防微杜渐:供应商企业应对核心客户财务风险传染策略研究被引量：15

Prevention of Weakness:Research on the Strategies for Supplier Enterprises to Cope with the Financial Risk Transmission of Core Customers

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摘要财务风险的集聚和传染是引发系统性金融风险的潜藏路径,如何在供应链条上识别和防控财务风险的传染对防范化解系统性金融危机具有重要意义。基于2010—2020年A股上市公司构建的“客户-供应商-年度”样本,深入考察核心客户财务风险对供应商的传染效应以及供应商采取的应对策略。研究结果表明:(1)核心客户的财务风险会传染到其供应商企业,供应商采取公司治理提升策略和信息披露质量改善策略能有效应对风险传染。(2)财务风险传染机制识别发现,利益联动效应和资源联动效应是核心客户财务风险传染到供应商的可能路径。(3)异质性分析发现,当行业环境动态性越高和供应链经营波动性越强时,核心客户财务风险对供应商企业的传染效应越显著,而供应商通过公司治理提升策略和信息质量改善策略对核心客户财务风险传染的应对效果更为显著。 The concentration and contagion of financial risks is a hidden crisis that may lead to systemic financial risks.How to identify and prevent the financial risk contagion of micro firms is of great significance to prevent and resolve the systemic financial risk.Based on the listed companies from 2010 to 2020,this paper constructs the“customer-supplier-year”sample,and investigates the contagion effect of core customer financial risk on supplier enterprise and the strategies suppliers will adopt.The research results show that:(1)the core customers have a financial risk contagion effect on suppliers.And supplier enterprises can effectively deal with the risk infection of core customers through“corporate governance improvement”and“information quality improvement”.(2)The identification of action path shows that“benefit linkage effect”and“resource linkage effect”are underlying mechanisms.(3)The heterogeneity test finds that when the enterprise environment is more dynamic and the supply chain network is more volatile,the contagion effect is more obvious,and the supplier s strategies to deal with the financial risk contagion of core customers through the“corporate governance improvement”and“information quality improvement”are more obvious.

作者孙雅妮 SUN Yani(School of Management,Hainan University,Haikou 570100,China;Financial Innovation and Risk Management Research Center of Hebei University of Finance,Baoding 071000,China)

机构地区海南大学管理学院河北金融学院金融创新与风险管理研究中心

出处《审计与经济研究》 CSSCI 北大核心 2023年第4期74-83,共10页 Journal of Audit & Economics

基金国家自然科学基金面上项目(71872121) 河北金融学院金融创新与风险管理研究中心开放基金项目(JDKF2022003)。

关键词财务风险供应链传染风险应对策略供应商企业核心客户 financial risk supply chain contagion strategy to deal with risks supplier enterprises core customers

分类号 F274 [经济管理—企业管理]

作者简介孙雅妮(1990-),女,山西太原人,海南大学管理学院在站博士后,河北金融学院金融创新与风险管理研究中心助理研究员,博士,从事资本市场财务与会计研究,E-mail:184095@hainanu.edu.cn。