客户集中度、议价能力与跨界经营风险研究——企业供应链关系对抑制实体企业金融化倾向的作用分析  

Research on Customer Concentration,Bargaining Power and Cross-border Operational Risk——Analysis on the effect of enterprises’supply chain relationship on restraining the financialization tendency of entity enterprises

作　　者：胡国哲 Hu Guozhe

机构地区：[1]首尔科学综合大学院大学

出　　处：《价格理论与实践》2022年第3期157-160,共4页Price:Theory & Practice

摘　　要：为促进实体经济发展,本文从供应链角度探讨如何减弱实体企业金融化倾向。从理论上看,实体企业金融化的动机分为蓄水池效应与套利工具假说。基于2013-2020年上市实体企业的实证研究表明:客户集中度、议价能力可以推动实体企业聚焦主业,减少跨界经营风险。当企业客户集中度和议价能力较强时,金融化的投资与金融化的获利均显著降低。拓展性研究表明:第一大客户议价能力可以服务实体经济,但效果弱于团体议价能力;在服务实体经济成为顶层设计后,客户集中度、议价能力对实体企业聚焦主业经营、服务实体经济的作用更显著。本文的研究总体上为降低实体企业金融化提供来自供应链的经验证据。In order to promote the development of the real economy,this paper discusses how to reduce the financialization tendency of entity enterprises from the perspective of supply chain.Theoretically,the motivation of the financialization of entity enterprises can be divided into the reservoir effect and the arbitrage tool hypothesis.Empirical research based on listed enti-ty enterprises from 2013 to 2020 shows that customer concentration and bargaining power can promote entity enterprises to focus on their main business and reduce cross-border business risks.When corporate customer concentration and bargaining power are strong,both financialized investment and financialized profit are significantly reduced.Extensive research shows that the bargaining power of the largest customer can serve the real economy,but the effect is weaker than that of the group bargaining power;after serving the real economy has become the top-level design,customer concentration and bargaining power’s effect on maintaining real enterprises’focus on their main business operations and serve the real economy becomes more signifi-cant.The research in this paper generally provides empirical evidence from the supply chain for reducing the financialization of physical enterprises.

关 键 词：客户集中度 议价能力 实体经济 企业金融化 供应链关系 

分 类 号：F274[经济管理—企业管理] F272.3[经济管理—国民经济]