摘要
供应链关系在企业经营管理活动中发挥着重要作用。本文通过手工收集2008-2018年供应商及其客户均为A股上市公司的样本,研究客户行业竞争地位是否及如何影响供应商的企业绩效。研究发现,行业竞争地位较高的客户对供应商企业表现出明显的“支持效应”,即客户行业竞争地位较高,供应商的企业绩效更好;进一步地,当供应商与客户的经济依存度较高、地理距离临近、二者关系更成熟稳定时,行业竞争地位较高的客户对供应商企业绩效的支持效应更强;机制分析表明,行业竞争地位较高的客户提升供应商企业绩效的路径在于降低了供应商的经营不确定性、债务融资成本和管理层代理成本,以及提升了供应商企业的投资效率。本文丰富和扩展了供应商-客户关系的研究文献,有助于更好地理解供应商与客户的互动过程,为供应链关系管理提供一定的经验证据。
The Supplier-Customer relationship plays an important role in the corporate operation and governance.Using a hand-collected sample which both the supplier firm and its customers are Chinese listed companies during 2008-2018,this paper examines the impact of customers’product market power on the supplier firm performance.We find that,customers with higher product market power in the industry have a significantly supportive effect on the suppliers,that is,the higher product market power of the customer,the better performance of the supplier.This positive relationship is more salient when the economic dependence between customer and supplier is stronger,the geographic distance between customer and supplier is shorter,and the relationship matures.Finally,we document that the customer with higher product market power lower the supplier firm’s operational uncertainty,debt financing costs and agency costs,but improve the investment efficiency of the supplier.Our paper enrich the literature on customer-supplier relationship.
出处
《会计研究》
CSSCI
北大核心
2022年第11期72-86,共15页
Accounting Research
基金
国家自然科学基金重大项目(71790603)
国家自然科学基金青年项目(72002223)
国家自然科学基金面上项目(72172095)
广东省哲学社会科学规划项目(GD21CYJ04)
广东省自然科学基金面上项目(2022A1515011952)的阶段性成果
关键词
供应链关系
行业竞争地位
支持效应
掠夺效应
企业绩效
Customer-Supplier Relationship
Product Market Power
Supportive Effect
Predatory Effect
Firm Performance
