同舟“共济”还是同舟“共挤”:供应链关系与成本行为

Friend or Foe in the Same Boat:Supply Chain Relations and Cost Behavior

供应链关系既能发挥“协同效应”,也能发挥“侵占效应”,是影响企业成本管理决策的“双刃剑”。以2009—2020年沪深A股制造业上市公司为样本,探究供应链集中度与企业成本粘性之间的关系。实证结果发现,在供应链集中的三方关系下,制造商与供应商、客户之间更多地表现为“共济”效应,供应链集中能够通过信息机制和治理机制来抑制成本粘性。进一步研究表明,当外部宏观经济政策不确定性较低、区域发展环境较差时,供应链集中度表现出对成本粘性更强的抑制作用;此外企业财务柔性的增加也有益于促进供应链集中度对成本粘性的抑制效应;当企业为非国有企业时,供应链集中度对成本粘性的抑制效应更显著。研究结论肯定了供应链集中度发挥“共济”效应来降低成本粘性的积极作用,并进一步探讨了供应链集中度发挥“共济”作用的内外部条件,有助于企业发挥供应链关系的积极影响。

The supply chain relationship can play a“synergistic effect”as well as an“encroachment effect”,which is a“double-edged sword”that affects the cost management decision-making.We use the Shanghai and Shenzhen A-share manufacturing listed companies from 2009 to 2020 as a sample to explore the relationship between supply chain concentration and corporate cost stickiness.The empirical results found that under the tripartite relationship of supply chain concentration,manufacturers,suppliers,and customers are more of a“mutual aid”effect.Supply chain concentration can suppress cost stickiness through information mechanisms and governance mechanisms.Further research shows that when the external macroeconomic policy uncertainty is low and the regional development environment is poor,the supply chain concentration shows a stronger inhibitory effect on cost stickiness;In addition,the increase of enterprise financial flexibility is also beneficial to promote the inhibitory effect of supply chain concentration on cost stickiness;When the enterprise is a non-state-owned enterprise,the inhibition effect is more significant.The research conclusion of this paper affirms the positive role of supply chain concentration in reducing cost stickiness,and further discusses the internal and external conditions for supply chain concentration to play the role of“synergy”,which is helpful for enterprises to give full play to the positive impact of supply chain relationship.