供应商集中度与企业金融化:"风险效应"还是"协同效应"?
Supplier Concentration and its Financialization:"Risk Effect"or"Synergic Effect"
邹美凤 1张信东 2刘维奇2
作者信息
- 1. 太原科技大学经济与管理学院,山西 太原 030024
- 2. 山西大学管理与决策研究中心,山西 太原 030032
- 折叠
摘要
供应商关系是企业生产经营活动的重要前置性关系,不仅影响企业运营资金的分配,也影响企业金融资产的配置.本文基于产业竞争理论和关系契约理论,提出供应商集中度的"风险效应"假说,基于供应链管理理论提出供应商集中度的"协同效应"假说,实证检验供应商集中度如何影响企业金融化.以 2010-2018年A股非金融企业为样本,研究结果表明,供应商集中度与企业金融化之间呈现"倒U型"关系.机制分析发现,在拐点左侧,供应商集中度对企业金融化的影响表现为"协同效应",即供应商集中度越高,营业成本率越低、存货周转速度越快、采购中支付更少的现金,产生的这种协同效应促使企业自有资金增多而增持金融资产.在拐点右侧,供应商集中度对企业金融化的影响表现为"风险效应",即供应商集中度越高,企业被占用的资源越多、利润率被侵蚀越严重、盈余波动更大,产生的这种风险效应导致企业无力再承担金融化叠加的风险,因此减持金融资产.研究表明供应商集中度在我国企业中表现为风险效应和协同效应并存,企业应谨慎对待供应商关系,与供应商建立健康的合作关系.
Abstract
Supplier relationship is an important precursor relationship of enterprises' production and operation activities,which not only affects the distribution of enterprises' working capital,but also inevitably reshapes corporate financialization.However,it is unclear how a firm's supplier relationship affects its financialization.Based on industrial competition theory and relational contract theory,a hypothesis of"risk effect"of high sup-plier concentration is proposed.According to the supply chain management theory,it is assumed a"synergic effect"of high supplier concentration.In order to verify these two hypotheses,the relation between supplier concentration and corporate financialization is examined.A-share listed firms from 2010-2018 as research sample are selected,and financial industry firms are excluded,samples of missing supplier information are eliminated,and firms without financial investment are removed.Adopting the purchase ratio from the largest supplier and top five suppliers as the measuring of supplier concentration,the ratio of financial assets is used to total assets as a proxy variable of financialization.How supplier concentration impacts on financialization is investigated using OLS regression model,aiming to reveal the mechanism and the resulting economic consequences between sup-plier concentration and financialization.The results show that there is an inverted U-shaped relationship between supplier concentration and financialization.Mechanism analysis finds that it is"synergistic effect"of supplier concentration on financialization on the left of the inflection point,namely the higher supplier concentration,the lower the operating cost rate,the faster the inventory turnover,the less cash to pay on procurement.The synergistic effect produced by the supplier relationship leads to more free funds for the firm,and further the firm invests financial assets.On the right side of the inflection point,there is a"risk effect"of supplier concentration on financialization.That is,the higher supplier concentration is,the more resources are occupied,the more margins are eroded,the more serious risk are taken.The risk effect leads to no longer be able to bear the financialization of risk,thus reduce its financial assets.The research shows that the degree of supplier concentra-tion in Chinese enterprises is characterized by the coexistence of risk effect and synergistic effect.Enterprises treat centralized supplier relationship cautiously and establish healthy cooperative relationship with upstream suppliers.
关键词
供应商集中度/企业金融化/风险效应/协同效应Key words
supplier concentration/corporate financialization/risk effect/synergic effect引用本文复制引用
基金项目
国家自然科学基金(72372093)
教育部人文社会科学研究青年基金(23YJC790213)
山西省科技战略研究专项(202204031401102)
山西省哲学社会科学规划项目(2023YY199)
太原科技大学科研启动基金(TYUSTSRIF:W20222004)
出版年
2024
NETL
NSTL
万方数据