独立董事治理、供应链关系与股权资本成本
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摘要
本文以2009~2016年我国A股制造业上市公司为研究样本,检验了供应链关系对企业股权资本成本的影响。在此基础上,利用社会网络分析方法进一步考察了独立董事通过董事网络发挥的治理作用对供应链关系与股权资本成本之间关系的影响。研究结果表明:供应链集中度越高,企业的股权资本成本越高,二者显著正相关;进一步研究发现这种关系在独立董事网络位置较差时更加显著。说明网络位置较好的独立董事可以帮助企业获得更多的社会资本,缓解外部资源依赖,发挥更有效的治理效应,从而抑制供应链集中度过高对股权资本成本带来的不利影响。研究结论丰富了供应链关系对股权资本成本的作用机理,并为企业缓解过度依赖供应链关系交易所产生的不利影响提供新的解决思路。
Based on the data of A-share Listed manufacturing companies in China from 2009 to 2016,this paper empirically tests the impact of the supply chain relationship on the cost of the equity capital. On this basis,the governance role of independent directors' network position on the relationship between the supply chain relationship and the equity capital cost is further investigated through the social network analysis method. The results show that the supply chain concentration is positively related to the cost of the equity capital,but this relationship is more significant when the independent director's network position is poor. It shows that independent directors with better network location can help enterprises get more social capital,alleviate resource dependence and exert governance effects,thus inhibiting the adverse effects of high concentration of supply chain on the equity capital cost. The conclusions of this study enrich the mechanism of the supply chain relationship on the cost of the equity capital,and provide new solutions for enterprises to mitigate the operational risks arising from excessive reliance on the supply chain relationship.
Based on the data of A-share Listed manufacturing companies in China from 2009 to 2016,this paper empirically tests the impact of the supply chain relationship on the cost of the equity capital. On this basis,the governance role of independent directors' network position on the relationship between the supply chain relationship and the equity capital cost is further investigated through the social network analysis method. The results show that the supply chain concentration is positively related to the cost of the equity capital,but this relationship is more significant when the independent director's network position is poor. It shows that independent directors with better network location can help enterprises get more social capital,alleviate resource dependence and exert governance effects,thus inhibiting the adverse effects of high concentration of supply chain on the equity capital cost. The conclusions of this study enrich the mechanism of the supply chain relationship on the cost of the equity capital,and provide new solutions for enterprises to mitigate the operational risks arising from excessive reliance on the supply chain relationship.
引文
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[28]万良勇,郑小玲.董事网络的结构洞特征与公司并购[J].会计研究,2014,(5):67-72.
[29]王营,曹廷求.董事网络增进企业债务融资的作用机理研究[J].金融研究,2014,(7):189-206.
[30]陈运森,谢德仁.网络位置、独立董事治理与投资效率[J].管理世界,2011,(7):113-127.
[31]万良勇,邓路,郑小玲.网络位置、独立董事治理与公司违规——基于部分可观测Bivariate Probit模型[J].系统工程理论与实践,2014,(12):3091-3102.
[32]严若森,华小丽.环境不确定性、连锁董事网络位置与企业创新投入[J].管理学报,2017,(3):373-381.
[33]彭正银,廖天野.连锁董事治理效应的实证分析——基于内在机理视角的探讨[J].南开管理评论,2008,(1):99-105.
[34]傅代国,夏常源.网络位置、独立董事治理与盈余质量[J].审计与经济研究,2014,(2):67-75.
[35]陈运森.独立董事网络中心度与公司信息披露质量[J].审计研究,2012,(5):92-100.
[36]Easton P.D.PE Ratios,PEG Ratios,and Estimating the Implied Expected Rate of Return on Equity Capital[J].Accounting Review,2004,79(1):73-95.
[37]Burt R.S.Structure Holes:The Social Structure of Competition[M].Orlando:Academic Press,1992.
[2]Modigliani F.,Miller M.The Cost of Capital,Corporation Finance,and the Theory of Investment[J].American Economic Review,1958,48(3):261-297.
[3]马士华,林勇,陈志祥.供应链管理[M].北京:机械工业出版社,2000.
[4]Freeman L.C.Centrality in Social Networks[J].Social Networks,1979,(1):215-239.
[5]Porter M.E.How Competitive Forces Shape Strategy[J].Havrard Business Review,1979,(57):137-145.
[6]Hertzel M.G.,Officer M.S.,Rodgers K.J.Inter-firm Linkages and the Wealth Effect of Financial Distress along the Supply Chain[J].Journal of Financial Economics,2008,87(2):374-387.
