供应商/客户关系对企业银行借款能力的异质性影响
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摘要
以2003～2015年中国A股制造业上市公司为研究对象,基于银行信贷意愿的视角,考察供应商/客户关系对企业的银行借款能力的影响。研究发现:供应商/客户关系对企业的银行借款能力有截然不同的影响,供应商集中度越高,企业借款能力越强;而客户集中度越高,企业借款能力反而越弱。进一步考虑产权性质,国有企业比非国有企业拥有更强的借款能力,供应商集中度较高的国有企业比非国有企业更容易获得银行借款,而客户集中度较高的非国有企业比国有企业更容易失去银行借款。企业的供应商/客户关系是银行在授信决策过程中予以考量的重要因素,且供应商集中和客户集中对银行授信决策的影响存在异质性。
Taking China A-share manufacturing listed companies from 2003 to 2015 as the research object,this paper examines the impact of buyer/supplier relationship on Corporate borrowing capacity from banks based on the perspective of bank credit.The study found that:buyer/supplier relationship has a very different impact on Corporate borrowing capacity from banks.The concentration of suppliers is positively correlated with the ability of corporate borrowing,while the customer concentration is negatively related to the ability of corporate borrowing.Further considering property right,we found that state-owned enterprises have stronger borrowing ability than private-owned ones.State-owned enterprises with higher concentration of suppliers are more likely to obtain bank loans than private-owned ones,whereas private-owned enterprises with higher concentration of customers are more likely to lose bank loans than state-owned enterprises.The conclusion of this paper shows that the bank will consider the buyer/supplier relationship of the borrower in the credit decision-making process,and the influence of supplier relationship and customer relationship on bank credit decision-making is very heterogeneous.
Taking China A-share manufacturing listed companies from 2003 to 2015 as the research object,this paper examines the impact of buyer/supplier relationship on Corporate borrowing capacity from banks based on the perspective of bank credit.The study found that:buyer/supplier relationship has a very different impact on Corporate borrowing capacity from banks.The concentration of suppliers is positively correlated with the ability of corporate borrowing,while the customer concentration is negatively related to the ability of corporate borrowing.Further considering property right,we found that state-owned enterprises have stronger borrowing ability than private-owned ones.State-owned enterprises with higher concentration of suppliers are more likely to obtain bank loans than private-owned ones,whereas private-owned enterprises with higher concentration of customers are more likely to lose bank loans than state-owned enterprises.The conclusion of this paper shows that the bank will consider the buyer/supplier relationship of the borrower in the credit decision-making process,and the influence of supplier relationship and customer relationship on bank credit decision-making is very heterogeneous.
引文
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[2]江伟,李斌.制度环境、国有产权与银行差别贷款[J].金融研究,2006(11):119-129.
[3]方军雄.所有制、制度环境与信贷资金配置[J].经济研究,2007(12):82-92.
[4]陆正飞,祝继高,樊铮.银根紧缩、信贷歧视与民营上市公司投资者利益损失[J].金融研究,2009(8):124-136.
[5]程六兵,刘峰.银行监管与信贷歧视:从会计稳健性的视角[J].会计研究,2013(1):28-34.
[6]Grahama J R,Si L,Qiuc J.Corporate Misreporting and Bank loan Contracting[J].Journal of Financial Economics,2006,89(1):44-61.
[7]姚立杰,夏冬林.我国银行能识别借款企业的盈余质量吗?[J].审计研究,2009(3):91-96.
[8]赵刚,梁上坤,王玉涛.会计稳健性与银行借款契约:来自中国上市公司的经验证据[J].会计研究,2014(12):18-24.
[9]肖作平,张樱.社会资本对银行贷款契约的影响[J].证券市场导报,2014(12):32-40.
[10]连军,刘星,杨晋渝.政治联系、银行贷款与公司价值[J].南开管理评论,2011,14(5):48-57.
[11]Lu Z,Zhu J,Zhang W.Bank Discrimination,Holding Bank Ownership,and Economic Consequences:Evidence from China[J].Journal of Banking&Finance,2012,36(2):341-354.
[12]祝继高,韩非池,陆正飞.产业政策、银行关联与企业债务融资:基于A股上市公司的实证研究[J].金融研究,2015(3):176-191.
[13]王迪,刘祖基,赵泽朋.供应链关系与银行借款:基于供应商/客户集中度的分析[J].会计研究,2016(10):42-49.
[14]Hertzel M G,Officer M S,Rodgers K J.Inter-firm Linkages and the Wealth Effect of Financial Distress along the Supply Chain,Forthcoming[J].Journal of Financial Economics,2008,87(2):374-387.
[15]Maksimovic V,Titman S.Financial Policy and Reputation for Product Quality[J].Review of Financial Studies,1991,4(1):175-200.
[16]林钟高,郑军,彭琳.关系型交易、盈余管理与盈余反应:基于主要供应商和客户视角的经验证据[J].审计与经济研究,2014,29(2):47-57.