企业竞争地位、供应链集中度与权益资本成本
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摘要
本文以2004-2014年沪深A股非金融行业上市公司为研究样本,结合企业竞争地位,系统分析并验证供应链集中度影响权益资本成本的作用机理及可能的传导路径。研究结果发现:供应链集中度越高,企业权益资本成本随之提升;经营风险是供应链集中度影响权益资本成本的一个中介路径,即企业较高的供应链集中度会加剧其面临的经营风险进而导致权益资本成本增加。较高的企业竞争地位能够弱化供应链集中度对权益资本成本的负面影响,且企业竞争地位是通过缓解企业的经营风险这条路径影响了二者之间的关系,即较高的企业竞争地位因其具有较强的抵御风险能力从而缓解了供应链集中度引发的经营风险,继而对供应链集中度与企业权益资本成本之间的正相关关系产生弱化作用。
Taking 2004-2014 A-share non-financial industry listed company as a research sample, the paper systematically analyzes and verifies the mechanism of the influence of supply chain concentration on the cost of equity capital and the possible transmission path. The research results show that: the higher the concentration of supply chain, the higher the cost of corporate equity capital; the operational risk is an intermediary path in which supply chain concentration affects the cost of equity capital, that is, the higher concentration of supply chain in the enterprise will intensify its operational risks faced in turn lead to an increase in the cost of equity capital. The higher competitive position of enterprises can weaken the negative impact of supply chain concentration on the cost of equity capital, and the competitive position of enterprises affects the relationship between them by mitigating the business risk of the enterprise, that is, higher competitive position of enterprises has a strong ability to withstand risks, thus alleviating the operational risks caused by the concentration of supply chain, and then weakening the positive correlation between supply chain concentration and corporate equity capital costs.
Taking 2004-2014 A-share non-financial industry listed company as a research sample, the paper systematically analyzes and verifies the mechanism of the influence of supply chain concentration on the cost of equity capital and the possible transmission path. The research results show that: the higher the concentration of supply chain, the higher the cost of corporate equity capital; the operational risk is an intermediary path in which supply chain concentration affects the cost of equity capital, that is, the higher concentration of supply chain in the enterprise will intensify its operational risks faced in turn lead to an increase in the cost of equity capital. The higher competitive position of enterprises can weaken the negative impact of supply chain concentration on the cost of equity capital, and the competitive position of enterprises affects the relationship between them by mitigating the business risk of the enterprise, that is, higher competitive position of enterprises has a strong ability to withstand risks, thus alleviating the operational risks caused by the concentration of supply chain, and then weakening the positive correlation between supply chain concentration and corporate equity capital costs.
引文
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[2] 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.
[3] 张红,余世清,庄伯超.基于供应链视角的钢铁上市公司库存绩效实证研究[J].工业技术经济,2014,33(3):138-145.
[4] 庄伯超,余世清,张红.供应链集中度、资金营运和经营绩效——基于中国制造业上市公司的实证研究[J].软科学,2015,29(3):9-14.
[5] 黄晓波,张琪,郑金玲.上市公司客户集中度的财务效应与市场反应[J].审计与经济研究,2015,30(2):61-71.
[6] Dowlatshahi,S. Bargaining Power in Buyer-supplier Relationships[J].Production and Inventory Management Journal,1999,40(1): 27-36.
[7] 马黎珺,张敏,伊志宏.供应商-客户关系会影响企业的商业信用吗——基于中国上市公司的实证检验[J].经济理论与经济管理,2016(2): 98-112.
[8] Daniela Fabbri,Anna Maria C Menichini. Trade credit,collateral liquidation,and borrowing constraints[J].Journal of Financial Economics,2010,96(3):413-432.
[9] Schumacher,U. Buyer Structure and Seller Performance in U.S. Manufacturing Industries[J].The Review of Economics and Statistics,1991,73(2):277-284.
[10] Snyder,C. M. A Dynamic Theory of Countervailing Power[J].The RAND Journal of Economics,1996,27(4):747-769.
