本文關(guān)鍵詞：市值影響下基于質(zhì)量成本信息不對稱的供應(yīng)鏈績效研究　出處：《華中科技大學(xué)》2014年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 盈余管理 合同公告 市值回報 質(zhì)量成本信息 市值關(guān)注度 質(zhì)量水平

【摘要】：很多公司在作運(yùn)營決策時不僅要考慮長期收益還要考慮資本市場獲得的短期收益。股票的市場價值是上市企業(yè)的市場規(guī)模和業(yè)績水平的重要“參照標(biāo)準(zhǔn)”,是公司組織結(jié)構(gòu)、運(yùn)營管理水平、市場競爭力這些關(guān)系到企業(yè)未來的一系列因素的綜合反映,是企業(yè)重要的社會評價和市場評價指標(biāo)。因此,上市公司對其股票市場價值越來越關(guān)注�；诖吮尘氨疚囊詫�(shí)質(zhì)盈利管理研究為動機(jī),從供應(yīng)鏈協(xié)調(diào)的角度,引入公司管理層(經(jīng)理人)對金融市場公司價值的關(guān)注程度這個影響因素,結(jié)合不同的契約形式,從理論分析和數(shù)據(jù)分析兩方面探討該因素對供應(yīng)鏈的各方?jīng)Q策和收益以及供應(yīng)鏈系統(tǒng)協(xié)調(diào)的影響,解釋上市公司的供應(yīng)鏈管理決策的動機(jī)和現(xiàn)象,并針對該影響因素設(shè)計改善供應(yīng)鏈系統(tǒng)績效的合理契約形式。 通過國內(nèi)兩大證券交易所的數(shù)據(jù)分析了上市公司發(fā)布購銷合同公告后的市值反應(yīng)。發(fā)現(xiàn)上市公司發(fā)布購銷合同公告后會獲得明顯的股市回報,而且公司銷售合同公告后獲得的回報要高于采購合同。當(dāng)制造型企業(yè)發(fā)布購銷合同公告時會獲得比其他行業(yè)企業(yè)更高的股市回報。上市公司與外資企業(yè)、中國上市企業(yè)和非上市企業(yè)簽訂購銷合同時會比與政府簽訂購銷合同后獲得更高的股市回報。但是檢驗(yàn)結(jié)果并不能證明合同中存在風(fēng)險提示與否對上市公司的市值有不同影響。最后通過多元線性回歸模型分析了內(nèi)部因素對上市公司股市回報的影響。結(jié)果指出規(guī)模越大的公司發(fā)布購銷合同公告后獲得的股市回報越大,同時投資者更青睞低負(fù)債權(quán)益比的公司。而諸如賬面市值比和預(yù)計比例則對投資者的投資決策沒有明顯影響。因此上市公司存在通過調(diào)整運(yùn)營決策來影響其市值表現(xiàn),從而獲得更多的股市回報的動機(jī)。而當(dāng)制造業(yè)企業(yè)披露銷售合同時,投資者對這類企業(yè)進(jìn)行投資會取得較好的回報。 通過理論分析研究了當(dāng)產(chǎn)品質(zhì)量成本不對稱時,供應(yīng)商市值關(guān)注度對供應(yīng)鏈決策和供應(yīng)鏈績效的影響。論文考慮三種情況：(1)產(chǎn)品質(zhì)量水平可以合同化且產(chǎn)品價格固定,(2)產(chǎn)品質(zhì)量水平不能合同化且產(chǎn)品價格固定,(3)產(chǎn)品質(zhì)量水平可以合同化且售價由零售商制定(變動價格)。結(jié)果指出當(dāng)產(chǎn)品價格變動時,產(chǎn)品售價會受市值關(guān)注度的影響并隨其遞增。同時發(fā)現(xiàn)在三種情況下,都存在當(dāng)質(zhì)量成本信息對稱時,低質(zhì)量成本供應(yīng)商生產(chǎn)的產(chǎn)品質(zhì)量水平、訂貨量,與之交易的零售商收益和供應(yīng)鏈的收益都高于高質(zhì)量成本供應(yīng)商的產(chǎn)品。而在不對稱信息條件下,高質(zhì)量成本供應(yīng)商的產(chǎn)品質(zhì)量水平和訂貨量會發(fā)生扭曲,但是都會受到供應(yīng)商市值關(guān)注度的影響且隨市值關(guān)注度遞增,因此市值關(guān)注度可以減緩這種扭曲程度。除此以外,供應(yīng)商市值關(guān)注度也會影響收益。當(dāng)供應(yīng)商的市值關(guān)注度較低時,零售商收益和供應(yīng)鏈?zhǔn)找孑^低。但是隨著市值關(guān)注度的增加,零售商和供應(yīng)鏈的收益會隨之增加,特別是當(dāng)供應(yīng)商只關(guān)注市值時,零售商與供應(yīng)鏈的收益會達(dá)到對稱信息條件下的最優(yōu)水平。而供應(yīng)商的收益則會在當(dāng)高質(zhì)量成本供應(yīng)商所占比例和市值關(guān)注度都較小時隨市值關(guān)注度遞增,否則隨市值關(guān)注度遞減。通過比較三種情況發(fā)現(xiàn)(1)當(dāng)供應(yīng)商更關(guān)注市值或產(chǎn)品退貨價格較低時,將產(chǎn)品質(zhì)量水平合同對供應(yīng)商和零售商都有利；(2)當(dāng)產(chǎn)品價值較低時,不同的定價策略對買賣雙方和供應(yīng)鏈的影響很小。
[Abstract]:Many companies not only to consider the long-term benefits but also consider the short-term gains obtained in the capital market operation decision. The market value of the stock is an important reference standard of listed companies the market size and the level of performance, is the company's organizational structure, operation and management level, the market competitiveness of such a series of factors related to enterprise future comprehensive reflection that is an important corporate social evaluation and market evaluation index. Therefore, more attention to the listed company stock market value more and more. Based on this background to study the essence of earnings management motivation, from the perspective of supply chain coordination, the introduction of the management of the company (managers) factors the degree of concern on the value of Trendsetter Financial Markets Ltd of this effect, combined with the form of the contract the two aspects of the factors of supply chain parties decision and profit and supply chain system from theoretical analysis and data analysis. The influence of regulation on the motivation and phenomenon of supply chain management decisions of listed companies is explained, and a reasonable contract form to improve the performance of supply chain system is designed according to the influencing factors.
