供应商—客户市场势力、商业信用与企业绩效的实证研究

发布时间：2019-02-17 16:33

【摘要】：商业信用作为一种短期融资工具,对于缓解企业面临的融资约束,优化企业的资金管理都发挥着不可替代的作用。供应链中上下游企业之间关系也一直是学术界关注的焦点。企业与上游供应商和下游客户的交易中商业信用也占有较大的比重,而且置身于供应链中的企业其商业信用的供给和获得也受到供应商市场势力与客户市场势力的影响,但是他们具体影响关系是怎样的呢?而且如今企业间的竞争早已经进入供应链层面,企业与供应商和客户的相对地位可能深刻影响着企业商业信用的获得和提供,而商业信用作为一种重要的融资工具,自然亦会影响到企业绩效,它们之间到底存在怎样的影响?为了更好的促进企业绩效的提升,企业该如何处理与供应商和客户之间的关系呢?这些问题值得我们深入探讨和实证检验。因此本文将市场势力(分为供应商市场势力和客户市场势力)、商业信用与企业绩效联系起来,分别研究供应商市场势力和客户市场势力对商业信用的影响,同时也分别剖析了供应商市场势力和客户市场势力对企业绩效的影响机制及商业信用在二者关系中的作用。通过选取我国深市A股上市公司2006年-2011年的数据,对三者的关系进行实证分析,研究表明：(1)供应商市场势力越强,企业从供应商处获得的商业信用越少,企业的获利能力也将下降；从供应商处获得商业信用与企业绩效负相关,企业获得商业信用在供应商市场势力与企业绩效的关系中还发挥了中介作用。(2)客户市场势力越强,企业提供给客户的商业信用越多,而从客户处获得的商业信用越少；对于国有企业来说,客户市场势力越强,企业的获利能力也将下降,但是非国有企业二者关系不明显。(3)对于国有企业来说,提供给客户的商业信用与企业绩效正相关,而且提供的商业信用在客户市场势力与企业绩效的关系中同样发挥了了中介作用；但是对于非国有企业,提供给客户的商业信用并没有显著提高企业绩效,其中介作用也不明显。(4)从整个供应链视角来看,供应链上的企业之间商业信用的获得和供给存在一条明显的潜规则,即企业从上游供应商处获得商业信用越多,下游客户也会要求企业提供更多的商业信用,整条供应链存在一致的债务拖欠现象。
[Abstract]:As a short-term financing tool, commercial credit plays an irreplaceable role in easing the financing constraints faced by enterprises and optimizing the capital management of enterprises. The relationship between upstream and downstream enterprises in supply chain has also been the focus of academic attention. Business credit also accounts for a large proportion of the transactions between enterprises and upstream suppliers and downstream customers, and the supply and acquisition of commercial credit for enterprises in the supply chain are also affected by the market forces of suppliers and customers. But what exactly do they affect the relationship? And now the competition among enterprises has already entered the supply chain level, the relative position of enterprises, suppliers and customers may have a profound impact on the acquisition and provision of business credit, and commercial credit as an important financing tool, Naturally, it will also affect the performance of enterprises. What is the impact between them? In order to improve the performance of enterprises, how to deal with the relationship between suppliers and customers? These problems are worthy of our in-depth discussion and empirical test. Therefore, this paper studies the influence of supplier market power and customer market power on the commercial credit, which is related to the market power of the supplier and the market power of the customer, and the relationship between the business credit and the performance of the enterprise. At the same time, it also analyzes the influence mechanism of supplier market power and customer market power on enterprise performance and the role of commercial credit in the relationship between them. By selecting the data of A share listed companies in Shenzhen Stock Exchange from 2006 to 2011, the empirical analysis shows that: (1) the stronger the market power of suppliers, the less commercial credit enterprises obtain from suppliers. The profitability of enterprises will also decline; Obtaining commercial credit from suppliers is negatively correlated with enterprise performance. Business credit acquisition also plays an intermediary role in the relationship between supplier market power and enterprise performance. (2) the stronger the customer market power, the stronger the customer market power. The more business credit enterprises provide to customers, the less commercial credit they get from customers; For state-owned enterprises, the stronger the customer market power, the lower their profitability, but the relationship between them is not obvious. (3) for state-owned enterprises, the commercial credit provided to customers is positively related to enterprise performance. Moreover, the commercial credit has also played an intermediary role in the relationship between customer market power and enterprise performance. However, for non-state-owned enterprises, the commercial credit provided to customers has not significantly improved the performance of enterprises, nor is its intermediary role obvious. (4) from the perspective of the whole supply chain, There is an obvious hidden rule in the acquisition and supply of commercial credit between enterprises in the supply chain, that is, the more commercial credit enterprises obtain from upstream suppliers, the more downstream customers will ask enterprises to provide more commercial credit. The whole supply chain has a consistent debt default.
【学位授予单位】：福州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F274

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