供应链关系对企业债务融资的影响——产权性质和市场地位的调节效应

本文以2009-2018年全部A股上市公司为样本,通过构建固定效应模型展开实证研究。结果发现:供应链整体集中度越高,企业银行借款、总负债类融资均越多;而单一的客户或供应商集中度对总负债类融资影响不显著,暴露出企业仅通过改善与客户或供应商的单向供应链关系进行债务融资的局限性;民营企业、市场地位低的企业,供应链整体集中度对银行借款、总负债类融资的影响更明显;企业通过同时发展与客户、供应商的双向供应链关系,保持合适的客户/供应商集中度能够提升其债务融资能力。本研究结论为企业面临融资约束难题提供了新的解释,为民营企业和低市场地位企业加强供应链关系管理提供了理论依据。

Taking all the A-share listed companies from 2009 to 2018 as a sample,an empirical study on the establishment of a fixed-effect model shows that,the higher the overall concentration of the supply chain,the more corporate bank borrowing and total debt financing;and the concentration of a single customer or supplier has no significant effect on the scale of total liabilities,exposing the limitation of companies in debt financing only by improving the one-way supply chain relationship with customers or suppliers;the impact of the overall concentration of the supply chain on bank loans and total debt financing is more obvious in private enterprises and enterprises with low market status;enterprises can enhance their debt financing ability by simultaneously developing two-way supply chain relationships with customers and suppliers and maintaining appropriate customer/supplier concentration.The conclusion of the study provides new explanations for companies facing financing constraints,and provides a theoretical basis for private companies and low-market-status companies to strengthen supply chain relationship management.