关系资产投资对融资结构影响的实证研究——基于中国创业板上市公司的数据验证
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摘要
从产业组织视角,在企业异质性前提下,考察影响企业产品市场长期竞争优势的内生性关系资产投资对融资结构的影响,并以2009—2015年的创业板上市公司样本数据作为研究对象,采用实证研究方法对两者关系进行检验,结果显示企业供应商关系投资和经销商关系投资均会对融资结构产生负向影响,且经销商关系投资对融资结构的负向影响程度大于供应商关系投资对融资结构的负向影响。关系资产是创业板上市公司持续竞争优势的关键,关系资产投资应成为创业板上市公司创造竞争优势的手段和途径。
From the perspective of industrial organization,by using the empirical research method,the authors investigate the relationship between relational assets investment and financing structure with the panel data since 2009 to 2013 of listed companies in China's Growth Enterprise Market(GEM). It is found that supplier relationship investment and dealer relationship investment both have significant negative impacts on financing structure,and the negative impact from dealer relationship investment is greater than that of supplier relationship investment. Relational asset is the key for companies listed in China's GEM to have the sustainable competitive advantage;and relational asset investment should become the important measures and ways for companies listed in China's GEM to create competitive advantages.
From the perspective of industrial organization,by using the empirical research method,the authors investigate the relationship between relational assets investment and financing structure with the panel data since 2009 to 2013 of listed companies in China's Growth Enterprise Market(GEM). It is found that supplier relationship investment and dealer relationship investment both have significant negative impacts on financing structure,and the negative impact from dealer relationship investment is greater than that of supplier relationship investment. Relational asset is the key for companies listed in China's GEM to have the sustainable competitive advantage;and relational asset investment should become the important measures and ways for companies listed in China's GEM to create competitive advantages.
引文
[1]BRANDER J A,LEWIS T R.Oligopoly and financial structure:the limited liability effect[J].American economic review,1986(5):956-970.
[2]GUNEY Y,LI L,FAIRCHILD R.The relationship between product market competition and capital structure in Chinese listed firms[J].International review of financial analysis,2011(1):41-51.
[3]DEGRYSE H,GOEIJ P E,KAPPERT P.The impact of firm and industry characteristics on small firms’capital structure[J].Small business economics,2012(4):431-447.
[4]钟田丽,胡彦斌.企业技术创新能力与融资结构:理论与实证--来自中国创业板面板数据[J].工业工程与管理,2013(6):106-114.
[5]DYER J H.Specialized supplier networks as a source of competitive advantage:evidence from the auto industry[J].Strategic management journal,1996(4):271-292.
[6]KONG X.Why are social network transactions important?evidence based on the concentration of key suppliers and customers in China[J].China journal of accounting research,2011(3):121-133.
[7]相子国.知识资产会计研究[M].北京:科学出版社,2012:59.
[8]BONTIS N.Intellectual capital:an exploratory study that develops measures and models[J].Management decision,1998(2):63-76.
[9]宋华.企业战略联盟中关系性租金的形成[J].中国经济问题,2003(3):13-19.
[10]吴淼.关系资产与企业收益创造--兼论不同社会形态下的企业收益变化[J].中南财经政法大学学报,2002(2):103-107.
[11]赵永刚,牟焉.系统框架下的顾客关系资产管理[J].预测,2007(4):49-53.
[12]WILLIAMSON O E.The economic institutions of capitalism[M].New York:Free Press,1985:19-22.
[13]林钟高,郑军,彭琳.关系专用性投资、制度环境和盈余管理[J].北京工商大学学报(社会科学版),2014(1):13-21.
[14]王少飞,周国良,何小杨,等.关系型投资与审计行为[J].财经研究,2010(5):16-26.
[15]吴淼.关系资产与企业收益创造[J].中南财经政法大学学报,2002(2):103-107.
[16]ALLEN J W,PHILLIPSG M.Corporate equity esand product market relation-,,ships[J].Journal of finance,2000(6):2791-2815.
[17]FEE C E,CHARLES J,SHAWN T.Corporate equity ownership and the governance of product market relationships[J].The Journal of Finance,2006(3):1217-1252.
[18]WANG G C,LI S L,WANG X,LU C Y,LV C.Relationship-specific investment,guanxi behavior,and salesperson-owned customer loyalty transfer[J].Social behavior and personality,2014(7):1147-1166.
[19]KWON Y.Relationship-specific investment,social capital,and performance:the case of Korean exporter/foreign buyer relations[J].Asia pacific journal of management,2011(4):761-773.
[20]TITMAN S.The effect of capital structure on a firm’s liquidation decision[J].Journal of financial economics,1984(1):137-151.
[21]MAKSIMOVIC V,TITMAN S.Financial policy and reputation for product quality[J].Review of financial studies,1991(1):175-200.