[11] 邢立全,陈汉文.产品市场竞争、竞争地位与审计收费——基于代理成本与经营风险的双重考量[J].审计研究,2013(3): 50-58.
[12] 郑立东,程小可.宏观经济增长、企业竞争地位与商业信用政策——兼与行业特征因素的综合考察[J].财贸研究,2014,25(6):145-152.
[13] Datta S, Mai I D, and V. Singh. Product market power, industry structure, and corporate earnings management[J].Journal of Banking and Finance,2013,37(8): 3273-3285.
[14] Gasper, J. and M. Massa. Idiosyncratic Volatility and Product Market Competion[J].Joural of Business,2006,79(6): 3125-3152.
[15] Ohlson James A.,Juettner-Nauroth, Beate E. Expected EPS and EPS growth as determinants of value[J].Review of Accounting Studies, 2005,10(2):349-365.
[16] 杨兴全,魏卉,吴昊旻.治理环境、股权制衡与股权融资成本[J].财贸研究,2012,23(6):111-121,138.
[17] Najah Atting,Omrane Guedhami and Dev Mishra.Multiple large shareholders, control contests, and implied cost of equity[J].Journal of Corporate Finance,2008,14(5): 721-737.
[18] Patatoukas, P. Customer-base Concentration: Implications for Firm Performance and Capital Markets[J].The Accounting Review, 2012,87(2): 363-392.
[19] 方红星,张勇,王平.法制环境、供应链集中度与企业会计信息可比性[J].会计研究,2017(7):33-40,96.
[20] 杨兴全,尹兴强.行业集中度、企业竞争地位与现金持有竞争效应[J].经济科学,2015(6):78-91.
[21] Eirksson,Tor. Executive Compensation and Tournament Theory: Empirical Tests on Danish Data[J].Journal of Labor Economics, 1999,17(2).
[22] 廖理,廖冠民,沈红波.经营风险、晋升激励与公司绩效[J].中国工业经济,2009(8):119-130.
[23] 叶康涛,陆正飞.中国上市公司股权融资成本影响因素分析[J].管理世界,2004(5):127-131,142.
[24] 曾颖,陆正飞.信息披露质量与股权融资成本[J].经济研究,2006(2):69-79,91.
[25] 姜付秀,支晓强,张敏.投资者利益保护与股权融资成本——以中国上市公司为例的研究[J].管理世界,2008(2):117-125.
[26] 温忠麟,张雷,侯森泰,等.中介效应检验程序及其应用[J].心理学报,2004(5):614-620.
[27] 温忠麟,叶宝娟.有调节的中介模型检验方法:竞争还是替补? [J].心理学报,2014,46(5):714-726.
[28] Baron, R. M., & Kenny, D. A. The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations.[J].Journal of Personality and Social Psychology, 1986,(51):1173-1182.
[29] 徐珊,黄健柏.企业产权、社会责任与权益资本成本[J].南方经济,2015(4):76-92.
① 本文实际使用数据截至2016年,因受限于OJ 模型的计量要求,OJ模型需用到未来两期的每股收益和未来一期的每股股利,由于国内无法获得完整的预测数据,参考现有文献以实际数据替代预测数据,用截至2016年的数据, OJ模型可计算到2014年。故最终样本位于2004-2014年。
[2] 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.
[3] 张红,余世清,庄伯超.基于供应链视角的钢铁上市公司库存绩效实证研究[J].工业技术经济,2014,33(3):138-145.
[4] 庄伯超,余世清,张红.供应链集中度、资金营运和经营绩效——基于中国制造业上市公司的实证研究[J].软科学,2015,29(3):9-14.
[5] 黄晓波,张琪,郑金玲.上市公司客户集中度的财务效应与市场反应[J].审计与经济研究,2015,30(2):61-71.
[6] Dowlatshahi,S. Bargaining Power in Buyer-supplier Relationships[J].Production and Inventory Management Journal,1999,40(1): 27-36.
