企業(yè)在上下游產(chǎn)業(yè)鏈中的地位對企業(yè)經(jīng)營決策有著重要影響。然而,很少有研究探討上下游產(chǎn)業(yè)鏈關系對企業(yè)財務行為的影響。本文旨在通過企業(yè)與上下游企業(yè)的資本往來關系,構建反映企業(yè)上下游產(chǎn)業(yè)鏈中地位的價值鏈權力指數(shù)(或度量指標),并探討其對企業(yè)融資行為、資本結構決策以及公司績效的影響。經(jīng)典理論往往從企業(yè)營運資本管理的視角解釋其與上下游企業(yè)之間的關系。然而,近年來大量研究表明,企業(yè)營運資本的結構很大程度是由企業(yè)在上下游產(chǎn)業(yè)鏈中的地位決定的。本文將價值鏈權力定義為應付賬款減去應收賬款的差額與銷售收入的比率,這一指標越大,代表企業(yè)占用上下游企業(yè)資金的能力越高,反映出企業(yè)相對較強的競爭力。利用這一指標,本文分別探討了企業(yè)價值鏈權力對其外部融資負債、公開債務融資、銀行貸款融資以及公司績效的影響。專題1研究了價值鏈權力對企業(yè)外部融資負債的影響。根據(jù)定義,價值鏈權力指數(shù)較高的企業(yè),可以獲得較高的商業(yè)信用。這樣,企業(yè)流動資產(chǎn),甚至一些長期資產(chǎn)都可以通過免息的商業(yè)信貸來償還。因此,本文預計價值鏈權力較高的企業(yè),外部融資性債務需求較低。實證結果顯示,價值鏈權力越大的企業(yè),融資性負債的比例越低,這一結果在不同特征的企業(yè)...

【文章頁數(shù)】：126 頁

【學位級別】：博士

【文章目錄】：
摘要
Abstract
CHAPTER1:INTRODUCTION
    1.1 Research background
    1.2 Research problems
    1.3 Research objectives
    1.4 Research questions
    1.5 Contributions and significance of the research
    1.6 Delimitations of the study
    1.7 Outline of the study
    1.8 Summary of the chapter
CHAPTER2:LITERATURE REVIEW
    2.1 Introduction
    2.2 Literature review on Firm Power
    2.3 Literature review on Bond
    2.4 Literature review on Loan
    2.5 Literature review on Trade Credit
    2.6 Literature review on Corporate Performance
    2.7 Literature review on Capital Structure
    2.8 Summary of the chapter
CHAPTER3:CONCEPTUAL FRAMEWORK AND HYPOTHESES DEVELOPMENT
    3.1 Introduction
    3.2 Conceptual Framework
    3.3 Hypotheses Development
        3.3.1 Firm Power and Debt Structure
        3.3.2 Firm Power and Bond Financing
        3.3.3 Firm Power and Bank Loan
        3.3.4 Firm Power and Corporate Performance
    3.4 Summary of the chapter
CHAPTER4:RESEARCH METHODOLOGY
    4.1 Introduction
    4.2 Data collection and sample selection
    4.3 Econometric models
        4.3.1 Firm Power and Debt Structure
        4.3.2 Firm Power and Bond Financing
        4.3.3 Firm Power and Bank Loan
        4.3.4 Firm Power and Corporate Performance and the moderating effect of Debt Financing
    4.4 Variables’description
        4.4.1 Independents variables
        4.4.2 Dependents variables
        4.4.3 Control variables
    4.5 Summary of the chapter
CHAPTER5:EMPIRICAL RESULTS AND DISCUSSION
    5.1 Introduction
    5.2 Overall descriptive statistics
    5.3 Regression results and discussion
        5.3.1 Firm Power and Debt Structure
        5.3.2 Firm Power and Bond Financing
        5.3.3 Firm Power and Bank Loan
        5.3.4 Firm Power and Corporate Performance
    5.4 Robustness check
        5.4.1 Firm Power and Debt Structure
        5.4.2 Firm Power and Bond Financing
        5.4.3 Firm Power and Bank Loan
        5.4.4 Firm Power and Corporate Performance
    5.5 Summary of the chapter
CHAPTER6:CONCLUSION AND FUTURE RESEARCH DIRECTIONS
    6.1 Conclusion
    6.2 Future research directions
    6.3 Policy Recommendations
REFERENCE
ACKNOWLEDGMENT
Personal Profile,Academic papers published during Ph D



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