摘要
基于协同演化理论,从供应链上下游关系角度系统考察客户稳定度和供应商稳定度对企业股价崩盘风险的影响机理。研究表明:客户稳定度和供应商稳定度对企业股价崩盘风险的作用呈非线性特征,具体表现为客户稳定度与企业股价崩盘风险呈现U型关系,而供应商稳定度与企业股价崩盘风险呈现倒U型关系;供应商和客户稳定度对企业商业信用的非对称性作用是其影响企业股价崩盘风险的重要传导因素。此外,相比非制造业企业,制造业企业客户稳定度对股价风险的作用效果更明显,股价崩盘风险累积程度更小。研究结论证实了由于客户和供应商在供应链条上的角色差异而导致客户稳定度和供应商稳定度对企业股价崩盘风险存在明显的不对称影响,也从供应链多主体视角有针对性地为构建股价崩盘风险预警与防范机制提供了参考。
Based on the co-evolution theory,the influence mechanism of customer stability and supplier stability on stock price crash risk is systematically investigated from the upstream and downstream angle.The research reveals that:The effect of customer stability and supplier stability on crash risk is nonlinear,which is specifically manifested in the U-shaped correlation of customer stability and inverted U-shaped correlation of supplier stability;The momentous transmission element of supply chain stability affecting crash risk is the asymmetric effect of supplier and customer stability on business credit;Compared with non-manufacturing enterprises,the influence of customer stability of manufacturing enterprises is more conspicuous,and the accumulation degree of crash risk is smaller.The conclusion confirms that due to the different roles of customers and suppliers in the supply chain,it leads to significant asymmetric impact of customer stability and supplier stability on the risk of stock price collapse,and furnishes a reference for the construction of crash risk warning and prevention mechanism from the point of multi-agent of supply chain.
作者
王垒
张晓昕
于文成
WANG Lei;ZHANG Xiaoxin;YU Wencheng(School of Economics,Ocean University of China,Qingdao Shandong 266100,China;Institute of Marine Development of Ocean University of China,Qingdao Shandong 266100,China;School of Economics and Management,Qingdao Agricultural University,Qingdao Shandong 266109,China)
出处
《安徽师范大学学报(社会科学版)》
2023年第3期97-113,共17页
Journal of Anhui Normal University(Hum.&Soc.Sci.)
基金
国家社会科学基金(18CGL009)
山东省自然科学基金(ZR2019QG005,ZR2020QG019)
山东省高等学校青创科技支持计划(2021RW027)。
关键词
股价崩盘风险
客户稳定度
供应商稳定度
商业信用
stock price crash risk
customer stability
supplier stability
commercial credit