供应商集中度与企业外部融资约束

Supplier Concentration and External Financing Constraints

缓解企业外部融资约束成为学术界关注的重点,但有关供应商集中度对融资约束的影响尚未引起足够重视。以2007-2016年沪深主板A股上市公司为研究样本,考察了供应商集中度对企业外部融资约束的影响。研究发现:(1)供应商集中度能够降低企业的外部融资约束。(2)途径检验表明,一方面供应商集中度能够便利企业获取银行贷款,起到减少企业外部融资约束的作用;另一方面供应商集中度能够减少企业从供应商处获取的商业信用,起到增加企业外部融资约束的作用,但前者作用强于后者,因而总体上供应商集中度能够有效减少企业的外部融资约束。(3)在民营企业以及信息不对称较严重的企业中,供应商集中度缓解企业外部融资约束的作用更强。

Mitigating the external financing constraints of enterprises has become the focus of academic attention,but the impact of supplier concentration on financing constraints has not yet attracted enough attention.Using a sample of A-share listed companies on Shanghai and Shenzhen motherboard from 2007 to 2016,this paper examines the impact of supplier concentration on external financing constraints.The results show that:(1)supplier concentration can reduce the external financing constraints of enterprises.(2)Path test shows that,on the one hand,supplier concentration can facilitate enterprises to obtain bank loans and play a role in reducing external financing constraints,On the other hand,supplier concentration can reduce the business credit that enterprises obtain from suppliers and increase the external financing constraints of enterprises,but the former is stronger than the latter,so in general,supplier concentration can effectively reduce the external financing constraints of enterprises.(3)In private enterprises and enterprises with serious information asymmetry,supplier concentration plays a stronger role in alleviating external financing constraints.