“亲上加亲”的供应商关系能提升公司业绩吗?

Will Affiliated Suppliers Improve the Company’s Performance?

基于供应商集中度、关联交易和股东关系理论,提出关联供应商概念,从商业关系和股权关系视角分析紧密的供应商关系对公司业绩的影响。以2016-2017年制造业上市公司为样本的实证研究发现,关联供应商将削弱公司绩效,紧密的供应商关系并没有提升公司业绩。而且,关联供应商影响力越大,对公司业绩负面影响越明显。进一步研究发现,股权集中度影响关联供应商对公司业绩的侵蚀效应。当股权集中度较低时,关联供应商会侵蚀公司业绩;股权集中度升高至绝对控制时,关联供应商将提升公司业绩。

Based on the theory of supplier concentration, the related party transactions and the shareholder relationship, this paper proposes the concept of affiliated suppliers, and analyzes the impact of close supplier relationships on the performance of listed companies from the perspective of the business relationship and the stock equity relationship. Taking the listed manufacturing companies in 2016 and 2017 as empirical samples, it is found that the existence of affiliated suppliers will reduce the company’s performance. The greater the influence of affiliated suppliers, the more obvious the negative effect on the performance of listed companies. Further research finds that the ownership concentration will influence the cannibalization effect of affiliated suppliers. When the ownership concentration is lower, the affiliated suppliers will erode the company’s performance;on the contrary, the affiliated suppliers will improve the company’s performance.