供应商、经销商议价能力与公司业绩——来自2005—2007年中国制造业上市公司的经验证据

Bargaining Power of Suppliers and Buyers, and Corporate Performance——Evidences from Chinese Manufacturing Listed Companies from 2005 to 2007

传统的企业与企业的竞争已经演化为供应链与供应链(或产业链与产业链)之间的竞争,这使得改进供应链(或产业链)管理成为提升公司竞争力的必由之路。本文利用来自2005—2007年中国制造业上市公司的经验证据,探讨供应商和经销商(客户)议价能力对公司业绩可能存在的影响以及具体的影响程度和影响方式。实证研究证实:①供应商、经销商(客户)的集中度和议价能力越低,公司业绩越好;②供应商的集中度和议价能力与公司业绩之间表现为倒"U"形关系;③和已有的研究不同,经销商(客户)的集中度和议价能力在与公司业绩显著负相关的同时,表现为左高右低的正"U"形关系。

The traditional competition among companies has evolved into competition among supply chains （or industry chains）, hence the improvement of supply chains （or industry chains） management becomes absolutely necessary for promotion of enterprise competitive power. Based on empirical evidence from Chinese manufacturing listed companies between 2005 and 2007, this paper explores the impact suppliers and franchisers （buyers） may have on corporate performance, as well as the impact degree and means. The empirical research proves that： （1）lower the concentration degree of suppliers and franchisers （buyers） is, better corporate performance will be; （2）suppliers＇ concentration degree and bargaining power have an inverted U-shape relationship with corporate performance; （3）different from existing researches, franchisers＇ （buyers＇） concentration degree and bargaining power have significant negative relationship with corporate performance; meanwhile, a U-shape relationship with higher left wing and lower right wing exists between them.