OPM战略实施、供应链集中度与企业绩效  

OPM Strategy, Supply-chain Concentration and Corporate Performance

作　　者：麻靖涓 张敦力 李四海 MA Jing-juan;ZHANG Dun-li;LI Si-hai

机构地区：[1]中南财经政法大学会计学院

出　　处：《财务研究》2019年第6期37-47,共11页Finance Research

基　　金：中南财经政法大学中央高校基本科研业务费专项资金项目（201911134）

摘　　要：OPM战略是企业重要的营运策略,也涉及企业供应链上下游间利益的博弈。本文以2010~2017年A股上市公司为样本,以现金转换周期度量OPM战略实施程度,实证检验了由于供应链集中度差异而产生的议价能力差别对OPM战略实施和企业绩效的影响。研究结果发现,OPM战略实施得越成功,企业绩效越好;相比于客户/供应商集中度较高时,OPM的实施对企业绩效的正向作用在客户/供应商集中度较低的时候更显著;进一步地,相比客户/供应商至少有一个比较集中时,OPM战略的实施在客户分散且供应商也分散的情况下与企业绩效的正相关关系更加显著。本文的研究进一步打开了OPM战略实施对企业绩效影响机制的“黑箱”,丰富了以OPM战略实施作为企业绩效影响因素的研究文献,研究结论对当前市场环境下,企业供应链管理以及营运资本管理实践提供了经验证据。OPM strategy is used by firms to make use of the scale advantages,it can help to speed up the liquidity and improve the operational capacity of enterprises.However,the implementation of OPM strategy often requires the support and cooperation of upstream and downstream enterprises(always refer to customers and suppliers).What is the relationship between the degree of implementation of OPM strategy and enterprise performance,and how does supply-chain networks play a moderating effect in it?Based on the sample of A-share listed companies from 2010 to 2017,this paper empirically examines the impact of bargaining power differences caused by customer/supplicr concentration on OPM strategy implementation and corporate performance.The results show that the more successful the implementation of OPM strategy,the better performance firms achieve;Compared with the higher customer or supplier concentration,the positive effect of OPM implementation on enterprise performance is more significant when the customer or supplier concentration is low'er;Furthermore,compared with the case of at least one customer/supplier concentration is high,the positive correlation between implementation and enterprise performance is more significant when both customers and suppliers are dispersed.This study lurther opens up the black box ot the impact mechanism ot OPM strategy implementation on enterprise performance,enriches the research literature regarding OPM strategy implementation as an influencing factor of enterprise performance,and provides empirical evidence support for supply chain management and working capital management practice in the current market environment.

关 键 词：供应链集中度 OPM战略 企业绩效议价能力 

分 类 号：F275[经济管理—企业管理]