基于供应商关系的营运资金管理——“锦上添花”抑或“雪中送炭”

The Working Capital Management Based on Vendor Relationship:“Icing on the Cake” or “Timely Help”

本文以2007-2013年A股上市公司为样本,从市场地位、行业竞争程度和产权性质等角度探讨了供应商愿意为哪些企业提供融资和管理库存的服务。研究发现:(1)基于供应商关系的营运资金管理更能为弱势企业"雪中送炭",这表现在那些市场地位低的企业、竞争程度高的行业以及民营企业更倾向利用供应商关系进行营运资金管理;(2)从经济后果看,基于供应商关系的营运资金管理有利于缓解企业的融资约束,进而提高企业持续增长能力,且企业持续增长能力的提升作用对于高融资约束企业来说尤为明显。这意味着在"雪中送炭"式供应商关系的营运资金管理的协助下,整个供应链企业趋向于合作共赢、协同发展。

Under the guidance of Professor Wang Zhuquan＇s channel-based working capital management concept, this paper using a sample of so-called Category/Type ＇A＇ share of listed companies from 2007 to 2013 in China, explores the possibility of measuring vendor relationships from the supply chain （channel） perspective for the first time, making universal testing for working capital management based on vendor relationships. Through systematically answering the question of who is the biggest beneficiary of working capital management based on vendor relationships and in doing so, also to discuss whether suppliers are more willing to provide ＂timely help＂ to weak enterprises, or to exert an ＂icing on the cake＂ effect on strong enterprises, this paper provides a systematic explanation of the causes and economic consequences of working capital management based on vendor relationships. We find that： （1） working capital management based on vendor relationships has a more significant ＂timely help＂ effect on weak companies, which was proved by the inclination of companies with lower market positions, higher industrial competition and private ownerships to adopt working capital management based on vendor relationships; （2） in perspective of economic consequences, while China＇s listed companies benefit generally from working capital management based on vendor relationships, the weak enterprises are the biggest beneficiaries. Based on vendor relationships, the weak enterprises can relieve financing constraints as well as improve continuous growth capacity. It provides further evidence that suppliers could provide ＂timely help＂ to weak enterprises. In general, the results of this study find that the competition between supply chains replaces the competition among enterprises and suppliers are more willing to provide ＂timely help＂ to weak enterprises rather than to exert an ＂icing on the cake＂ effect on strong enterprises. In addition, the working capital management based on vendor relationships facilitates the cooperation of enterprises and suppliers and improves the overall efficiency of the supply chain.