[22]GLAUDIO P.Debt and firms’relationships:the Italian evidence[J].Review of industry organization,2002(3):267-282.
[23]KALE J R,MENEGHETTI C.Supplier/customer considerations in corporate financial decisions[J].IIMB management review,2014(3):149-155.
[24]BANERJEE S,DASGUPTA S,KIM Y.Buyer-supplier relationships and the stakeholders theory of capital structure[J].The journal of finance,2008(5):2507-2552.
[25]STRIEBORNY M,KUKENOVA M.Investment in relationship-specific assets:does finance matter[J].Discussion paper/center for economic research,2010(1):1-36.
[26]KALE J R,MENEGHETTI C.Supplier/customer considerations in corporate financial decisions[J].IIMB management review,2014(3):149-155.
[27]HENNESSY C A,LIVDAN D.Debt,bargaining,and credibility in firm-supplier relationships[J].Journal of financial economics,2009(3):382-399.
[28]JOHNSON,W C,KANG J K,MASULIS R W,et al.Supply chain spillover effects and the interdependence of firm financing decisions[R].Working paper,2011.
[29]HAN D.The relationship-specific investment of suppliers/customers and capital structure:an empirical study based on industry-level data[C].IEEE Conference Publications,2011:1-5.
[30]章细贞.基于战略观的上市公司资本结构影响因素研究[D].长沙:中南大学,2010.
[31]WILLIAMSON O E.Corporate finance and corporate governance[J].The journal of finance,1988(3):567-591.
[32]WILLIAMS O,MASTEN S E.Transaction cost economics[M].England:Edward Elgar,1995:13-17.
[33]蒋东升.战略性资产与企业的财务决策[J].管理世界,2007(7):158-159.
[34]于茂荐,孙元欣.专用性投资对企业绩效影响研究--产业技术投入的调节作用[J].科学学研究,2012(9):1 364-1 369.
[35]高维和.网络外部性、专用性投资与机会主义行为--双边锁定与关系维持[J].财经研究,2008(8):120-132.
[36]汪涛,秦红.专用性投资对机会主义的影响--以汽车行业4S专营店为例[J],管理科学,2006(2):23-32.
[37]柴斌锋.中国民营上市公司R&D投资与资本结构、规模之间关系的实证研究[J].科学学与科学技术管理,2011(1):40-47.
[38]曹裕,陈晓红,万光羽.基于企业生命周期的上市公司融资结构研究[J].中国管理科学,2009(3):151-158.
[39]VITA G D,TOKAY A,WANG L C.Asset specify’s impact on outsourcing relationship performance:a disaggregated analysis by buyer-supplier asset specificity dimensions[J].Journal of business research,2010(3):657-666.
[40]MURRY Z F,VIDHAN K G.Capital structure decisions:which factors are reliably important?[J].Financial management,2009(10):1-37.
[41]AFSHIN Z,HAMIDEH Z.The effect of sales growth on the determinants of capital structure of listed companies in Tchran Stock Exchange[J].Australian journal of basic and applied science,2013(2):306-311.
(1)通过下载财务报表手工统计获得数据。
(2)供应商关系投资与经销商关系投资均值通过手工搜集数据计算获得,研发投资均值数据源于WIND数据库。
(3)数据来自深交所多层次资本市场上市公司实证分析报告。
[2]GUNEY Y,LI L,FAIRCHILD R.The relationship between product market competition and capital structure in Chinese listed firms[J].International review of financial analysis,2011(1):41-51.
[3]DEGRYSE H,GOEIJ P E,KAPPERT P.The impact of firm and industry characteristics on small firms’capital structure[J].Small business economics,2012(4):431-447.
[4]钟田丽,胡彦斌.企业技术创新能力与融资结构:理论与实证--来自中国创业板面板数据[J].工业工程与管理,2013(6):106-114.
[5]DYER J H.Specialized supplier networks as a source of competitive advantage:evidence from the auto industry[J].Strategic management journal,1996(4):271-292.
[6]KONG X.Why are social network transactions important?evidence based on the concentration of key suppliers and customers in China[J].China journal of accounting research,2011(3):121-133.
[7]相子国.知识资产会计研究[M].北京:科学出版社,2012:59.
[8]BONTIS N.Intellectual capital:an exploratory study that develops measures and models[J].Management decision,1998(2):63-76.
[9]宋华.企业战略联盟中关系性租金的形成[J].中国经济问题,2003(3):13-19.
[10]吴淼.关系资产与企业收益创造--兼论不同社会形态下的企业收益变化[J].中南财经政法大学学报,2002(2):103-107.
[11]赵永刚,牟焉.系统框架下的顾客关系资产管理[J].预测,2007(4):49-53.