Through the two major domestic stock exchange data analysis of listed companies issued market reaction after the announcement that the purchase and sale contract. Listed companies issued a purchase and sale contract after the announcement will get obvious stock returns, and sales contract after the announcement return is higher than the purchase contracts. When manufacturing enterprises issued notice when the purchase and sale contract will get more than other industries and enterprises. The stock market returns of listed companies and foreign-funded enterprises, to obtain higher stock returns than signed a purchase contract with the government after the purchase contract is signed Chinese listed companies and non listed companies. But the test results did not prove that the contract risk prompts or not on the market value of listed companies have different effects. Finally, the impact of internal factors listed companies on the stock market returns are analyzed by multivariate linear regression model. Results show that the greater the size of the company issued a purchase and sale contract The announcement after the stock market returns is larger, while investors prefer low debt equity ratio of the company. Such as the book market ratio and the expected proportion of the investment decisions of investors had no obvious effect. So the listed companies have to affect the performance of market value by adjusting the operation decision, in order to get more return on the stock market when the disclosure of motives. The sales contract manufacturing enterprises, investors of this kind of investment will get better returns.
Through theoretical analysis on the quality of the products cost asymmetry, supplier market attention influence on decision making of supply chain and supply chain performance. This paper considers three situations: (1) the level of product quality and product fixed price contract, (2) the level of product quality and price contract cannot be fixed, (3) the level of product quality and the price of the contract can be formulated by the retailer (price). The results show that when the price changes, price will be affected by the market impact and with increasing attention. At the same time that in the three case, when there are quality cost information symmetry, low level of quality, cost of supplier products the quality and quantity, the retailers trading income and profit of supply chain is higher than the cost of high quality suppliers. And under the condition of information asymmetry, the quality of the products of high quality water supplier cost Peace and order quantity will be distorted, but will be worth the attention of suppliers and with the increasing market attention, so the market attention can mitigate the distortion. In addition, the supplier market attention will also affect income. When supplier market attention is low, income and revenue of supply chain retailers low. But with the market attention increases, the retailer and supply chain revenue will increase, especially when the supplier only focus on the market, retailer and supply chain revenue will reach the optimal water under symmetric information. And the supplier will return when the cost of high quality suppliers and the proportion of market capitalization attention is small with market attention increasing, with the market attention. Otherwise the decline by comparing three cases (1) found that when the supplier pays more attention to the market value or the return of the product when the price is low, will Quality level contracts are beneficial to both suppliers and retailers; (2) when the value of the product is low, different pricing strategies have little impact on both the buyer and the buyer and the supply chain.

【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F274;F275;F832.51

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