摘要
利用我国上市公司前5名应收账款欠款人信息以及前5名大客户信息的披露数据,本文较为直接地考察了企业是否以及如何利用应收账款的产品质量担保功能与大客户构建合作型客户关系。研究结果表明,客户集中度越高,企业提供给大客户的信用政策越宽松,即应收账款金额越多,信用期限越长;进一步研究发现,在与主要客户地理位置相似度较低的企业、处于竞争性行业的企业以及营商环境较好的地区,上述两者之间的正相关关系有所增强。最后,本文发现,在与大客户构建合作型客户关系时,企业向这些大客户提供的应收账款越多,企业的业绩越好。
It is critical for managers to make appropriate decisions in dealing with supply chain risks(McKinsey,2010).The literature suggests that,if a supplier firm and its customers can build a cooperative rather than an arm's length relationship,the communication and cooperation between them will not only mitigate the hold-up problem and operating risk induced by major customers(Bensaou,1999),but also enhance firm performance and value(Kalwani and Narayandas,1995;Patatoukas,2012;Irvine et al.,2016).However,few studies in the accounting and finance literature have explored how to build and maintain a cooperative relationship with customers,especially major customers(Anderson and Dekker,2009).Several scholars have provided limited empirical evidence on cooperative relationship building from the perspectives of capital structure,accounting policies,and earnings management(Banerjee et al.,2007;Kale and Shahru,2008;Raman and Shahrur,2008;Dou et al.,2013).In the literature on trade credit,most studies have focused on the role of accounts receivable as financing(Love et al.,2007;Giannetti et al.,2011),neglecting its role as a product quality warranty when the supplier firm and its customers are attempting to build a cooperative relationship(Smith,1987).Because it is challenging to obtain large-sample information on specific products and terms of trade credit,the empirical evidence on the role of accounts receivable as a product quality warranty is not only limited,but also indirect(Long et al.,1993;Klapper et al.,2012;Dass et al.,2015).Considering the potential hold-up problem and operating risk induced by major customers,there is a lack of direct empirical evidence on whether and how supplier firms use accounts receivable as a product quality warranty when building and maintaining a cooperative relationship with major customers.Empirical evidence on this topic would provide insight into integrating supply chains and improving supply chain finance,thus enhancing a country's global economic competitiveness.Our initial sample co
作者
江伟
底璐璐
刘诚达
JIANG Wei;DI Lulu;LIU Chengda(School of Business,Renmin University of China;School of Accounting,Southwestern University of Finance and Economics;Management School,Zhejiang University of Technology)
出处
《金融研究》
CSSCI
北大核心
2021年第3期151-169,共19页
Journal of Financial Research
基金
国家自然科学基金面上项目(72072071)的资助。
关键词
应收账款
产品质量担保
合作型客户关系
客户集中度
Accounts Receivable
Product Quality Warranty
Cooperative Customer Relationship
Customer Concentration
