上下游企业议价能力、产品独特性与企业商业信用——来自中国制造业上市公司的经验证据

Bargaining Power of Suppliers and Buyers, Product Distinctiveness and Trade Credit: Empirical Evidence from Chinese Listed Companies in Manufacturing Industry

本文采用2009~2015年中国A股制造业上市公司非平衡面板数据,实证检验了上下游企业议价能力、产品独特性对企业商业信用的影响,以及上下游企业议价能力和企业商业信用之间的关系如何受产品独特性的影响。研究发现:(1)客户和供应商议价能力越强,企业提供的商业信用越多且获取的商业信用越少。(2)产品独特性越强,企业提供且获取的商业信用越多。(3)产品独特性对客户议价能力与企业提供的商业信用之间的关系具有正向调节作用,对供应商议价能力与企业获取的商业信用之间的关系具有负向调节作用。

Based upon the unbalanced panel data of Chinese listed companies in manufacturing industry from 2009 to 2015, this paper investigates the impact of bargaining power of upstream and downstream firms and product distinctiveness on the trade credit, and how the product distinctiveness affects the relationship between bargaining power of upstream and downstream firms and trade credit. The empirical results indicate that： （ 1 ） the stronger the bargaining power owned by the customers and suppliers is, the more trade credit is provided and the less trade credit is obtained by the finns. （2） the more distinctive the product is, the more trade credit is provided and obtained by the finlls. （3） as the product distinctiveness intensifies, the relationship between customers＇ bargaining power and the provision of trade credit will be strengthened, while the relationship between suppliers＇ bargaining power and the obtained trade credit will be weakened.