供应链集中度与银行信贷

Supply Chain Concentration and Bank Credit

中文关键词:  供应链集中度  银行信贷  经营风险  资产专用性  议价能力  产权性质  企业规模

英文关键词:supply chain concentration  bank credit  business risk  asset specificity  bargaining power  property rights  enterprise scale

中文摘要:

      供应链集中对企业而言既有整合效应也有风险效应,供应链集中度究竟如何影响企业获取银行信贷是值得探讨的重要问题。基于2007—2020年中国A股上市公司数据,研究了供应链集中度对企业银行信贷的影响。研究发现:供应链集中度与银行信贷之间呈倒“U”型关系,即随着供应链集中度的提高,企业获取的银行信贷呈现出先增加后减少的变化趋势。中介效应检验表明,经营风险和资产专用性在供应链集中度影响银行信贷关系中发挥了中介作用。异质性分析发现,在议价能力较弱、非国有和中小型的企业中,供应链集中度与银行信贷之间的倒“U”型关系更为显著。因此,企业应将供应链集中度保持在合理范围内,维持适度的经营风险和资产专用性水平以获取更多银行信贷；同时银行应关注企业的供应链集中度水平,充分评估授信风险并合理配置信贷资源,为企业发展提供资金支持。

英文摘要:

      Supply chain concentration has both an integration effect and a risk effect on enterprises. How supply chain concentration affects enterprises' access to bank credit is an important issue worth discussing. Based on the data of Chinese A-share listed companies from 2007 to 2020, this paper studies the impacts of supply chain concentration on enterprises' bank credit. It finds that there is an inverted U-shaped relationship between supply chain concentration and bank credit. In other words, with the increase of supply chain concentration, the bank credit obtained by enterprises shows a trend of increasing first and then decreasing. The mediating effect test shows that business risk and asset specificity play a mediating role in the relationship between supply chain concentration and bank credit. Heterogeneity analysis shows that the inverted U-shaped relationship between supply chain concentration and bank credit is more significant in non-state-owned or small and medium-sized enterprises with weak bargaining power. Therefore, enterprises should keep supply chain concentration within a reasonable range and maintain a moderate level of business risk and asset specificity, so as to obtain more bank credits. At the same time, banks should pay attention to enterprises' supply chain concentration level, fully assess credit risk and rationally allocate credit resources to provide financial support for enterprise development.