[12]WILLIAMSON O E.The economic institutions of capitalism[M].New York:Free Press,1985:19-22.
[13]林钟高,郑军,彭琳.关系专用性投资、制度环境和盈余管理[J].北京工商大学学报(社会科学版),2014(1):13-21.
[14]王少飞,周国良,何小杨,等.关系型投资与审计行为[J].财经研究,2010(5):16-26.
[15]吴淼.关系资产与企业收益创造[J].中南财经政法大学学报,2002(2):103-107.
[16]ALLEN J W,PHILLIPSG M.Corporate equity esand product market relation-,,ships[J].Journal of finance,2000(6):2791-2815.
[17]FEE C E,CHARLES J,SHAWN T.Corporate equity ownership and the governance of product market relationships[J].The Journal of Finance,2006(3):1217-1252.
[18]WANG G C,LI S L,WANG X,LU C Y,LV C.Relationship-specific investment,guanxi behavior,and salesperson-owned customer loyalty transfer[J].Social behavior and personality,2014(7):1147-1166.
[19]KWON Y.Relationship-specific investment,social capital,and performance:the case of Korean exporter/foreign buyer relations[J].Asia pacific journal of management,2011(4):761-773.
[20]TITMAN S.The effect of capital structure on a firm’s liquidation decision[J].Journal of financial economics,1984(1):137-151.
[21]MAKSIMOVIC V,TITMAN S.Financial policy and reputation for product quality[J].Review of financial studies,1991(1):175-200.
[22]GLAUDIO P.Debt and firms’relationships:the Italian evidence[J].Review of industry organization,2002(3):267-282.
[23]KALE J R,MENEGHETTI C.Supplier/customer considerations in corporate financial decisions[J].IIMB management review,2014(3):149-155.
[24]BANERJEE S,DASGUPTA S,KIM Y.Buyer-supplier relationships and the stakeholders theory of capital structure[J].The journal of finance,2008(5):2507-2552.
[25]STRIEBORNY M,KUKENOVA M.Investment in relationship-specific assets:does finance matter[J].Discussion paper/center for economic research,2010(1):1-36.
[26]KALE J R,MENEGHETTI C.Supplier/customer considerations in corporate financial decisions[J].IIMB management review,2014(3):149-155.
[27]HENNESSY C A,LIVDAN D.Debt,bargaining,and credibility in firm-supplier relationships[J].Journal of financial economics,2009(3):382-399.
[28]JOHNSON,W C,KANG J K,MASULIS R W,et al.Supply chain spillover effects and the interdependence of firm financing decisions[R].Working paper,2011.
[29]HAN D.The relationship-specific investment of suppliers/customers and capital structure:an empirical study based on industry-level data[C].IEEE Conference Publications,2011:1-5.
[30]章细贞.基于战略观的上市公司资本结构影响因素研究[D].长沙:中南大学,2010.
[31]WILLIAMSON O E.Corporate finance and corporate governance[J].The journal of finance,1988(3):567-591.
[32]WILLIAMS O,MASTEN S E.Transaction cost economics[M].England:Edward Elgar,1995:13-17.
[33]蒋东升.战略性资产与企业的财务决策[J].管理世界,2007(7):158-159.
[34]于茂荐,孙元欣.专用性投资对企业绩效影响研究--产业技术投入的调节作用[J].科学学研究,2012(9):1 364-1 369.
[35]高维和.网络外部性、专用性投资与机会主义行为--双边锁定与关系维持[J].财经研究,2008(8):120-132.
[36]汪涛,秦红.专用性投资对机会主义的影响--以汽车行业4S专营店为例[J],管理科学,2006(2):23-32.
[37]柴斌锋.中国民营上市公司R&D投资与资本结构、规模之间关系的实证研究[J].科学学与科学技术管理,2011(1):40-47.
[38]曹裕,陈晓红,万光羽.基于企业生命周期的上市公司融资结构研究[J].中国管理科学,2009(3):151-158.
[39]VITA G D,TOKAY A,WANG L C.Asset specify’s impact on outsourcing relationship performance:a disaggregated analysis by buyer-supplier asset specificity dimensions[J].Journal of business research,2010(3):657-666.
[40]MURRY Z F,VIDHAN K G.Capital structure decisions:which factors are reliably important?[J].Financial management,2009(10):1-37.
[41]AFSHIN Z,HAMIDEH Z.The effect of sales growth on the determinants of capital structure of listed companies in Tchran Stock Exchange[J].Australian journal of basic and applied science,2013(2):306-311.
(1)通过下载财务报表手工统计获得数据。
(2)供应商关系投资与经销商关系投资均值通过手工搜集数据计算获得,研发投资均值数据源于WIND数据库。
(3)数据来自深交所多层次资本市场上市公司实证分析报告。