產(chǎn)能過剩、客戶集中度與存貨管理
發(fā)布時間：2018-12-29 13:32
【摘要】：存貨作為企業(yè)營運資金的重要組成部分,同時也是企業(yè)經(jīng)營戰(zhàn)略的重要因素(Mei et al.,2015),良好的存貨管理水平是在保持生產(chǎn)持續(xù)性前提下最小化存貨相關(guān)成本(李涵、黎志剛,2009)。企業(yè)的存貨管理水平受其生產(chǎn)計劃和銷售戰(zhàn)略目標(biāo)的不確定性所影響,穩(wěn)定的客戶關(guān)系一方面可能發(fā)揮產(chǎn)業(yè)整合效應(yīng)(王雄元等,2015),降低生產(chǎn)不確定性,降低生產(chǎn)成本,提高存貨管理水平。另一方面,當(dāng)行業(yè)環(huán)境發(fā)生變化時,過于緊密的客戶關(guān)系可能會由于大客戶強勢的議價能力和利益攫取動機放大經(jīng)營風(fēng)險,最終導(dǎo)致企業(yè)的存貨管理水平下降。本文即是從風(fēng)險角度出發(fā),探究產(chǎn)能過剩環(huán)境下客戶集中度與存貨管理水平之間的關(guān)系變化。本文希望通過對實證加案例的研究,了解產(chǎn)能過剩下客戶集中度和存貨管理水平的關(guān)系是否發(fā)生變化,最終驗證產(chǎn)能過剩對制造業(yè)行業(yè)的影響程度,指導(dǎo)制造業(yè)行業(yè)的定價和生產(chǎn)決策。本文利用我國2007-2014年滬深兩市A股制造業(yè)上市公司為樣本,采用實證加案例方式檢驗了產(chǎn)能過剩環(huán)境對客戶集中度與企業(yè)存貨管理水平關(guān)系的影響。首先選取制造業(yè)中產(chǎn)能過剩情況較嚴(yán)重,近年來持續(xù)被國家強調(diào)改革的有色金屬行業(yè)中的云鋁股份進行單案例分析。發(fā)現(xiàn)產(chǎn)能過剩環(huán)境會顯著降低企業(yè)的存貨周轉(zhuǎn)水平。從案例公司發(fā)布的年報縱向分析存貨管理水平在不同年度呈現(xiàn)什么樣的變化,分析產(chǎn)能過剩年度,公司大客戶分布以及銷售額貢獻,以及當(dāng)年度存貨分布情況,以此找出產(chǎn)能過剩年度企業(yè)存貨管理水平變化的路徑。其次,將云鋁股份與行業(yè)經(jīng)營指標(biāo)均值以及對比公司進行橫向?qū)Ρ?研究產(chǎn)能過剩年度和非產(chǎn)能過剩年度,不同客戶集中度對存貨管理水平的影響。進一步,通過實證檢驗,發(fā)現(xiàn)產(chǎn)能過剩削弱了客戶集中度與存貨管理之間的正相關(guān)關(guān)系,證實產(chǎn)能過剩環(huán)境會通過破壞客戶關(guān)系,大客戶的風(fēng)險轉(zhuǎn)移行為增加了企業(yè)的經(jīng)營風(fēng)險,導(dǎo)致企業(yè)存貨積壓,存貨管理水平降低,以此驗證風(fēng)險效應(yīng)。最后,通過將存貨細分為原材料、在產(chǎn)品和產(chǎn)成品進一步分析產(chǎn)能過剩對存貨細分每一部分的影響程度。結(jié)果發(fā)現(xiàn)產(chǎn)能過剩對存貨細分的每一部分都有不同程度的影響,即產(chǎn)能過剩影響了產(chǎn)品生產(chǎn)的每一個環(huán)節(jié)從而導(dǎo)致存貨管理水平下降。本文首次嘗試從風(fēng)險效應(yīng)角度研究客戶集中度與存貨管理水平的關(guān)系,發(fā)現(xiàn)了有悖于前人整合效應(yīng)下的結(jié)論,豐富了客戶集中度與存貨管理水平相關(guān)文獻。也首次研究行業(yè)環(huán)境如何影響企業(yè)微觀行為,發(fā)現(xiàn)產(chǎn)能過剩會通過影響客戶集中度進而影響企業(yè)存貨管理水平,拓展了產(chǎn)能過剩相關(guān)文獻,首次探究了產(chǎn)能過剩的經(jīng)濟后果。
[Abstract]:Inventory, as an important part of the working capital, is also an important factor of the business strategy (Mei et al.,2015). A good inventory management level is to minimize the inventory related cost under the premise of maintaining the continuous production (Li Han, Li Zhigang, 2009. The inventory management level of an enterprise is affected by the uncertainty of its production plan and strategic target of sales. On the one hand, stable customer relations may bring into play the effect of industrial integration (Wang Xiong Yuan et al., 2015), reduce the uncertainty of production and reduce production cost. Improve inventory management. On the other hand, when the industry environment changes, the over-tight customer relationship may enlarge the operating risk because of the strong bargaining power and profit grabbing motivation of the big customers, and eventually lead to the decline of the enterprise inventory management level. This paper explores the relationship between customer concentration and inventory management in the environment of overcapacity from the point of view of risk. This paper hopes to understand whether the relationship between customer concentration and inventory management level changes under overcapacity through empirical and case studies, and finally verify the impact of overcapacity on manufacturing industry. Guide manufacturing industry pricing and manufacturing decisions. In this paper, we use the A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2007 to 2014 as a sample to test the effect of overcapacity environment on the relationship between customer concentration and inventory management level. Firstly, the overcapacity in manufacturing industry is more serious, and in recent years, the reform of the non-ferrous metal industry has been emphasized by the state to carry out a single case study. It is found that overcapacity environment will significantly reduce the inventory turnover level of enterprises. From the annual report issued by the case company, the paper analyzes the changes of inventory management level in different years, analyzes the year of overcapacity, the distribution of major customers and the contribution of sales volume, and the distribution of inventory in the current year. In order to find out the annual overcapacity enterprise inventory management level change path. Secondly, the paper compares the average value of industry management index with the average value of industry management index and the contrast company to study the influence of different customer concentration on inventory management level in overcapacity year and non-overcapacity year. Furthermore, through empirical tests, we find that overcapacity weakens the positive correlation between customer concentration and inventory management, and proves that overcapacity environment can destroy customer relationships. The risk transfer behavior of the big customer increases the operating risk of the enterprise, which leads to the overstocking of the enterprise inventory and the decrease of the inventory management level, which verifies the risk effect. Finally, by subdividing inventory into raw materials, the influence of overcapacity on each part of inventory segmentation is further analyzed in product and finished product. The results show that overcapacity has a different degree of influence on every part of inventory segmentation, that is, overcapacity affects every link of product production, which leads to the decline of inventory management level. This paper attempts to study the relationship between customer concentration and inventory management from the perspective of risk effect for the first time, and finds the conclusion contrary to the previous integration effect, which enriches the literature on customer concentration and inventory management. It is also the first time to study how the industry environment affects the microcosmic behavior of enterprises. It is found that overcapacity will affect the level of enterprise inventory management through the influence of customer concentration, expand the literature on overcapacity, and explore the economic consequences of overcapacity for the first time.
