信息摩擦与供应商分布决策——来自中国企业IPO的经验证据

Information friction andthe decision of supplier distribution:evidence from China’s IPO market

利用中国首次公开发行股票(IPO)的场景,实证检验了IPO降低信息摩擦对企业供应商分布距离的影响。研究发现:企业IPO完成后,供应商的平均距离显著增加,分布范围明显扩大;影响机制分析表明,与融资渠道相比,降低信息摩擦是IPO影响企业供应商分布距离的主要渠道,具体体现为,具有类似融资效果和较少增量信息的股票增发对企业供应商分布距离的影响相较IPO较小,具有更高声誉承销商的IPO,对企业供应商分布距离的影响更大;进一步的异质性分析结果表明,面临更高市场竞争压力、IPO相对规模较小以及具有更高契约密集性行业特征的企业,IPO对供应商分布距离的影响更大;经济后果检验发现,IPO通过增加企业供应商的分布距离降低了经营成本和显性交易成本,并获得了更多的商业信用融资,表明企业的供应商布局得到了优化,资源配置得到了改善。

Information cost plays a significant role in firms’selection of suppliers.Information friction reductionhelps firms to cut supplier cost.It enables firms to choose from more suppliers,thus raising firms’motivation and capability to adjust their supplier distributions.Using a Chinese IPO setting,this paper empirically examines how IPOs affect corporate supplier distribution distance by alleviating information frictions.The study finds that:the average distance significantly increases after the completion of a firm’s IPO;an analysis of the impact mechanism indicates that reducing information frictions is the primary channel through which IPO affects a firm’s supplier distribution distance compared to the financing channel;the heterogeneity analysis results indicate that the effect of IPO is more pronounced for firms facing higher competitive market pressures,operating in manufacturing industries characterized by longer production cycles and higher inventory pressures,and with lower supplier concentrations.The economic consequence test finds that IPO reduces operating costs and explicit transaction costs by increasing the distribution distance of suppliers and obtaining more trade credit financing.This indicates an optimized supplier distribution and an improved resource allocation.Ourfindings prove the importance of information in economics.Theoretically,this paper discusses the economic results of mitigating information frictions from the perspective of supplier distribution.Practically,it provides new ideas for boosting efficient economic development and putting into effect the new development philosophy.