供应商集中度与商业信用——来自中国制造业上市公司的经验证据

Supplier Concentration and Trade Credit:Evidence from Chinese Listed Manufacturing Firms

利用中国上市公司对于主要供应商信息披露的独特数据,本文考察了供应商集中度对于企业商业信用使用的影响。本文的研究结果表明,供应商集中度越高,企业获得的商业信用越少;进一步的研究发现,在国有企业、行业竞争地位比较低的企业以及与主要供应商地理位置相似度较高的企业,上述两者之间的负相关关系有所增强。本文不仅弥补了国内外关于供应商集中度经济后果研究的不足,而且针对供应商集中度与企业商业信用使用之间关系的两种不同观点的适用性提供了直接的经验证据。这不仅为了解供应商集中度的提高对于企业营运资金管理决策的影响提供了一定的经验依据与参考,而且对于推动我国企业供应链整合,深化供应链金融改革,进而提升我国全球竞争力具有重要的现实启示意义。

Using the unique data from disclosed information on names and percentage of purchases from top five suppliers by Chinese listed firms,this paper examines the effect of supplier concentration on firms trade credit.The results show that,when supplier concentration is high,trade credit obtained by customer firms is low.Further evidence shows that,in SOEs,firms with low competitiveness within industries,and when the geographic proximity between customer firms and their major suppliers is low,the negative relation between supplier concentration and firms trade credit is more pronounced.This paper not only supplements the research on the economic consequences of supplier concentration,but also provides direct empirical evidence for the applicability of two contrary arguments on the relationship between supplier concentration and trade credit.This not only provides evidence for understanding the influence of supplier concentration on trade credit and other business decisions,but also has important practical significance for promoting the integration of supply chain and supply chain finance business,thus enhancing the global competitiveness of Chinese economy.