供应商集中度与企业存货效率  

Research on Supplier Concentration and Enterprise Inventory Efficiency

作　　者：张瑞君[1] 任莉莉[1] Ruijun Zhang;Lili Ren

机构地区：[1]中国人民大学商学院

出　　处：《中国会计评论》2019年第3期463-486,共24页China Accounting Review

基　　金：财政部全国会计科研课题重点项目(2015KJA010)的阶段性成果

摘　　要：管理作为企业运营管理的重要方面,彩响企业价值的创造。本文从供应链视角出发,利用我国A股上市公司2001—2016年的数据,探讨供应商集中度对企业存货效率的影响。研究发现,供应商集中度与原材料收入比呈显著负相关关系,与原材料周转率呈显著正相关关系,即供应商集中度越高.企业持有存货数量越少,持有存货时间越短,供应商集中会大大提升企业的存货效率。进一步研究表明,关系专有投资越多,企业议价能力越强,供应商集中度对企业存货效率的提升作用越强;但当供应商来自国外时,会对供应商集中度对企业存货效率的提升产生抑制作用。这种情况在处理内生性问题及进行一系列的稳健性检验后,结果依旧显著。本文从外部利益相关者——供应商的视角出发,研究其与存货效率的关系,找到了企业价值创造的新路径,丰富了供应商对企业财务行为彩响的相关文献,也为企业的供应商选择及存货管理提供了相应的借鉴。As an important aspect of enterprise operation and management,inventory management affects the creation of enterprise value.From the perspective of supply chain,this paper uses the data of China’s A-share listed companies from 2001 to 2016 to study the impact of supplier concentration on enterprise inventory efficiency.This study finds that there is a significant negative correlation between supplier concentration and raw material income ratio and a significant positive correlation with the raw material turnover rate,that is,the higher the supplier concentration,the less inventory the enterprise holds and the shorter the inventory holding time.Supplier concentration will greatly enhance the enterprise’s inventory efficiency.Further research shows that,the more relationship-specific investment,the stronger the bargaining power of the enterprise,the more the supplier concentration will promote the inventory efficiency of the enterprise,but when the suppliers come from overseas,it has an inhibitory effect on the relationship between supplier concentration and inventory efficiency.This situation is still significant after dealing with endogeneity problems and conducting a series of robustness tests.The research in this paper studies the relationship between supplier concentration and inventory efficiency from the perspective of external stakeholders-suppliers,finds a new path for enterprise value creation,enriches the relevant literature on the impact of suppliers on corporate financial behavior,and also provides corresponding reference for supplier selection and inventory management.

关 键 词：供应商集中度 存货效率 关系专有投资 议价能力 国外供应商 

分 类 号：F274[经济管理—企业管理] F832.51[经济管理—国民经济]