供应链关系对企业信用风险的影响研究——基于供应商/客户集中度的分析  

Research on the Influence of Supply Chain Relationship on Enterprise Credit Risk——Analysis Based on Supplier/Customer Concentration

作　　者：周利国[1] 粟金霞 肖代友 Zhou Liguo;Su Jinxia;Xiao Daiyou(Business School,Central University of Finance and Economics,Beijing 100081,China;School of Finance,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]中央财经大学商学院,北京100081 [2]中央财经大学金融学院,北京100081

出　　处：《工业技术经济》2021年第12期14-24,共11页Journal of Industrial Technological Economics

基　　金：国家自然科学基金“商业银行物流金融信用风险的度量与防范研究:基于Copula理论视角的分析”(项目编号:71272235)。

摘　　要：本文以2010~2019年上市公司为样本,分析了供应链关系组合特征——供应商/客户集中度对企业信用风险的影响,并从企业议价能力、行业竞争程度、经济不确定性等角度探讨可能的影响方式与作用机制。研究结果表明,客户集中度越高的企业,其信用评级越高,而供应商集中度与信用评级之间的关系并不明显。通过进一步研究发现,在议价能力较强、行业竞争较大以及处于经济不确定性程度较高时期的企业里,客户集中度与信用评级的正相关关系更为明显;本文还发现客户集中度与企业信用评级之间存在着遮掩效应。研究结论丰富了信用风险影响因素的相关文献,为企业进行信用风险管理提供了新的思路。Taking listed companies from 2010 to 2019 as samples,this paper analyzes the influence of supply chain relation⁃ship combination characteristics:supplier/customer concentration on enterprise credit risk,and further discusses the possible influen⁃ce modes and action mechanism from internal and external environmental perspectives such as enterprise bargaining power,industry competition degree and economic uncertainty.Results show that,the higher the customer concentration of enterprises,the external agencies to evaluate it,the higher its credit rating,and supplier concentration and the relationship between the enterprise credit rat⁃ing is not obvious.In further discussion,it is found that the positive correlation between customer concentration and credit rating is more obvious in the enterprises with stronger bargaining power,greater industry competition and greater economic uncertainty.This paper also finds that there is a masking effect between customer concentration and corporate credit rating.The conclusion of the study further enriches the relevant literature on the influencing factors of credit risk,and provides a new theoretical basis for enter⁃prises to manage the credit risk.

关 键 词：供应商/客户集中度 信用评级 企业议价能力 行业竞争 经济不确定性 信用风险管理 

分 类 号：F274[经济管理—企业管理] F832.4[经济管理—国民经济]