战略购销协议、客户需求稳定性与企业投资效率——基于供应链管控视角的分析  

Strategic Purchase and Sales Agreements,Customer Demand Stability,and Enterprise Investment Efficiency:From the Perspective of Supply-chain Management and Control

作　　者：杨志强 彭韵[1] 石水平 Yang Zhiqiang;Peng Yun;Shi Shuiping(School of Accounting,Guangdong University of Finance and Economics,Guangdong Guangzhou 510320,China;Institute of Capital Market and Audit Governance Studies for the Great Bay Area“Guangdong,Hong-Kong,Macao”,Guangdong University of Finance and Economics,Guangdong Guangzhou 510320,China;School of Management,Jinan University,Guangdong Guangzhou 510632,China)

机构地区：[1]广东财经大学会计学院,广东广州510320 [2]广东财经大学粤港澳大湾区资本市场与审计治理研究院,广东广州510320 [3]暨南大学管理学院,广东广州510632

出　　处：《上海财经大学学报（哲学社会科学版）》2024年第4期107-123,共17页Journal of Shanghai University of Finance and Economics

基　　金：国家社会科学基金一般项目“‘双循环’发展格局中产业链信息传导对企业自主创新的作用机制研究”(21BGL121)。

摘　　要：在双循环新发展格局下,如何维持内循环中的需求稳定,促进企业投资效率提高,对于实现经济高质量发展至关重要。文章以2007—2021年间企业与客户均为上市公司的“供应商-客户”链组为研究样本,基于供应链管控视角,检验供应链上游企业与下游客户之间签订战略购销协议对投资效率的影响及其中的作用机制。研究发现,签订战略购销协议能够促进企业投资效率提高。另外,客户需求稳定性通过降低供应链信息不对称、缓解管理层的自利行为以及向外部传递正面信号等,在战略购销协议与企业投资效率的关系间发挥着部分中介效应。进一步地,客户公开信息披露对供需双方签订战略购销协议的私有沟通方式形成替代效应。在控制内生性问题后,以上结论依然成立。文章为企业加强供应链韧性管理、证券监管部门推动公司信息披露制度建设,提高经济高质量发展提供经验支持。In the new development pattern of dual circulation,it is crucial to maintain stable demand in the internal circulation and promote enterprise investment efficiency to achieve high-quality economic development.This paper uses the“supplier-customer”group of listed companies from 2007 to 2021 as the sample to test the impact of strategic purchase and sales agreements signed in the supply chain on enterprise investment efficiency and the underlying mechanisms.The study finds that there is a negative correlation between the agreements and inefficient investment,indicating that signing the agreements will promote investment efficiency.Customer demand stability plays a partial mediating role in the relationship between the agreements and investment efficiency by reducing supply-chain information asymmetry,alleviating the management's self-interest behavior,and transmitting positive signals to external stakeholders.Furthermore,the quality of customer accounting information plays a negative moderating role in the relationship between the agreements and investment efficiency.The policy implications of this paper are as follows:First,enterprises should strengthen their emphasis on supply-chain management,especially those with a higher level of relationshipproprietary investment or facing higher external policy uncertainty and lower market trust.By signing strategic purchase and sales agreements as a contractual governance method,the closeness of supply-chain relationships can be enhanced,promoting their own investment efficiency.Second,enterprises should maintain long-term thinking,choose to engage in strategic cooperation with high-quality customers,improve customer demand stability,and enhance their decisionmaking efficiency and competitiveness.Third,securities regulatory authorities should further strengthen the supervision of financial information disclosure of listed companies,increase the costs of illegal disclosure of enterprise information,and force enterprises to improve the quality of their own public informat

关 键 词：战略购销协议 供应链管理 客户需求稳定性 企业投资效率 

分 类 号：F272.3[经济管理—企业管理] F273.7[经济管理—国民经济]