供应商关系、内部治理与营运资金管理绩效——来自农业上市公司的实证分析  

Supplier Relationship,Internal Governance and Working Capital Management Performance:An Empirical Analysis of Listed Agricultural Companies

作　　者：张淑英[1] 郑静静 水宝山 蒋郁文 ZHANG Shuying;ZHENG Jingjing;SHUI Baoshan;JIANG Yuwen(Anhui Science and Technology University,Fengyang 233100,Anhui)

机构地区：[1]安徽科技学院,安徽凤阳233100

出　　处：《河北农业大学学报（社会科学版）》2020年第5期36-46,共11页Journal of Hebei Agricultural University (SOCIAL SCIENCES)

基　　金：安徽省教育厅人文社科重点项目:“供应链合作关系对营运资金管理绩效影响——基于经济周期波动视角的研究”(编号:SK2017A0570);安徽省大学生创新创业训练项目:“农业公司供应链关系、内部治理机制与营运资金管理绩效”(编号:S201910879123);安徽省大学生创新创业训练项目:“区块链益经济”(编号:S202010879046)。

摘　　要：农业公司产品供应链在采购、生产、加工、储存等方面的不确定性因素多,供应链关系的建立对该类公司长远发展至关重要。基于与主要供应商这一外部利益相关者的视角,以2011—2018年沪深两市农业上市公司为样本,进行实证检验发现:供应商集中度越高的农业上市公司越倾向于持有更多的营运资金,营运资金管理绩效越差;与国有公司相比,民营上市公司的供应商集中度与营运资金需求正相关关系更为明显。增加高管薪酬的内部治理机制可以有效抑制供应商关系对营运资金管理绩效的负向影响;大股东占股比例高会显著削弱民营公司供应商集中度与营运资金需求的正相关关系,显著强化国有公司两者的正相关关系;独立董事比例及监事会规模对两者关系不存在影响,但董事长兼任总经理会显著增强供应商集中度与营运资金需求的正相关关系。In the product supply chain of agricultural companies,there are many uncertain factors in purchasing,production,processing,storage and other steps.Building relationships of supply chain is very important for the long-term development of such companies.From the perspective of external stakeholders,such as major suppliers,this paper conducts empirical tests on agricultural listed companies in Shanghai and Shenzhen stock markets from 2011 to 2018.It finds that the listed agricultural companies with higher supplier concentration tend to hold more working capital,but their performance of working capital management is worse.Compared with state-owned companies,the positive correlation between supplier concentration and working capital demand of private listed companies is more obvious.The internal governance mechanism of increasing executive compensation can effectively restrain the negative impact of supplier relationship on working capital management performance.A high proportion of major shareholders will significantly weaken the positive correlation between supplier concentration and working capital demand of private companies and significantly strengthen the positive correlation between state-owned companies.The proportion of independent directors and the size of the board of supervisors have no influence on their relationship,but the chairman and general manager will significantly enhance the positive correlation between supplier concentration and working capital demand.

关 键 词：供应商关系 内部治理 营运资金管理 

分 类 号：F274[经济管理—企业管理]