客户负债水平会影响供应商的信贷融资成本吗?——基于制造业上市公司的经验研究
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摘要
文章基于手工收集整理的2008～2017年度制造业上市公司(供应商企业)与其上市核心客户配对样本,理论分析与实证考察客户负债水平对供应商企业信贷融资成本的影响,以探讨客户财务信息对于银行信贷决策的影响。研究发现,客户负债水平越高,供应商企业的信贷融资成本越高,且这一影响在高客户依赖度与非国有供应商企业中表现得更为显著。基于客户截面特征的进一步分析显示,当客户短期负债占比较高或属于非国有控股企业时,其负债水平对供应商企业信贷融资成本的正向影响更为显著。相应的作用机理检验显示,客户高负债水平部分会通过供应商企业的"应收账款"渠道影响供应商企业的信用风险。综上表明,银行为供应商企业提供信贷资金时,其会依赖客户债务信息制定信贷契约价格条款,且客户负债信息的影响力还要依赖于供应商对客户的依赖度及其各自的截面特征。
Based on hand-collected samples of listed manufacturing companies(suppliers) matched with their listed key customers in 2008-2017, this study empirically investigates the impact of customers' liabilities on the suppliers credit cost so as to show the impact of customer financial information on bank credit decision-making. We find that customers' liabilities have a positive impact on the suppliers' credit cost, which is more significant when the dependence of suppliers on customers is high, or suppliers are non-state-owned enterprises. Furthermore, the above mentioned impact is more profound when the proportion of customers' short-term liabilities is higher, or customers are not state-owned. The relevant mechanism analysis shows that customers liabilities impact on the suppliers' credit cost is partly through the intermediate channel of suppliers' receivables. Above results suggest that banks take suppliers' major customers' liabilities into account when providing credit financing for suppliers and making decision about credit pricie-term, and the impact of customer liabilities information varies with the dependence of supplier on customer and their cross-sectional characteristics.
Based on hand-collected samples of listed manufacturing companies(suppliers) matched with their listed key customers in 2008-2017, this study empirically investigates the impact of customers' liabilities on the suppliers credit cost so as to show the impact of customer financial information on bank credit decision-making. We find that customers' liabilities have a positive impact on the suppliers' credit cost, which is more significant when the dependence of suppliers on customers is high, or suppliers are non-state-owned enterprises. Furthermore, the above mentioned impact is more profound when the proportion of customers' short-term liabilities is higher, or customers are not state-owned. The relevant mechanism analysis shows that customers liabilities impact on the suppliers' credit cost is partly through the intermediate channel of suppliers' receivables. Above results suggest that banks take suppliers' major customers' liabilities into account when providing credit financing for suppliers and making decision about credit pricie-term, and the impact of customer liabilities information varies with the dependence of supplier on customer and their cross-sectional characteristics.
引文
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[2] 姚立杰,罗玫,夏冬林.公司治理与银行借款融资[J].会计研究,2010(8):55-61.
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[4] 申香华.银行风险识别、政府财政补贴与企业债务融资成本——基于沪深两市2007-2012年公司数据的实证检验[J].财贸经济,2014,35(9):62-71.
[5] 后青松,袁建国,张鹏.企业避税行为影响其银行债务契约吗——基于A股上市公司的考察[J].南开管理评论,2016,19(4):122-134.
[6] 周楷唐,麻志明,吴联生.高管学术经历与公司债务融资成本[J].经济研究,2017(07):171-185.
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[9] 尹志超,钱龙,吴雨.银企关系、银行业竞争与中小企业借贷成本[J].金融研究,2015(1):134-149.
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[11] Pandit S& Wasley S&Zach T,Information externalities along the supply chain:the economic determinants of suppliers’ stock price reaction to their major customers’ earnings announcements[J].Contemporary Accounting Research,Vol.28,2011,pp.1304-1343.
[12] Kolay M,&Lemmon M&Tashjian E,Spreading the Misery?Sources of Bankruptcy Spillover in the Supply Chain [J].Journal of Financial & Quantitative Analysis,Vol.51,No.6,2016,pp.1955-1990.
[13] Johnson W C,Kang J K,Masulis R W,Yi S .Seasoned Equity Offerings and Customer-supplier Relationships.Journal of Financial Intermediation,Vol.33,2018,pp.98-114.
[14] 李欢,李丹,王丹.客户效应与上市公司债务融资能力——来自我国供应链客户关系的证据[J].金融研究,2018,456(06):142-158.
