供应商高集中度、商业信贷与盈余平滑——以宏昌电子为例  

High Concentration of Suppliers,Trade Credit and Earnings Smoothing:The Case of Epoxy Base Electronic

作　　者：贺勇 樊佳赫 HE Yong;FAN Jia-he(Accounting School,Hunan University of Technology and Business,Changsha 410205,China)

机构地区：[1]湖南工商大学会计学院,长沙410205

出　　处：《管理案例研究与评论》2020年第6期700-714,共15页Journal of Management Case Studies

基　　金：湖南省社会科学基金项目“基于股东积极主义的混合所有制公司治理研究”(15YBA229);湖南省研究生科研创新项目“家族企业中家族退出的动因及模式研究”(CX20201110)。

摘　　要：运用案例研究方法,本文深度剖析了宏昌电子自上市以来的供应商高集中度与盈余平滑之间的关系及其对商业信贷的影响,构建了企业的供应商高集中度、商业信贷需求与盈余平滑形成之间的分析框架,认为企业维持供应商高集中度及相互的利益锁定关系,促使企业进行盈余平滑,以此向供应商传递稳健经营的信号,进而获得供应商提供的大量商业信贷。研究表明,宏昌电子的供应商高集中度是其盈余平滑的重要因素,而供应商高集中度潜藏的大量商业信贷又是宏昌电子盈余平滑的最终目的。进一步分析发现,宏昌电子倾向于用真实盈余管理来应对外部环境的不确定性,而在正常条件下,则倾向于使用应计盈余管理手段。研究结论有助于理解企业的供应商关系管理对财务战略的影响以及不同经济环境下企业所采取的盈余管理策略。Using the case study method,this paper analyzes the relationship between the high concentration of suppliers and earnings smoothing since the listing of Epoxy Base Electronic and its impact on trade credit,and constructs an analysis framework among the high concentration of suppliers,the demand of trade credit and the formation of earnings smoothing.We hold that firms maintain the high concentration of suppliers and the lock-in relationship of mutual interests,so as to promote firms to carry out earnings smoothing and also signal stable operation to suppliers,and then obtain a large amount of trade credit provided by suppliers.We show that the high concentration of suppliers is an important factor in the earnings smoothing of Epoxy Base Electronic,and the large amount of trade credit hidden in the high concentration of suppliers is the ultimate goal of the earnings smoothing of Epoxy Base Electronic.A further analysis shows that Epoxy Base Electronic tends to use real earnings management to deal with the external uncertainty,while under normal conditions,it tends to use accrual earnings management.The conclusion is of great significance to understand the impact of supplier relationship management on financial strategies and the means of earnings management in different economic environments.

关 键 词：供应商集中度 商业信贷 盈余管理 盈余平滑 

分 类 号：F276[经济管理—企业管理]