上下游关系强度对供应商资本结构影响的研究——来自中国制造业上市公司的证据

How the Buyer-supplier Relationships Affect the Capital Structure of Suppliers?——Evidence From Chinese Listed Manufacturing Companies

本文将产业组织理论和企业资本结构选择相结合,使用固定效应模型对2002—2011年沪、深主板制造业上市公司的相关财务数据进行回归分析,探讨了客户集中度与供应商企业资本结构之间的关系。我们的实证研究表明,在中国市场上,供应商的客户集中度越高,其相应的债务比率就越小。本文利用资产专用性指标和产品市场竞争指标检验上述现象背后的原因,发现对于中国供应商企业而言,其资本结构安排更多的是出于资本结构的预防效应而非战略承诺效应,这一结论与此前的国外相关研究结论形成明显对照。造成上述结论差异的原因可以从现金持有在中外企业发挥作用的不同来探寻,由于现金持有的风险管理作用在中国体现得并不突出,因此企业的预防动机便需要通过调整负债来实现。本文的结论对我国供应商的资本结构安排和监管当局相关政策的制定有着重要的意义和启示。

This paper combines the theory of industrial organization with the determination of corporate capital structure to investigate how the buyer-supplier relationships affect the capital structure of Chinese suppliers.To explore the precise mechanism of the above process,we analyze the panel data of listed manufacturing companies in Shanghai and Shenzhen securities markets from 2002 to 2011,using the fixed effect regression.The empirical results show a negative relationship between suppliers’debt ratio and their customer concentration in Chinese market.Meanwhile,this paper test two motives of maintaining lower leverage,finding that the precaution motive plays a more important role in China.