[15] 彭旋,王雄元.客户股价崩盘风险对供应商具有传染效应吗?[J].财经研究,2018:141-152.
[16] Campello M & Gao J,Customer Concentration and Loan Contract Terms[J].Journal of Financial Economics,Vol.123,No.1,2017,pp.108-136.
[17] 王雄元,高曦.客户盈余公告对供应商具有传染效应吗?[J].中南财经政法大学学报,2017(3):3-13.
[18] Files R & Gurun U G,2018 Lenders’ response to restatements along the supplier chain[J].Contemporary Accounting Research ,Vol.35,No.1,2018,pp.464-493.
[19] Bharath S T& Sunder J& Sunder S V,Accounting Quality and Debt Contracting[J].Accounting Review,Vol.83,No.1,2008,pp.1-28.
[20] Kim J B&Song B Y&Zhang Y,Earnings performance of major customers and bank loan contracting with suppliers[J].Journal of Banking & Finance,Vol.59,2015,pp.384-98.
[21] 李增泉.关系型交易的会计治理——关于中国会计研究国际化的范式探析[J].财经研究,2017(02):6-35.
[22] Cohen L & Frazzini A,Economic Links and Predictable Returns[J].Journal of Finance,Vol.63,No.4,2008,pp.1977-2011.
[23] Cheng C S A &Eshleman J D,Does the market overweight imprecise information?Evidence from customer earnings announcements[J].Review of Accounting Studies,Vol.19,N0.3,2014,pp.1125-1151.
[24] 林钟高,林夜.地区金融发展、关系型交易与IPO首日超额收益——基于A股招股说明书供应商/客户关系的经验证据[J].财务研究,2016(3):9-22.
[25] 林钟高,郑军,彭琳,徐德信.关系型交易、事务所选聘与审计契约稳定性——基于主要供应商/客户视角的经验证据[J].中国会计评论,2014(3):419-452
[26] Luo Shuqing & Nagarajan N J,Information Complementarities and Supply Chain Analysts [J].Accounting Review,Vol.90,No.5,2012,pp.1995–2029.
[27] Guan Y&Wong F&Zhang Y,Analyst following along the supply chain[J].Review of Accounting Studies,Vol.20,No.1,2015,pp.210–241.
[28] Kim J B & Song B Y,Auditor Quality and Loan Syndicate Structure[J].Auditing A Journal of Practice & Theory,Vol.30,No.4,2011,pp.71-99.
[29] 王迪,刘祖基,赵泽朋.供应链关系与银行借款——基于供应商/客户集中度的分析[J].会计研究,2016(10):42-49.
[30] 江伟,底璐璐,彭晨.客户集中度影响银行长期贷款吗——来自中国上市公司的经验证据[J].南开管理评论,2017,20(2):71-80.
[31] Jarrow R A& Yu F,Counterparty risk and the pricing of defaultable securities[J].Journal of Finance,Vol.56,No.5,2001,pp.1765-1799.
[32] 林钟高,徐虹,李倩.内部控制、关系网络与企业价值[J].财经问题研究,2014(1):88-96.
[33] Olsen C& Dietrich J R,Vertical information transfers:the association between retailers’ sales announcements and suppliers’ security returns[J].Journal of Accounting Research,Vol.23,1985,pp.144-166.
[34] Cen L&Dasgupta S&Sen R,Discipline or Disruption?Stakeholder Relationships and the Effect of Takeover Threat[J].Social Science Electronic Publishing,Vol.62,No.10,2016,pp.2820-2841.
[35] 王雄元,高开娟.客户集中度与公司债二级市场信用利差[J].金融研究,2017(01):134-148.
[36] Kale J & Shahrur H,Corporate Capital Structure and the Characteristics of Suppliers and Customers[J].Journal of Financial Economics,Vol.83,2007,pp.321–365.
[37] Chu Y,Wang L.Capital Structure Along the supply chain:How does customer leverageaffect supplier leverage decisions?[J].Quarterly Journal of Finance,Vol.7,No.4,2017,pp.1-29.
[38] Dasgupta S& Sengupta K,Sunk investment,bargaining and choice of capital structure[J].International Economic Review,Vol.34,1993,pp.203-220.
[39] Banerjee S&Dasgupta S& Kim Y,Buyer–supplier relationships and the stakeholder theory of capital structure[J].Journal of Finance,Vol.63,2008,pp.2507-2552.
[40] Patatoukas P,Customer-base concentration:Implications for firm performance and capital markets[J].Accounting Review,Vol.87,No.2,2012,pp.363-392.
