市值影响下基于质量成本信息不对称的供应链绩效研究

发布时间：2018-01-04 10:45

本文关键词：市值影响下基于质量成本信息不对称的供应链绩效研究　出处：《华中科技大学》2014年博士论文　论文类型：学位论文

【摘要】：很多公司在作运营决策时不仅要考虑长期收益还要考虑资本市场获得的短期收益。股票的市场价值是上市企业的市场规模和业绩水平的重要“参照标准”,是公司组织结构、运营管理水平、市场竞争力这些关系到企业未来的一系列因素的综合反映,是企业重要的社会评价和市场评价指标。因此,上市公司对其股票市场价值越来越关注。基于此背景本文以实质盈利管理研究为动机,从供应链协调的角度,引入公司管理层(经理人)对金融市场公司价值的关注程度这个影响因素,结合不同的契约形式,从理论分析和数据分析两方面探讨该因素对供应链的各方决策和收益以及供应链系统协调的影响,解释上市公司的供应链管理决策的动机和现象,并针对该影响因素设计改善供应链系统绩效的合理契约形式。通过国内两大证券交易所的数据分析了上市公司发布购销合同公告后的市值反应。发现上市公司发布购销合同公告后会获得明显的股市回报,而且公司销售合同公告后获得的回报要高于采购合同。当制造型企业发布购销合同公告时会获得比其他行业企业更高的股市回报。上市公司与外资企业、中国上市企业和非上市企业签订购销合同时会比与政府签订购销合同后获得更高的股市回报。但是检验结果并不能证明合同中存在风险提示与否对上市公司的市值有不同影响。最后通过多元线性回归模型分析了内部因素对上市公司股市回报的影响。结果指出规模越大的公司发布购销合同公告后获得的股市回报越大,同时投资者更青睐低负债权益比的公司。而诸如账面市值比和预计比例则对投资者的投资决策没有明显影响。因此上市公司存在通过调整运营决策来影响其市值表现,从而获得更多的股市回报的动机。而当制造业企业披露销售合同时,投资者对这类企业进行投资会取得较好的回报。通过理论分析研究了当产品质量成本不对称时,供应商市值关注度对供应链决策和供应链绩效的影响。论文考虑三种情况：(1)产品质量水平可以合同化且产品价格固定,(2)产品质量水平不能合同化且产品价格固定,(3)产品质量水平可以合同化且售价由零售商制定(变动价格)。结果指出当产品价格变动时,产品售价会受市值关注度的影响并随其递增。同时发现在三种情况下,都存在当质量成本信息对称时,低质量成本供应商生产的产品质量水平、订货量,与之交易的零售商收益和供应链的收益都高于高质量成本供应商的产品。而在不对称信息条件下,高质量成本供应商的产品质量水平和订货量会发生扭曲,但是都会受到供应商市值关注度的影响且随市值关注度递增,因此市值关注度可以减缓这种扭曲程度。除此以外,供应商市值关注度也会影响收益。当供应商的市值关注度较低时,零售商收益和供应链收益较低。但是随着市值关注度的增加,零售商和供应链的收益会随之增加,特别是当供应商只关注市值时,零售商与供应链的收益会达到对称信息条件下的最优水平。而供应商的收益则会在当高质量成本供应商所占比例和市值关注度都较小时随市值关注度递增,否则随市值关注度递减。通过比较三种情况发现(1)当供应商更关注市值或产品退货价格较低时,将产品质量水平合同对供应商和零售商都有利；(2)当产品价值较低时,不同的定价策略对买卖双方和供应链的影响很小。
[Abstract]:Many companies not only to consider the long-term benefits but also consider the short-term gains obtained in the capital market operation decision. The market value of the stock is an important reference standard of listed companies the market size and the level of performance, is the company's organizational structure, operation and management level, the market competitiveness of such a series of factors related to enterprise future comprehensive reflection that is an important corporate social evaluation and market evaluation index. Therefore, more attention to the listed company stock market value more and more. Based on this background to study the essence of earnings management motivation, from the perspective of supply chain coordination, the introduction of the management of the company (managers) factors the degree of concern on the value of Trendsetter Financial Markets Ltd of this effect, combined with the form of the contract the two aspects of the factors of supply chain parties decision and profit and supply chain system from theoretical analysis and data analysis. The influence of regulation on the motivation and phenomenon of supply chain management decisions of listed companies is explained, and a reasonable contract form to improve the performance of supply chain system is designed according to the influencing factors.
Through the two major domestic stock exchange data analysis of listed companies issued market reaction after the announcement that the purchase and sale contract. Listed companies issued a purchase and sale contract after the announcement will get obvious stock returns, and sales contract after the announcement return is higher than the purchase contracts. When manufacturing enterprises issued notice when the purchase and sale contract will get more than other industries and enterprises. The stock market returns of listed companies and foreign-funded enterprises, to obtain higher stock returns than signed a purchase contract with the government after the purchase contract is signed Chinese listed companies and non listed companies. But the test results did not prove that the contract risk prompts or not on the market value of listed companies have different effects. Finally, the impact of internal factors listed companies on the stock market returns are analyzed by multivariate linear regression model. Results show that the greater the size of the company issued a purchase and sale contract The announcement after the stock market returns is larger, while investors prefer low debt equity ratio of the company. Such as the book market ratio and the expected proportion of the investment decisions of investors had no obvious effect. So the listed companies have to affect the performance of market value by adjusting the operation decision, in order to get more return on the stock market when the disclosure of motives. The sales contract manufacturing enterprises, investors of this kind of investment will get better returns.
Through theoretical analysis on the quality of the products cost asymmetry, supplier market attention influence on decision making of supply chain and supply chain performance. This paper considers three situations: (1) the level of product quality and product fixed price contract, (2) the level of product quality and price contract cannot be fixed, (3) the level of product quality and the price of the contract can be formulated by the retailer (price). The results show that when the price changes, price will be affected by the market impact and with increasing attention. At the same time that in the three case, when there are quality cost information symmetry, low level of quality, cost of supplier products the quality and quantity, the retailers trading income and profit of supply chain is higher than the cost of high quality suppliers. And under the condition of information asymmetry, the quality of the products of high quality water supplier cost Peace and order quantity will be distorted, but will be worth the attention of suppliers and with the increasing market attention, so the market attention can mitigate the distortion. In addition, the supplier market attention will also affect income. When supplier market attention is low, income and revenue of supply chain retailers low. But with the market attention increases, the retailer and supply chain revenue will increase, especially when the supplier only focus on the market, retailer and supply chain revenue will reach the optimal water under symmetric information. And the supplier will return when the cost of high quality suppliers and the proportion of market capitalization attention is small with market attention increasing, with the market attention. Otherwise the decline by comparing three cases (1) found that when the supplier pays more attention to the market value or the return of the product when the price is low, will Quality level contracts are beneficial to both suppliers and retailers; (2) when the value of the product is low, different pricing strategies have little impact on both the buyer and the buyer and the supply chain.

【学位授予单位】：华中科技大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F274;F275;F832.51

【参考文献】