發(fā)布時(shí)間：2018-01-08 06:22

  本文關(guān)鍵詞：財(cái)務(wù)柔性、供應(yīng)鏈關(guān)系與企業(yè)價(jià)值——基于新常態(tài)背景的實(shí)證檢驗(yàn)　出處：《現(xiàn)代財(cái)經(jīng)(天津財(cái)經(jīng)大學(xué)學(xué)報(bào))》2017年10期 　論文類型：期刊論文

  更多相關(guān)文章： 財(cái)務(wù)柔性 供應(yīng)鏈關(guān)系 客戶集中度 企業(yè)價(jià)值 市場(chǎng)競(jìng)爭(zhēng)力

【摘要】：結(jié)合2007-2014年中國(guó)經(jīng)濟(jì)新常態(tài)周期,從供應(yīng)鏈關(guān)系視角探索了上市制造業(yè)企業(yè)財(cái)務(wù)柔性影響公司價(jià)值的微觀邏輯、制約因素以及修正機(jī)制。實(shí)證顯示:財(cái)務(wù)柔性有助于提升企業(yè)價(jià)值;穩(wěn)健的供應(yīng)鏈關(guān)系會(huì)為強(qiáng)化財(cái)務(wù)柔性的價(jià)值提升效應(yīng),而過(guò)度集中的供應(yīng)鏈關(guān)系則會(huì)強(qiáng)化買方強(qiáng)勢(shì)以及買方對(duì)供應(yīng)商財(cái)務(wù)柔性的侵占,從而降低財(cái)務(wù)柔性的價(jià)值補(bǔ)償功能;企業(yè)競(jìng)爭(zhēng)力的提升有助于弱化高集中度下的侵占效應(yīng),降低因客戶過(guò)度集中而漏損的財(cái)務(wù)柔性價(jià)值。本研究首次將財(cái)務(wù)柔性與企業(yè)價(jià)值互動(dòng)關(guān)系研究拓展至供應(yīng)鏈關(guān)系領(lǐng)域,并進(jìn)一步從市場(chǎng)競(jìng)爭(zhēng)力視角證明了競(jìng)爭(zhēng)力提升能修正因供應(yīng)鏈關(guān)系扭曲而損耗的財(cái)務(wù)柔性價(jià)值,豐富了財(cái)務(wù)柔性研究的實(shí)證邊界。
[Abstract]:Combined with the new normal cycle of Chinese economy from 2007 to 2014, this paper explores the micro logic that financial flexibility of listed manufacturing enterprises affects company value from the perspective of supply chain relationship. The empirical results show that financial flexibility is helpful to enhance the value of enterprises; The stable supply chain relationship will enhance the value of financial flexibility, while the excessive concentration of supply chain relationship will strengthen the buyer's strength and the buyer's encroachment on the supplier's financial flexibility. Thus reducing the value compensation function of financial flexibility; The promotion of enterprise competitiveness helps to weaken the encroachment effect under the high concentration. Reduce the value of financial flexibility due to excessive concentration of customers. This study extends the research of interaction between financial flexibility and enterprise value to the field of supply chain relationship for the first time. Furthermore, from the point of view of market competitiveness, it is proved that the enhancement of competitiveness can correct the value of financial flexibility lost due to the distortion of supply chain relationship, which enriches the empirical boundary of financial flexibility research.
【作者單位】： 安徽財(cái)經(jīng)大學(xué)會(huì)計(jì)與財(cái)務(wù)發(fā)展研究中心/會(huì)計(jì)學(xué)院;天津財(cái)經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院;
【基金】：教育部人文社會(huì)科學(xué)基金青年項(xiàng)目(14YJC630174) 安徽省哲學(xué)社會(huì)科學(xué)規(guī)劃青年項(xiàng)目(AHSKQ2017D07)
【分類號(hào)】：F274;F406.7;F425
【正文快照】： 一、前言財(cái)務(wù)柔性是企業(yè)以合理價(jià)格、及時(shí)獲取和調(diào)動(dòng)財(cái)務(wù)資源預(yù)防和利用未來(lái)不確定性事件,以實(shí)現(xiàn)企業(yè)價(jià)值最大化的能力。大量研究發(fā)現(xiàn),財(cái)務(wù)柔性不僅具有傳統(tǒng)視角下的被動(dòng)性風(fēng)險(xiǎn)預(yù)防價(jià)值,還具有幫助企業(yè)主動(dòng)等待市場(chǎng)波動(dòng)以更好把握投資機(jī)會(huì)的機(jī)會(huì)利用價(jià)值,且“預(yù)防價(jià)值”和“利

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本文編號(hào)：1395998