高管过度自信与供应商关系:集中化还是多元化?  

Executive Overconfidence and Supplier Relationships:Centralization or Diversification?

作　　者：吴春贤[1,2] 王彪燕 Wu Chunxian;Wang Biaoyan(School of Economics and Management,Shihezi University,Shihezi 832003,China;Center for Corporate Governance and Innovation,Shihezi University,Shihezi 832003,China)

机构地区：[1]石河子大学经济与管理学院,石河子832003 [2]石河子大学公司治理与管理创新研究中心,石河子832003

出　　处：《技术经济》2024年第6期68-86,共19页Journal of Technology Economics

基　　金：国家自然科学基金青年科学基金“投资者异质信念与企业创新行为:基于管理层理性与非理性双重情境的研究”(72103144);教育部人文社科基金项目“多源媒体情绪传播对企业策略性专利行为的影响及机制研究”(21YJA790077);石河子大学青年创新拔尖人才项目“企业创新策略选择对商业信用供给的影响及机制研究”(CXBJ202210)。

摘　　要：“十四五”规划以及党的二十大报告提出要重视产业链与供应链现代化水平,着力提升供应链韧性及安全水平。本文利用2003—2022年沪深A股上市公司数据,从“为公”和“为私”两个视角探究高管过度自信对企业供应商战略决策的影响。研究发现:(1)拥有过度自信高管的企业倾向于表现出集中的供应商关系,高管过度自信对供应商关系的影响“为私”视角占据主导;(2)集中的供应商关系是过度自信高管盈余管理行为的必然结果;(3)资源约束能够负向调节高管过度自信对供应商集中度的影响;(4)融资约束、经济政策不确定性、行业竞争程度能够正向调节高管过度自信对供应商集中度的影响。以上研究结论有助于探索影响企业供应商关系的前因,厘清企业供应商集中度较高的内在作用机理。The 14th Five-Year Plan and the report of the 20th National Congress of the Communist Party of China(CPC)put forward the need to pay attention to the modernization of industrial and supply chains,and strive to improve the resilience and security of supply chains.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2003 to 2022,the impact of executive overconfidence on corporate supplier strategic decision-making were explored from the two perspectives of“for the benefit of company”and“for the benefit of oneself”.It is found that enterprises with overconfident executives tend to have more centralized supplier relationships,and the impact of executive overconfidence on supplier relationships is dominated by a“for the benefit of oneself”perspective.And centralized supplier relationships are the inevitable consequence of overconfident executivesearnings management behavior.In addition,it is found that resource constraints can negatively regulate the influence of executive overconfidence on supplier concentration.And financing constraints,economic policy uncertainty,and industry competition can positively regulate the impact of executive overconfidence on supplier concentration.The above research expands the research of influencing factors of supplier relationships and clarify the internal mechanism of high concentration of supplier.

关 键 词：高管过度自信 供应商集中度 盈余管理 

分 类 号：F272.3[经济管理—企业管理]