不同集中度下供应商稳定性对公司债务融资成本的影响

The Impact of Supplier Stability on Corporate Debt Financing Costs under the Background of Different Concentration

近年来,上市公司供应商断供事件频发,对公司的经营管理产生了不可忽视的负面影响,引起了社会各界的广泛关注。基于此,从外部利益相关者债权人的视角,收集整理2008—2021年沪深A股804家上市公司2825个年度供应商稳定性数据,实证检验供应商稳定性对公司债务融资成本的影响及其机制。研究发现,供应商稳定性能够显著降低公司的债务融资成本,表明外部债权人更看好供应商关系稳定的公司。调节机制分析表明,较高的供应商集中度会削弱供应商稳定性对债务融资成本的降低效应。在采用替换变量、更换回归模型、赫克曼两步法、倾向得分匹配法进行稳健性检验后,以上结论仍然成立。从作用机制上看,供应商稳定性通过提升供应链效率降低债务融资成本。异质性分析发现,在大规模公司、行业市场竞争程度较强及地区市场化程度较高的公司样本中,供应商稳定性对债务融资成本的降低效应更显著。为更有效降低公司债务融资成本,公司应重视供应商的管理和维护,保持稳定的供应商关系,提高供应链效率;为充分发挥供应商稳定性对公司债务融资成本的降低效应,应将供应商集中度控制在合理水平;应实施差异化供应商管理策略,大规模公司、行业市场竞争较强及地区市场化程度较高的公司要高度重视供应商稳定性的促进作用,着力完善供应商关系管理,促使公司确定更合理的供应商稳定性水平。

In recent years,the frequent occurrence of supply disruption of listed companies has had a non-negligible negative impact on the company's operation and management,attracting widespread attention from all sectors of society.Based on this,the authors manually collect and organize the supplier stability data of Shanghai and Shenzhen A-share listed companies from the perspective of external stakeholders and creditors from 2008 to 2021,and empirically examine the impact of supplier stability on the corporate debt financing cost and its mechanism.It is found that supplier stability can significantly reduce corporate debt financing costs,indicating that external creditors are more optimistic about companies with stable supplier relationships.The moderating mechanism suggests that higher supplier concentration weakens the lowering effect of supplier stability on the cost of debt financing.The above conclusions still hold after the robustness test using replacement variables,the replacement regression model,the Heckman two-step method,and the propensity score matching method.In terms of the mechanism of action,supplier stability can reduce the cost of debt financing by improving supply chain efficiency.Heterogeneity analysis reveals that the reduction effect of supplier stability on the cost of debt financing is more significant for the sample of large-scale firms,firms with a higher degree of industry competition,and firms with a higher degree of regional marketization.Therefore,to better reduce the cost of corporate debt financing,first,enterprises should pay attention to the management and maintenance of suppliers,maintain stable supplier relationships,and improve the efficiency of the supply chain;second,to give full play to the role of supplier stability in reducing the company's debt financing costs,supplier concentration should be controlled at a reasonable level;third,differentiated supplier management strategies should be implemented;and fourth,large�scale companies,companies in industry with stronger competition and in regions with higher degree of regional marketization should attach great importance to the promotion of supplier stability and make efforts to improve supplier relationship management to prompt enterprises to adopt a more reasonable level of supplier stability.