供应商集中和资本结构——基于创业板上市公司的经验证据  

Supplier Centralization and Asset Structure——Based on the Empirical Evidence of GEM Listed Companies

作　　者：杨风[1] 吴晓晖[2] 

机构地区：[1]桂林医学院人文与管理学院,广西桂林541004 [2]厦门大学管理学院,福建厦门361005

出　　处：《中国流通经济》2017年第2期55-63,共9页China Business and Market

基　　金：国家自然科学基金资助项目"多边代理视角下创业企业的激励机制及管理权转移研究"(71572167);国家自然科学基金资助项目"多边代理关系下新创企业的治理机制与竞争行为研究"(71172056)

摘　　要：供应商集中程度对公司资本结构的影响是一个重要的理论课题,且具有较强的现实意义。以深圳证券交易市场2009—2014年创业板上市公司为研究对象的回归分析表明,供应商集中可显著降低公司的资产负债率,促使公司实施稳健的财务政策。而进一步对模型控制变量的分析表明,只有在中等市场化程度地区的公司其供应商集中程度与公司资产负债率呈现显著的负相关关系,而在高度市场化地区和低度市场化地区的公司,二者关系不明显。另外,从公司类别看,与制造业公司相比,非制造业公司供应商集中对资产负债率的影响更显著。因此,公司必须注重供应商环节的管理控制,拓宽采购渠道,摆脱对个别供应商的依赖,整合上下游供应链,建立对公司健康发展有利的经营环境,并重视非财务利益相关者对公司经营的影响。The impact of supplier centralization degree on companies' asset structure is an important theoretical task with great realistic significance. The regression analysis taking SZSE's GEM listed companies from 2009 to 2014 as study objects shows that the supplier centralization can reduce the companies' asset- liability ratio significantly, and promote the implementation of prudent financial policies. The further analysis on model control variables shows that the negative relation between supplier centralization and companies' asset- liability ratio only exists in companies in markets with medium marketization level,but for those in markets with high and low marketization level,the relation between those two factors is not obvious. Besides,in terms of company classification,comparing to manufacturing companies,the impacts of supplier centralization on asset-liability ratio of non-manufacturing companies are more significant. So,the companies should pay more attention to the management and control of suppliers,expand the channel of procurement,not to depend more on some individual suppliers,and pay more attention to the impact of non-financial stake holders on companies' operation.

关 键 词：供应商集中度 资本结构 市场化 财务政策 

分 类 号：F275.5[经济管理—企业管理]