2014(4):53-59.
[31]胡丹,冯巧根.信息环境、审计质量与IPO抑价[J].会计研究,2013(2):78-84.
[32]BARRON O E,KILE C O,O’KEEFE T B. MD&A quality as measured by the SEC and analysts’earnings forecasts[J]. Contemporary Accounting Research,1999,16(1):75-109.
(1)为方便后文滞后1期的内生性稳健检验,本文研究样本期为2007-2016年,滞后1期稳健性检验的因变量样本期为2008-2017年。
[2]李欢,李丹,王丹.客户效应与上市公司债务融资能力———来自我国供应链客户关系的证据[J].金融研究,2018(6):138-154.
[3]江伟,曾业勤.金融发展,产权性质与商业信用的信号传递作用[J].金融研究,2013(6):89-103.
[4]DOWLATSHAHI S. Bargaining power in buyer-supplier relationships[J]. Production and Inventory Management Journal,1999,40(1):27-36.
[5]LANIER D,WEMPE W F,ZACHARIA Z G. Concentrated supply chain membership and financial performance:Chain-and firm-level perspectives[J]. Journal of Operations Management,2010,28(1):1-16.
[6]孙浦阳,李飞跃,顾凌骏.商业信用能否成为企业有效的融资渠道———基于投资视角的分析[J].经济学(季刊),2014(7):1637-1652.
[7]王敏芳,徐莉萍.金融抑制对民营企业债务融资的经济周期性影响[J].经济问题,2017(4):108-112.
[8]薛爽,耀友福,王雪方.供应链集中度与审计意见购买[J].会计研究,2018(8):57-64.
[9]KALWANI M U,NARAYANDAS N. Long-term manufacturer-supplier relationships:Do they pay off for supplier firms?[J]. Journal of Marketing,1995,59(1):1-16.
[10]DYER J H,SINGH H. The relational view:Cooperative strategy and sources of interorganizational competitive advantage[J]. Academy of Management Review,1998,23(4):660-679.
[11]唐跃军.供应商,经销商议价能力与公司业绩———来自2005-2007年中国制造业上市公司的经验证据[J].中国工业经济,2009(10):67-76.
[12]BOZARTH C C,WARSING D P,FLYNN B B,et al. The impact of supply chain complexity on manufacturing plant performance[J]. Journal of Operations Management,2009,27(1):78-93.
[13]饶品贵,姜国华.货币政策,信贷资源配置与企业业绩[J].管理世界,2013(3):12-22.
[14]陈胜蓝,马慧.贷款可获得性与公司商业信用———中国利率市场化改革的准自然实验证据[J].管理世界,2018(11):108-120.
[15]刘慧芬.商业信用,市场地位与技术创新———来自制造业上市公司的证据[J].经济问题,2017(4):12-17.
[16]黄兴孪,邓路,曲悠.货币政策,商业信用与公司投资行为[J].会计研究,2016(2):58-65.
[17]PSILLAKI M,ELEFTHERIOU K. Trade credit,bank credit,and flight to quality:Evidence from French SMEs[J].Journal of Small Business Management,2015,53(4):1219-1240.
[18]FISMAN R,RATURI M. Does competition encourage credit provision? Evidence from African trade credit relationships[J]. Review of Economics and Statistics,2004,86(1):345-352.
[19]马黎珺,张敏,伊志宏.供应商—客户关系会影响企业的商业信用吗?———基于中国上市公司的实证检验[J].经济理论与经济管理,2016(2):98-112.
[20]刘莉亚,何彦林,王照飞.融资约束会影响中国企业对外直接投资吗?———基于微观视角的理论和实证分析[J].金融研究,2015(8):124-140.
[21]于蔚,汪淼军,金祥荣.政治关联和融资约束:信息效应与资源效应[J].经济研究,2012(9):125-139.
[22]吴军,白云霞.我国银行制度的变迁与国有企业预算约束的硬化[J].金融研究,2009(10):179-192.
[23]余明桂,潘红波.政治关系、制度环境与民营企业银行贷款[J].管理世界,2008(9):9-21.
[24]SHLEIFER A,VISHNY R. The grabbing-hand:Government pathologies and their cures[M]. Cambridge:Harvard University Press,1998.
[25]白俊,连立帅.信贷资金配置差异:所有制歧视抑或禀赋差异?[J].管理世界,2012(6):30-42.
[26]李维安,马超.“实业+金融”的产融结合模式与企业投资效率———基于中国上市公司控股金融机构的研究[J].金融研究,2014(11):109-126.
[27]方军雄.民营上市公司,真的面临银行贷款歧视吗?[J].管理世界,2010(11):123-131.
[28]STIGLITZ J E,WEISS A. Credit rationing in markets with imperfect information[J]. The American economic review,1981,71(3):393-410.
[29]陈仕华,马超.高管金融联结背景的企业贷款融资:由A股非金融类上市公司观察[J].改革,2013(4):111-119.
[30]翟胜宝,张胜,谢露.银行关联与企业风险———基于我国上市公司的经验证据[J].管理世界,2014(4):53-59.
[31]胡丹,冯巧根.信息环境、审计质量与IPO抑价[J].会计研究,2013(2):78-84.
[32]BARRON O E,KILE C O,O’KEEFE T B. MD&A quality as measured by the SEC and analysts’earnings forecasts[J]. Contemporary Accounting Research,1999,16(1):75-109.
(1)为方便后文滞后1期的内生性稳健检验,本文研究样本期为2007-2016年,滞后1期稳健性检验的因变量样本期为2008-2017年。
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