企业财务困境与供应商稳定性的关系

A Study on the Relationship between Financial Dilemma of Enterprises and Supplier Stability

产业链供应链安全是国家安全的重要组成部分,如何维护供应链稳定发展历来备受关注。以不同产权性质和不同危机来源为标准,将陷入财务困境的上市公司分为四类,然后根据类别,选取4家上市公司作为样本代表,探究企业财务困境与供应商稳定性的关系。研究发现,企业陷入财务困境后,供应商的稳定性通常会下降。当危机来源相同时,国有控股企业的供应商稳定性低于民营企业;当产权性质相同时,来源于整个行业的危机对企业供应商稳定性的影响高于来源于自身经营危机的影响。进一步研究发现,与困境企业有着共同投资项目、合作时间较长、存在关联关系的供应商,继续保持合作的倾向较高。在企业度过财务困境后,供应商稳定性受企业发展战略是否变动、经营区域布局是否变动、是否有共患难经历三个因素的影响较大。鉴于企业陷入财务困境是导致供应商不稳定的重要因素,必须谨防企业大面积陷入财务困境引发的供应链中断风险,加强供应链企业间的合作;危机过后企业经营稳定性能够强化供应链稳定性,因此危机过后不宜对企业的发展战略和经营区域布局进行大调整。

The security of industrial chain and supply chain are the important components of national security,and how to maintain the stable development of the supply chain has always been a major issue of concern.The authors divide listed companies in financial distress into four categories based on different property rights and different sources of crisis.Then,according to the categories,four listed companies are selected as representatives of these four types of samples to explore the relationship between corporate financial distress and supplier stability.It is found that,after being in the situation of financial distress,the stability of suppliers are usually decreasing.When the source of crisis is the same,the supplier stability of stateowned enterprises is lower than that of private enterprises;and when the nature of property rights is the same,crisis enterprises originating from the entire industry have higher supplier stability than individual enterprises originating from their own business crises.Further research has found that suppliers with joint investment projects,long-term cooperation,and related relationships with distressed enterprises tend to maintain a higher tendency to cooperate.After a company has overcome financial difficulties,the stability of suppliers is greatly influenced by three factors:whether the company's development strategy has changed,whether the business regional layout has changed,and whether there have been shared experiences during crises.Because financial distress is the important factor that will lead to supplier instability,so it is necessary to be cautious of supply chain interruption risks caused by large-scale financial difficulties for enterprises and strengthen cooperation among supply chain enterprises;and after a crisis,the stability of enterprise operations can strengthen the stability of the supply chain,so,it is not recommended to immediately make major changes to the enterprise's business strategy and industrial layout after the crisis.