财务柔性、供应链关系与企业价值——基于新常态背景的实证检验

Financial Flexibility,Supply Chain Relationship and Enterprise Value——Empirical Test Based on New Normal Background

结合2007-2014年中国经济新常态周期,从供应链关系视角探索了上市制造业企业财务柔性影响公司价值的微观逻辑、制约因素以及修正机制。实证显示:财务柔性有助于提升企业价值;稳健的供应链关系会为强化财务柔性的价值提升效应,而过度集中的供应链关系则会强化买方强势以及买方对供应商财务柔性的侵占,从而降低财务柔性的价值补偿功能;企业竞争力的提升有助于弱化高集中度下的侵占效应,降低因客户过度集中而漏损的财务柔性价值。本研究首次将财务柔性与企业价值互动关系研究拓展至供应链关系领域,并进一步从市场竞争力视角证明了竞争力提升能修正因供应链关系扭曲而损耗的财务柔性价值,丰富了财务柔性研究的实证边界。

Based on the data of China A-share manufacturing listed companies from 2007to2014,from the perspective of supply chain relationship,this paper investigates the micro logic,the restrictive factors and the revision mechanism of the ways the financial flexibility influences the enterprise value.The research shows that the financial flexibility can bring the value effect.Stable supply chain relationships will enhance the value effect of financial flexibility,while the over-concentration of the supply chain relationship will strengthen the buyer's power and exacerbate the buyer's encroachment on suppliers,thereby reducing the value of compensation for financial flexibility.The improvement of enterprise competitiveness will help to weaken the encroachment effect under high concentration and reduce the financial flexibility value due to the excessive concentration of customers.For the first time,this study extends the research of the interaction between financial flexibility and enterprise value into the field of supply chain relationship,and further proves that competitive enhancements can correct the use of financial flexibility value due to distorted supply chain relationships,and enriches the empirical boundary of financial flexible research.