产能过剩、客户集中度与存货管理

发布时间：2018-12-29 13:32

【摘要】：存货作为企业营运资金的重要组成部分,同时也是企业经营战略的重要因素(Mei et al.,2015),良好的存货管理水平是在保持生产持续性前提下最小化存货相关成本(李涵、黎志刚,2009)。企业的存货管理水平受其生产计划和销售战略目标的不确定性所影响,稳定的客户关系一方面可能发挥产业整合效应(王雄元等,2015),降低生产不确定性,降低生产成本,提高存货管理水平。另一方面,当行业环境发生变化时,过于紧密的客户关系可能会由于大客户强势的议价能力和利益攫取动机放大经营风险,最终导致企业的存货管理水平下降。本文即是从风险角度出发,探究产能过剩环境下客户集中度与存货管理水平之间的关系变化。本文希望通过对实证加案例的研究,了解产能过剩下客户集中度和存货管理水平的关系是否发生变化,最终验证产能过剩对制造业行业的影响程度,指导制造业行业的定价和生产决策。本文利用我国2007-2014年沪深两市A股制造业上市公司为样本,采用实证加案例方式检验了产能过剩环境对客户集中度与企业存货管理水平关系的影响。首先选取制造业中产能过剩情况较严重,近年来持续被国家强调改革的有色金属行业中的云铝股份进行单案例分析。发现产能过剩环境会显著降低企业的存货周转水平。从案例公司发布的年报纵向分析存货管理水平在不同年度呈现什么样的变化,分析产能过剩年度,公司大客户分布以及销售额贡献,以及当年度存货分布情况,以此找出产能过剩年度企业存货管理水平变化的路径。其次,将云铝股份与行业经营指标均值以及对比公司进行横向对比,研究产能过剩年度和非产能过剩年度,不同客户集中度对存货管理水平的影响。进一步,通过实证检验,发现产能过剩削弱了客户集中度与存货管理之间的正相关关系,证实产能过剩环境会通过破坏客户关系,大客户的风险转移行为增加了企业的经营风险,导致企业存货积压,存货管理水平降低,以此验证风险效应。最后,通过将存货细分为原材料、在产品和产成品进一步分析产能过剩对存货细分每一部分的影响程度。结果发现产能过剩对存货细分的每一部分都有不同程度的影响,即产能过剩影响了产品生产的每一个环节从而导致存货管理水平下降。本文首次尝试从风险效应角度研究客户集中度与存货管理水平的关系,发现了有悖于前人整合效应下的结论,丰富了客户集中度与存货管理水平相关文献。也首次研究行业环境如何影响企业微观行为,发现产能过剩会通过影响客户集中度进而影响企业存货管理水平,拓展了产能过剩相关文献,首次探究了产能过剩的经济后果。
[Abstract]:Inventory, as an important part of the working capital, is also an important factor of the business strategy (Mei et al.,2015). A good inventory management level is to minimize the inventory related cost under the premise of maintaining the continuous production (Li Han, Li Zhigang, 2009. The inventory management level of an enterprise is affected by the uncertainty of its production plan and strategic target of sales. On the one hand, stable customer relations may bring into play the effect of industrial integration (Wang Xiong Yuan et al., 2015), reduce the uncertainty of production and reduce production cost. Improve inventory management. On the other hand, when the industry environment changes, the over-tight customer relationship may enlarge the operating risk because of the strong bargaining power and profit grabbing motivation of the big customers, and eventually lead to the decline of the enterprise inventory management level. This paper explores the relationship between customer concentration and inventory management in the environment of overcapacity from the point of view of risk. This paper hopes to understand whether the relationship between customer concentration and inventory management level changes under overcapacity through empirical and case studies, and finally verify the impact of overcapacity on manufacturing industry. Guide manufacturing industry pricing and manufacturing decisions. In this paper, we use the A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2007 to 2014 as a sample to test the effect of overcapacity environment on the relationship between customer concentration and inventory management level. Firstly, the overcapacity in manufacturing industry is more serious, and in recent years, the reform of the non-ferrous metal industry has been emphasized by the state to carry out a single case study. It is found that overcapacity environment will significantly reduce the inventory turnover level of enterprises. From the annual report issued by the case company, the paper analyzes the changes of inventory management level in different years, analyzes the year of overcapacity, the distribution of major customers and the contribution of sales volume, and the distribution of inventory in the current year. In order to find out the annual overcapacity enterprise inventory management level change path. Secondly, the paper compares the average value of industry management index with the average value of industry management index and the contrast company to study the influence of different customer concentration on inventory management level in overcapacity year and non-overcapacity year. Furthermore, through empirical tests, we find that overcapacity weakens the positive correlation between customer concentration and inventory management, and proves that overcapacity environment can destroy customer relationships. The risk transfer behavior of the big customer increases the operating risk of the enterprise, which leads to the overstocking of the enterprise inventory and the decrease of the inventory management level, which verifies the risk effect. Finally, by subdividing inventory into raw materials, the influence of overcapacity on each part of inventory segmentation is further analyzed in product and finished product. The results show that overcapacity has a different degree of influence on every part of inventory segmentation, that is, overcapacity affects every link of product production, which leads to the decline of inventory management level. This paper attempts to study the relationship between customer concentration and inventory management from the perspective of risk effect for the first time, and finds the conclusion contrary to the previous integration effect, which enriches the literature on customer concentration and inventory management. It is also the first time to study how the industry environment affects the microcosmic behavior of enterprises. It is found that overcapacity will affect the level of enterprise inventory management through the influence of customer concentration, expand the literature on overcapacity, and explore the economic consequences of overcapacity for the first time.
【学位授予单位】：中南财经政法大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F274;F425

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