供应链关系资源、产品市场竞争与财务绩效——基于A股上市公司门槛效应的检验  

Supply Chain Relationship Resources,Product Market Competition and Financial Performance——Threshold Effect Test Based on the A-share Listed Companies

作　　者：徐晨 张英明 XU Chen;ZHANG Yingming(Business School,Jiangsu Normal University,Xuzhou 221116,China)

机构地区：[1]江苏师范大学商学院,江苏徐州221116

出　　处：《物流科技》2020年第11期22-26,29,共6页Logistics Sci-Tech

基　　金：国家社科基金资助项目(12BJY041)。

摘　　要：文章以2015~2019年沪深A股上市公司为研究样本,围绕客户、供应商集中度两个维度展开,构建门槛模型,分析了企业在不同产品市场竞争中,供应链关系资源对财务绩效的影响。研究结果表明:客户、供应商关系集中均能提升财务绩效,且产品市场竞争正向调节这种促进效应;客户、供应商集中度对财务绩效的影响在产品市场竞争的调节作用下均呈现三重门槛效应,随着产品市场竞争提升,客户、供应商集中度对财务绩效的影响由“抑制”转为“促进”,且逐渐增强,当产品竞争地位越过第三重门槛值时,这种边际促进效率最强;上述三重门槛效应在不同产权性质的企业中均显著存在,国有企业客户集中对财务绩效的促进效应强于非国有企业,而非国有企业供应商集中对财务绩效的正向影响更明显。Based on the empirical data of Shanghai and Shenzhen A-share listed companies from 2015 to 2019,this paper establishes the threshold model from the perspective of customer and supplier concentration,and analyzes the effect of supply chain relationship resources on financial performance in different product market competition.Empirical results show that:the concentration of customer and supplier relationship can improve financial performance,and product market competition can positively regulate this promoting effect.The influence of customer and supplier concentration on financial performance presents a triple threshold effect under the adjustment of product market competition.With the improvement of product market competition,the influence of customer and supplier concentration on financial performance changes from“inhibition”to“promotion”and gradually enhances.With the product competitive position exceeding the triple threshold,the marginal promotion efficiency reaches the strongest.The triple threshold effect is significant in enterprises with different property rights.The promotion effect of customer concentration in state-owned enterprises is greater than non-state-owned enterprises,while the positive effect of supplier concentration is stronger in non-state-owned enterprises.

关 键 词：供应链关系 竞争地位 财务绩效 产权性质 门槛效应 

分 类 号：F274[经济管理—企业管理]