政府背景客户、业绩增长与盈利质量——基于供应链视角

Government-background Customer,Performance Growth and Earnings Quality:Based on Supply Chain

在政府降补贴、重质量的供给侧结构性改革大背景下,以政府采购为代表的政府干预手段如何影响微观经济值得关注。本文利用2007-2015年A股上市公司的客户订单数据,首次从供应链的角度考察了政府背景客户采购对企业业绩增长与盈利质量的影响。实证结果表明,政府背景客户采购能显著提升企业未来业绩增长速度,且对民营企业和竞争性行业企业的影响更大;来自中央层级及稳定持续的采购能更有效地促进企业的业绩增长;政府背景客户采购不仅提升了企业的盈利水平,还提升了企业的盈利质量。本文还发现相对于政府补助,政府背景客户采购是更好的促进企业成长的方法。本文的研究发现有助于理解企业客户结构通过何种机制促进其经营业绩,有利于使政府调节微观经济活动之手更为精准。

Along with the expansion of government procurement and the reduction of government subsidies,the importance of government-backgrourd customer to the capital market is increasing.Based on the 20072015 customer data of listed firms,this paper studies the impact of government-background customer on corporate performance in China from the perspective of supply chain for the first time.The results indicate that the presence of govern-ment-backg round customer helps to increase the corporate perfor mance significantly.Moreo-ver,the relationship is more evident when the customer is consistent and co mes from the central level government.In addition.private firms and competitive industry enterprises enjoy more promotions with the help of government background customers.Finally,the paper also shows that the existence of government-background customer can effectively improve earnings quality as well,so that to make sure the increase of corporate performance.