管理学刊2023，Vol.36Issue(5)：114-132,19.DOI:10.19808/j.cnki.41-1408/F.2023.0047
供应商结构与中小企业债务违约风险
Supplier Structure and Debt Default Risk of SMEs:Based on the Perspective of Supply Chain Earnings Effect and Allocation Effect
摘要
Abstract
By participating in supply chain cooperation,the competitiveness of small and medium-sized enterprises(SMEs)can be significantly enhanced.However,the small scale and weak bargaining power also make SMEs highly dependent on supply chain divisions and especially sensitive to changes in supplier structure.This paper explores the impact of supplier structures on the debt default risk of SMEs through theoretical and analytical analysis.It shows the changes in supplier structure have both an earnings effect and an allocation effect.The direction and strength of the two effects affect the final earnings of SMEs and their debt default risk.Furthermore,the empirical research,based on the sample of listed manufacturing SMEs in China from 2013 to 2021,shows the supplier structure becomes more stable with the decrease in supplier substitution rate,the increase in the number of low-substitution suppliers,or the decrease in the number of high-substitution suppliers.The positive earnings effect of a stable supplier structure outweighs the negative allocation effect,which is very beneficial for improving the debt default risk of SMEs.Further study shows that higher pricing power and lower market competitiveness can strengthen the advantages of supplier structural stability and thus increase enterprise profitability,reduce income volatility,and significantly reduce the debt default risk of SMEs.This paper has enriched the research on supply chain risk management,and provided theoretical and empirical basis for clarifying the economic consequences of supplier structure changes and improving the supervision of supply chain SMEs'default risk.关键词
供应商结构/中小企业/违约风险/收益效应/分配效应Key words
supplier structure/SMEs/default risk/earnings effect/allocation effect分类
管理科学引用本文复制引用
黄苒,宋昱..供应商结构与中小企业债务违约风险[J].管理学刊,2023,36(5):114-132,19.基金项目
国家自然科学基金面上项目(72171100) （72171100）
教育部人文社会科学研究规划基金项目(18YJA790037) （18YJA790037）