[41] Oliveira M & Kadapakkam P R & Beyhaghi M,Effects of customer financial distress on supplier capital structure[J].Journal of Corporate Finance,Vol.42,2017,pp.131-149.
[42] 王东静,张祥建,张景青.公司债务期限结构与违约风险[J].管理科学学报,2009(2):77-87.
[43] 胡启明,马如飞,王国顺.债务期限结构与企业投资关系——基于流动性风险视角的实证研究[J].系统工程,2015(4):24-31.
[44] 温忠麟,张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004,36(5):614-620.
(1)样本选择时,受限于财务数据的缺失,非上市客户(包括实体企业和行政事业单位)与供应商企业形成的配对样本被剔除,这可能会引发一定选择性偏差问题,这是本研究的局限。但是,最终所形成的配对样本中,供应商企业的上市客户具有随机性,同时,客户负债水平的描述性统计显示其数值分布较为均匀。因此,样本选择性偏差问题对该研究结论的影响可能会相对有限
[2] 姚立杰,罗玫,夏冬林.公司治理与银行借款融资[J].会计研究,2010(8):55-61.
[3] Stiglitz J E&Weiss A,Credit Rationing in Markets with Imperfect Information[J].American Economic Review,Vol.71,No.3,1981,pp.393-410.
[4] 申香华.银行风险识别、政府财政补贴与企业债务融资成本——基于沪深两市2007-2012年公司数据的实证检验[J].财贸经济,2014,35(9):62-71.
[5] 后青松,袁建国,张鹏.企业避税行为影响其银行债务契约吗——基于A股上市公司的考察[J].南开管理评论,2016,19(4):122-134.
[6] 周楷唐,麻志明,吴联生.高管学术经历与公司债务融资成本[J].经济研究,2017(07):171-185.
[7] 李志军,王善平.货币政策、信息披露质量与公司债务融资[J].会计研究,2011(10):56-62.
[8] 倪娟,孔令文.环境信息披露、银行信贷决策与债务融资成本——来自我国沪深两市A股重污染行业上市公司的经验证据[J].经济评论,2016(1):147-156.
[9] 尹志超,钱龙,吴雨.银企关系、银行业竞争与中小企业借贷成本[J].金融研究,2015(1):134-149.
[10] Hertzel M G & Officer M S&Rodgers K J,Inter-firm linkages and the wealth effect of financial distress along the supply chain,forthcoming[J].Journal of Financial Economics,Vol.87,No.2,2008,pp.374-387.
[11] Pandit S& Wasley S&Zach T,Information externalities along the supply chain:the economic determinants of suppliers’ stock price reaction to their major customers’ earnings announcements[J].Contemporary Accounting Research,Vol.28,2011,pp.1304-1343.
[12] Kolay M,&Lemmon M&Tashjian E,Spreading the Misery?Sources of Bankruptcy Spillover in the Supply Chain [J].Journal of Financial & Quantitative Analysis,Vol.51,No.6,2016,pp.1955-1990.
[13] Johnson W C,Kang J K,Masulis R W,Yi S .Seasoned Equity Offerings and Customer-supplier Relationships.Journal of Financial Intermediation,Vol.33,2018,pp.98-114.
[14] 李欢,李丹,王丹.客户效应与上市公司债务融资能力——来自我国供应链客户关系的证据[J].金融研究,2018,456(06):142-158.
[15] 彭旋,王雄元.客户股价崩盘风险对供应商具有传染效应吗?[J].财经研究,2018:141-152.
[16] Campello M & Gao J,Customer Concentration and Loan Contract Terms[J].Journal of Financial Economics,Vol.123,No.1,2017,pp.108-136.
[17] 王雄元,高曦.客户盈余公告对供应商具有传染效应吗?[J].中南财经政法大学学报,2017(3):3-13.
[18] Files R & Gurun U G,2018 Lenders’ response to restatements along the supplier chain[J].Contemporary Accounting Research ,Vol.35,No.1,2018,pp.464-493.
[19] Bharath S T& Sunder J& Sunder S V,Accounting Quality and Debt Contracting[J].Accounting Review,Vol.83,No.1,2008,pp.1-28.
[20] Kim J B&Song B Y&Zhang Y,Earnings performance of major customers and bank loan contracting with suppliers[J].Journal of Banking & Finance,Vol.59,2015,pp.384-98.