【學(xué)位授予單位】：中南財經(jīng)政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F274;F425
本文編號：2394891
[Abstract]:Inventory, as an important part of the working capital, is also an important factor of the business strategy (Mei et al.,2015). A good inventory management level is to minimize the inventory related cost under the premise of maintaining the continuous production (Li Han, Li Zhigang, 2009. The inventory management level of an enterprise is affected by the uncertainty of its production plan and strategic target of sales. On the one hand, stable customer relations may bring into play the effect of industrial integration (Wang Xiong Yuan et al., 2015), reduce the uncertainty of production and reduce production cost. Improve inventory management. On the other hand, when the industry environment changes, the over-tight customer relationship may enlarge the operating risk because of the strong bargaining power and profit grabbing motivation of the big customers, and eventually lead to the decline of the enterprise inventory management level. This paper explores the relationship between customer concentration and inventory management in the environment of overcapacity from the point of view of risk. This paper hopes to understand whether the relationship between customer concentration and inventory management level changes under overcapacity through empirical and case studies, and finally verify the impact of overcapacity on manufacturing industry. Guide manufacturing industry pricing and manufacturing decisions. In this paper, we use the A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2007 to 2014 as a sample to test the effect of overcapacity environment on the relationship between customer concentration and inventory management level. Firstly, the overcapacity in manufacturing industry is more serious, and in recent years, the reform of the non-ferrous metal industry has been emphasized by the state to carry out a single case study. It is found that overcapacity environment will significantly reduce the inventory turnover level of enterprises. From the annual report issued by the case company, the paper analyzes the changes of inventory management level in different years, analyzes the year of overcapacity, the distribution of major customers and the contribution of sales volume, and the distribution of inventory in the current year. In order to find out the annual overcapacity enterprise inventory management level change path. Secondly, the paper compares the average value of industry management index with the average value of industry management index and the contrast company to study the influence of different customer concentration on inventory management level in overcapacity year and non-overcapacity year. Furthermore, through empirical tests, we find that overcapacity weakens the positive correlation between customer concentration and inventory management, and proves that overcapacity environment can destroy customer relationships. The risk transfer behavior of the big customer increases the operating risk of the enterprise, which leads to the overstocking of the enterprise inventory and the decrease of the inventory management level, which verifies the risk effect. Finally, by subdividing inventory into raw materials, the influence of overcapacity on each part of inventory segmentation is further analyzed in product and finished product. The results show that overcapacity has a different degree of influence on every part of inventory segmentation, that is, overcapacity affects every link of product production, which leads to the decline of inventory management level. This paper attempts to study the relationship between customer concentration and inventory management from the perspective of risk effect for the first time, and finds the conclusion contrary to the previous integration effect, which enriches the literature on customer concentration and inventory management. It is also the first time to study how the industry environment affects the microcosmic behavior of enterprises. It is found that overcapacity will affect the level of enterprise inventory management through the influence of customer concentration, expand the literature on overcapacity, and explore the economic consequences of overcapacity for the first time.
【學(xué)位授予單位】：中南財經(jīng)政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F274;F425
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