[7]陈峻,王雄元,彭旋.环境不确定性、客户集中度与权益资本成本[J].会计研究,2015,(11):76-82.
[8]周冬华,王晶.客户集中度、产品市场竞争与股权融资成本[J].山西财经大学学报,2017,(7):44-58.
[9]Granovetter M.S.The Strength of Weak Ties[J].Social Networks,1973,78(6):1360-1380.
[10]陈运森.独立董事的网络特征与公司代理成本[J].经济管理,2012,(10):67-76.
[11]Titman S.The Effect of Capital Structure on a Firm's Liquidation Decision[J].Journal of Financial Economics,1984,13(1):137-151.
[12]李艳平.企业地位、供应链关系型交易与商业信用融资[J].财经论丛,2017,(4):47-54.
[13]Dowlatshahi S.Bargaining Power in Buyer-supplier Relationships[J].Production&Inventory Management Journal,1999,40(1):27-35.
[14]唐跃军.供应商、经销商议价能力与公司业绩——来自2005-2007年中国制造业上市公司的经验证据[J].中国工业经济,2009,(10):67-76.
[15]林钟高,林夜.市场化进程、客户集中度与IPO公司业绩表现——基于创业板公司上市前后主要客户变动的视角[J].证券市场导报,2016,(9):13-20.
[16]郑军,林钟高,彭琳.地区市场化进程、相对谈判能力与商业信用——来自中国制造业上市公司的经验证据[J].财经论丛,2013,(5):81-87.
[17]Dhaliwal D.,Judd J.S.,Serfling M.,Shaikh S.Customer Concentration Risk and the Cost of Equity Capital[J].Journal of Accounting and Economics,2016,61(1):23-48.
[18]Irvine P.J.,Park S.S.,Yildizhan C.Customer-base Concentration,Profitability and the Relationship Life Cycle[J].Accounting Review,2015,91(3):883-906.
[19]Titman S.,Wessels R.The Determinants of Capital Structure Choice[J].Journal of Finance,1988,(43):1-19.
[20]Schumacher U.Buyer Structure and Seller Performance in U.S.Manufacturing Industries[J].Review of Economics&Statistics,1991,73(2):277-284.
[21]Kale J.R.,Shahrur H.Corporate Capital Structure and the Characteristics of Suppliers and Customers[J].Journal of Financial Economics,2007,83(2):321-365.
[22]Merton R.C.A Simple Model of Capital Market Equilibrium with Incomplete Information[J].Journal of Finance,1987,42(3):483-510.
[23]谢德仁,陈运森.董事网络:定义、特征和计量[J].会计研究,2012,(3):44-51.
[24]陈运森.独立董事的网络特征与公司代理成本[J].经济管理,2012,(10):67-76.
[25]Pfeffer J.,Salancik G.R.The External Control of Organizations:A Resource Dependence Perspective[M].New York:Harper&Row,1978.
[26]Alchian A.,Demsetz H.Production,Information Costs,and Economic Organization[J].IEEE Engineering Management Review,2007,3(2):21-41.
[27]陈运森.社会网络与企业效率:基于结构洞位置的证据[J].会计研究,2015,(1):48-55.
[28]万良勇,郑小玲.董事网络的结构洞特征与公司并购[J].会计研究,2014,(5):67-72.
[29]王营,曹廷求.董事网络增进企业债务融资的作用机理研究[J].金融研究,2014,(7):189-206.
[30]陈运森,谢德仁.网络位置、独立董事治理与投资效率[J].管理世界,2011,(7):113-127.
[31]万良勇,邓路,郑小玲.网络位置、独立董事治理与公司违规——基于部分可观测Bivariate Probit模型[J].系统工程理论与实践,2014,(12):3091-3102.
[32]严若森,华小丽.环境不确定性、连锁董事网络位置与企业创新投入[J].管理学报,2017,(3):373-381.
[33]彭正银,廖天野.连锁董事治理效应的实证分析——基于内在机理视角的探讨[J].南开管理评论,2008,(1):99-105.
[34]傅代国,夏常源.网络位置、独立董事治理与盈余质量[J].审计与经济研究,2014,(2):67-75.
[35]陈运森.独立董事网络中心度与公司信息披露质量[J].审计研究,2012,(5):92-100.
[36]Easton P.D.PE Ratios,PEG Ratios,and Estimating the Implied Expected Rate of Return on Equity Capital[J].Accounting Review,2004,79(1):73-95.
[37]Burt R.S.Structure Holes:The Social Structure of Competition[M].Orlando:Academic Press,1992.