[21] 李增泉.关系型交易的会计治理——关于中国会计研究国际化的范式探析[J].财经研究,2017(02):6-35.
[22] Cohen L & Frazzini A,Economic Links and Predictable Returns[J].Journal of Finance,Vol.63,No.4,2008,pp.1977-2011.
[23] Cheng C S A &Eshleman J D,Does the market overweight imprecise information?Evidence from customer earnings announcements[J].Review of Accounting Studies,Vol.19,N0.3,2014,pp.1125-1151.
[24] 林钟高,林夜.地区金融发展、关系型交易与IPO首日超额收益——基于A股招股说明书供应商/客户关系的经验证据[J].财务研究,2016(3):9-22.
[25] 林钟高,郑军,彭琳,徐德信.关系型交易、事务所选聘与审计契约稳定性——基于主要供应商/客户视角的经验证据[J].中国会计评论,2014(3):419-452
[26] Luo Shuqing & Nagarajan N J,Information Complementarities and Supply Chain Analysts [J].Accounting Review,Vol.90,No.5,2012,pp.1995–2029.
[27] Guan Y&Wong F&Zhang Y,Analyst following along the supply chain[J].Review of Accounting Studies,Vol.20,No.1,2015,pp.210–241.
[28] Kim J B & Song B Y,Auditor Quality and Loan Syndicate Structure[J].Auditing A Journal of Practice & Theory,Vol.30,No.4,2011,pp.71-99.
[29] 王迪,刘祖基,赵泽朋.供应链关系与银行借款——基于供应商/客户集中度的分析[J].会计研究,2016(10):42-49.
[30] 江伟,底璐璐,彭晨.客户集中度影响银行长期贷款吗——来自中国上市公司的经验证据[J].南开管理评论,2017,20(2):71-80.
[31] Jarrow R A& Yu F,Counterparty risk and the pricing of defaultable securities[J].Journal of Finance,Vol.56,No.5,2001,pp.1765-1799.
[32] 林钟高,徐虹,李倩.内部控制、关系网络与企业价值[J].财经问题研究,2014(1):88-96.
[33] Olsen C& Dietrich J R,Vertical information transfers:the association between retailers’ sales announcements and suppliers’ security returns[J].Journal of Accounting Research,Vol.23,1985,pp.144-166.
[34] Cen L&Dasgupta S&Sen R,Discipline or Disruption?Stakeholder Relationships and the Effect of Takeover Threat[J].Social Science Electronic Publishing,Vol.62,No.10,2016,pp.2820-2841.
[35] 王雄元,高开娟.客户集中度与公司债二级市场信用利差[J].金融研究,2017(01):134-148.
[36] Kale J & Shahrur H,Corporate Capital Structure and the Characteristics of Suppliers and Customers[J].Journal of Financial Economics,Vol.83,2007,pp.321–365.
[37] Chu Y,Wang L.Capital Structure Along the supply chain:How does customer leverageaffect supplier leverage decisions?[J].Quarterly Journal of Finance,Vol.7,No.4,2017,pp.1-29.
[38] Dasgupta S& Sengupta K,Sunk investment,bargaining and choice of capital structure[J].International Economic Review,Vol.34,1993,pp.203-220.
[39] Banerjee S&Dasgupta S& Kim Y,Buyer–supplier relationships and the stakeholder theory of capital structure[J].Journal of Finance,Vol.63,2008,pp.2507-2552.
[40] Patatoukas P,Customer-base concentration:Implications for firm performance and capital markets[J].Accounting Review,Vol.87,No.2,2012,pp.363-392.
[41] Oliveira M & Kadapakkam P R & Beyhaghi M,Effects of customer financial distress on supplier capital structure[J].Journal of Corporate Finance,Vol.42,2017,pp.131-149.
[42] 王东静,张祥建,张景青.公司债务期限结构与违约风险[J].管理科学学报,2009(2):77-87.
[43] 胡启明,马如飞,王国顺.债务期限结构与企业投资关系——基于流动性风险视角的实证研究[J].系统工程,2015(4):24-31.
[44] 温忠麟,张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004,36(5):614-620.
(1)样本选择时,受限于财务数据的缺失,非上市客户(包括实体企业和行政事业单位)与供应商企业形成的配对样本被剔除,这可能会引发一定选择性偏差问题,这是本研究的局限。但是,最终所形成的配对样本中,供应商企业的上市客户具有随机性,同时,客户负债水平的描述性统计显示其数值分布较为均匀。因此,样本选择性偏差问题对该研究结论的影响可能会相对有限