[7] 马黎珺,张敏,伊志宏.供应商-客户关系会影响企业的商业信用吗——基于中国上市公司的实证检验[J].经济理论与经济管理,2016(2): 98-112.
[8] Daniela Fabbri,Anna Maria C Menichini. Trade credit,collateral liquidation,and borrowing constraints[J].Journal of Financial Economics,2010,96(3):413-432.
[9] Schumacher,U. Buyer Structure and Seller Performance in U.S. Manufacturing Industries[J].The Review of Economics and Statistics,1991,73(2):277-284.
[10] Snyder,C. M. A Dynamic Theory of Countervailing Power[J].The RAND Journal of Economics,1996,27(4):747-769.
[11] 邢立全,陈汉文.产品市场竞争、竞争地位与审计收费——基于代理成本与经营风险的双重考量[J].审计研究,2013(3): 50-58.
[12] 郑立东,程小可.宏观经济增长、企业竞争地位与商业信用政策——兼与行业特征因素的综合考察[J].财贸研究,2014,25(6):145-152.
[13] Datta S, Mai I D, and V. Singh. Product market power, industry structure, and corporate earnings management[J].Journal of Banking and Finance,2013,37(8): 3273-3285.
[14] Gasper, J. and M. Massa. Idiosyncratic Volatility and Product Market Competion[J].Joural of Business,2006,79(6): 3125-3152.
[15] Ohlson James A.,Juettner-Nauroth, Beate E. Expected EPS and EPS growth as determinants of value[J].Review of Accounting Studies, 2005,10(2):349-365.
[16] 杨兴全,魏卉,吴昊旻.治理环境、股权制衡与股权融资成本[J].财贸研究,2012,23(6):111-121,138.
[17] Najah Atting,Omrane Guedhami and Dev Mishra.Multiple large shareholders, control contests, and implied cost of equity[J].Journal of Corporate Finance,2008,14(5): 721-737.
[18] Patatoukas, P. Customer-base Concentration: Implications for Firm Performance and Capital Markets[J].The Accounting Review, 2012,87(2): 363-392.
[19] 方红星,张勇,王平.法制环境、供应链集中度与企业会计信息可比性[J].会计研究,2017(7):33-40,96.
[20] 杨兴全,尹兴强.行业集中度、企业竞争地位与现金持有竞争效应[J].经济科学,2015(6):78-91.
[21] Eirksson,Tor. Executive Compensation and Tournament Theory: Empirical Tests on Danish Data[J].Journal of Labor Economics, 1999,17(2).
[22] 廖理,廖冠民,沈红波.经营风险、晋升激励与公司绩效[J].中国工业经济,2009(8):119-130.
[23] 叶康涛,陆正飞.中国上市公司股权融资成本影响因素分析[J].管理世界,2004(5):127-131,142.
[24] 曾颖,陆正飞.信息披露质量与股权融资成本[J].经济研究,2006(2):69-79,91.
[25] 姜付秀,支晓强,张敏.投资者利益保护与股权融资成本——以中国上市公司为例的研究[J].管理世界,2008(2):117-125.
[26] 温忠麟,张雷,侯森泰,等.中介效应检验程序及其应用[J].心理学报,2004(5):614-620.
[27] 温忠麟,叶宝娟.有调节的中介模型检验方法:竞争还是替补? [J].心理学报,2014,46(5):714-726.
[28] Baron, R. M., & Kenny, D. A. The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations.[J].Journal of Personality and Social Psychology, 1986,(51):1173-1182.
[29] 徐珊,黄健柏.企业产权、社会责任与权益资本成本[J].南方经济,2015(4):76-92.
① 本文实际使用数据截至2016年,因受限于OJ 模型的计量要求,OJ模型需用到未来两期的每股收益和未来一期的每股股利,由于国内无法获得完整的预测数据,参考现有文献以实际数据替代预测数据,用截至2016年的数据, OJ模型可计算到2014年。故最终样本位于2004-2014年。