摘要
党的十九届五中全会提出要提升产业链和供应链现代化水平,组织实施产业链与金融业深度融合,增强供应链的弹性和韧性。本文以2009-2019年所有A股上市公司为研究对象,通过中介效应检验,分析供应链关系对银行借款的影响机制。研究发现,供应商集中度越高,银行借款规模就越大,且从供应商获得的商业信用净额在其中发挥中介传导效应;客户集中度越高,银行借款规模就越大,且向客户提供的商业信用净额在其中发挥中介传导效应。进一步以行业环境为调节变量,研究发现,所处行业成长性高、竞争激烈时,企业的供应商集中度、客户集中度与银行借款规模的显著性均更强。研究结论揭示和验证了供应链关系影响企业银行借款的内在机制,为企业加强供应链关系管理提供了理论依据。
At the Fifth Plenary Session of the 19th CPC Central Committee,the government proposed to upgrade the modernization level of industrial chain and supply chain,organize and implement the deep integration of industrial chain and financial industry,and enhance the flexibility and toughness of supply chain.This article takes all A-share listed companies from 2009 to 2019 as the research objects and analyzes the mechanism of supply chain relationship on bank borrowing through the intermediary effect test.The study shows that the higher the concentration of suppliers,the larger the scale of bank loans,and the net commercial credit obtained from suppliers plays an intermediary effect in it;the higher the concentration of customers,the larger the scale of bank loans,and the net commercial credit provided to customers plays an intermediary effect in it.Further taking the industry environment as a moderating variable,the study finds that when the industry is in high growth and competition,the company's supplier concentration,customer concentration,and bank borrowing scale are more significant.The study conclusions reveal and verify the internal mechanism of supply chain relationships affecting corporate bank loans,and provide a theoretical basis for companies to strengthen supply chain relationship management.
作者
胡雯莉
唐华军
Hu Wenli;Tang Huajun
出处
《企业经济》
北大核心
2021年第3期33-44,共12页
Enterprise Economy
基金
广东省哲学社会科学“十三五”规划项目“供应链关系对企业银行借款的影响及路径研究——来自粤港澳产业集群的证据”(项目编号:GD20CGL18)
广州市哲学社会科学“十三五”规划项目“广东产业集群中供应链关系对银行借款的影响研究”(项目编号:2020GZQN53)。
关键词
供应商集中度
客户集中度
商业信用
行业环境
银行借款
supplier concentration
customer concentration
commercial credit
industry environment
bank borrowing
