Firm Power in Industrial Chain and Debt Financing

发布时间：2023-10-11 20:52

　　企业在上下游产业链中的地位对企业经营决策有着重要影响。然而,很少有研究探讨上下游产业链关系对企业财务行为的影响。本文旨在通过企业与上下游企业的资本往来关系,构建反映企业上下游产业链中地位的价值链权力指数(或度量指标),并探讨其对企业融资行为、资本结构决策以及公司绩效的影响。经典理论往往从企业营运资本管理的视角解释其与上下游企业之间的关系。然而,近年来大量研究表明,企业营运资本的结构很大程度是由企业在上下游产业链中的地位决定的。本文将价值链权力定义为应付账款减去应收账款的差额与销售收入的比率,这一指标越大,代表企业占用上下游企业资金的能力越高,反映出企业相对较强的竞争力。利用这一指标,本文分别探讨了企业价值链权力对其外部融资负债、公开债务融资、银行贷款融资以及公司绩效的影响。专题1研究了价值链权力对企业外部融资负债的影响。根据定义,价值链权力指数较高的企业,可以获得较高的商业信用。这样,企业流动资产,甚至一些长期资产都可以通过免息的商业信贷来偿还。因此,本文预计价值链权力较高的企业,外部融资性债务需求较低。实证结果显示,价值链权力越大的企业,融资性负债的比例越低,这一结果在不同特征的企业...

【文章页数】：126 页

【学位级别】：博士

【文章目录】：
摘要
Abstract
CHAPTER1:INTRODUCTION
    1.1 Research background
    1.2 Research problems
    1.3 Research objectives
    1.4 Research questions
    1.5 Contributions and significance of the research
    1.6 Delimitations of the study
    1.7 Outline of the study
    1.8 Summary of the chapter
CHAPTER2:LITERATURE REVIEW
    2.1 Introduction
    2.2 Literature review on Firm Power
    2.3 Literature review on Bond
    2.4 Literature review on Loan
    2.5 Literature review on Trade Credit
    2.6 Literature review on Corporate Performance
    2.7 Literature review on Capital Structure
    2.8 Summary of the chapter
CHAPTER3:CONCEPTUAL FRAMEWORK AND HYPOTHESES DEVELOPMENT
    3.1 Introduction
    3.2 Conceptual Framework
    3.3 Hypotheses Development
        3.3.1 Firm Power and Debt Structure
        3.3.2 Firm Power and Bond Financing
        3.3.3 Firm Power and Bank Loan
        3.3.4 Firm Power and Corporate Performance
    3.4 Summary of the chapter
CHAPTER4:RESEARCH METHODOLOGY
    4.1 Introduction
    4.2 Data collection and sample selection
    4.3 Econometric models
        4.3.1 Firm Power and Debt Structure
        4.3.2 Firm Power and Bond Financing
        4.3.3 Firm Power and Bank Loan
        4.3.4 Firm Power and Corporate Performance and the moderating effect of Debt Financing
    4.4 Variables’description
        4.4.1 Independents variables
        4.4.2 Dependents variables
        4.4.3 Control variables
    4.5 Summary of the chapter
CHAPTER5:EMPIRICAL RESULTS AND DISCUSSION
    5.1 Introduction
    5.2 Overall descriptive statistics
    5.3 Regression results and discussion
        5.3.1 Firm Power and Debt Structure
        5.3.2 Firm Power and Bond Financing
        5.3.3 Firm Power and Bank Loan
        5.3.4 Firm Power and Corporate Performance
    5.4 Robustness check
        5.4.1 Firm Power and Debt Structure
        5.4.2 Firm Power and Bond Financing
        5.4.3 Firm Power and Bank Loan
        5.4.4 Firm Power and Corporate Performance
    5.5 Summary of the chapter
CHAPTER6:CONCLUSION AND FUTURE RESEARCH DIRECTIONS
    6.1 Conclusion
    6.2 Future research directions
    6.3 Policy Recommendations
REFERENCE
ACKNOWLEDGMENT
Personal Profile,Academic papers published during Ph D



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