财务柔性、供应链关系与企业价值——基于新常态背景的实证检验

发布时间：2018-01-08 06:22

本文关键词：财务柔性、供应链关系与企业价值——基于新常态背景的实证检验　出处：《现代财经(天津财经大学学报)》2017年10期 　论文类型：期刊论文

【摘要】：结合2007-2014年中国经济新常态周期,从供应链关系视角探索了上市制造业企业财务柔性影响公司价值的微观逻辑、制约因素以及修正机制。实证显示:财务柔性有助于提升企业价值;稳健的供应链关系会为强化财务柔性的价值提升效应,而过度集中的供应链关系则会强化买方强势以及买方对供应商财务柔性的侵占,从而降低财务柔性的价值补偿功能;企业竞争力的提升有助于弱化高集中度下的侵占效应,降低因客户过度集中而漏损的财务柔性价值。本研究首次将财务柔性与企业价值互动关系研究拓展至供应链关系领域,并进一步从市场竞争力视角证明了竞争力提升能修正因供应链关系扭曲而损耗的财务柔性价值,丰富了财务柔性研究的实证边界。
[Abstract]:Combined with the new normal cycle of Chinese economy from 2007 to 2014, this paper explores the micro logic that financial flexibility of listed manufacturing enterprises affects company value from the perspective of supply chain relationship. The empirical results show that financial flexibility is helpful to enhance the value of enterprises; The stable supply chain relationship will enhance the value of financial flexibility, while the excessive concentration of supply chain relationship will strengthen the buyer's strength and the buyer's encroachment on the supplier's financial flexibility. Thus reducing the value compensation function of financial flexibility; The promotion of enterprise competitiveness helps to weaken the encroachment effect under the high concentration. Reduce the value of financial flexibility due to excessive concentration of customers. This study extends the research of interaction between financial flexibility and enterprise value to the field of supply chain relationship for the first time. Furthermore, from the point of view of market competitiveness, it is proved that the enhancement of competitiveness can correct the value of financial flexibility lost due to the distortion of supply chain relationship, which enriches the empirical boundary of financial flexibility research.
【作者单位】：安徽财经大学会计与财务发展研究中心/会计学院;天津财经大学经济学院;
【基金】：教育部人文社会科学基金青年项目(14YJC630174) 安徽省哲学社会科学规划青年项目(AHSKQ2017D07)
【分类号】：F274;F406.7;F425
【正文快照】： 一、前言财务柔性是企业以合理价格、及时获取和调动财务资源预防和利用未来不确定性事件,以实现企业价值最大化的能力。大量研究发现,财务柔性不仅具有传统视角下的被动性风险预防价值,还具有帮助企业主动等待市场波动以更好把握投资机会的机会利用价值,且“预防价值”和“利

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