供应商集中度、非标准审计意见与商业信用融资

商业研究

供应商集中度、非标准审计意见与商业信用融资

朱文莉1,2，白俊雅1

（1.陕西科技大学经济与管理学院,西安 710021; 2.陕西轻工产业发展战略研究中心，西安 710021）

收稿日期:2018-03-03 出版日期:2018-06-26
作者简介:朱文莉(1972-)，女，河南漯河人，陕西科技大学经济与管理学院/陕西轻工产业发展战略研究中心副教授，管理学博士，研究方向为财务管理；白俊雅（1993-），女，山西太原人，陕西科技大学经济与管理学院研究生，研究方向：财务管理。
基金资助:
陕西省教育厅哲学社会科学重点研究基地项目，项目编号：17JZ015。

Supplier Concentration, Non-Standard Audit Opinions and Trade Credit Financing

ZHU Wen-Li1,2,BAI Jun-Ya1

(1.College of Economics and Management, Shannxi University of Science and Technology,Xi′an 710021, China;2.Shaanxi Research Center of Development Strategy for Light Industry，Xi′an 710021,China)

Received:2018-03-03 Online:2018-06-26

摘要/Abstract

摘要： 我国企业商业信用融资仍占企业融资规模相当大的比重，为进一步揭示供应商集中度、非标准审计意见二者与企业商业信用融资的影响规律，以及二者共同作用于企业商业信用融资时的影响关系，本文以2012-2016年A股上市公司为研究样本，采用面板数据固定效应模型进行实证检验。研究发现：供应商集中度与商业信用融资规模负相关，供应商集中度越高，商业信用融资规模越小；非标准审计意见与商业信用融资负相关，企业被出具非标准审计意见会降低其下一年度商业信用融资规模；较之于供应商集中度，非标准审计意见对商业信用融资规模的负向作用更强；供应商集中度与非标准审计意见具有互补性，非标准审计意见会强化供应商集中度对商业信用融资规模的负向作用；企业与供应商的关联方关系会削弱供应商集中度对商业信用融资的负向作用，在面对非标准审计意见时表现得更加明显。上述结论对相关企业的融资管理及策略有启示意义。

关键词: 供应商集中度, 非标准审计意见, 商业信用融资, 关联方关系

Abstract: Trade credit financing still accounts for a considerable proportion of corporate financing in China. In order to further reveal the influence law of supplier concentration and non-standard audit opinions on corporate trade credit financing, and the impact of the two when jointly acting on corporate trade credit financing, this paper takes A-share listed companies as a sample and uses panel data fixed effect model to test the relationship between supplier concentration, non-standard audit opinions and trade credit financing. It is found that the supplier concentration is negatively related to the trade credit financing; non-standard audit opinion is negatively related to trade credit financing in the following year; compared with the supplier concentration, non-standard audit opinions have stronger negative effects on the scale of trade credit financing; the supplier concentration is complementary to the nonstandard audit opinion, which can reinforce the negative effect of the supplier concentration on the scale of trade credit financing; the related party relationship between enterprise and supplier will weaken the negative effect of supplier concentration on trade credit financing, which is more obvious in the face of non-standard audit opinion. The above conclusions have implications for the financing management and strategy of corporate.

Key words: supplier concentration, non-standard audit opinions, trade credit financing, related party relationship

朱文莉1,2，白俊雅1. 供应商集中度、非标准审计意见与商业信用融资[J]. 商业研究.

ZHU Wen-Li1,2,BAI Jun-Ya1. Supplier Concentration, Non-Standard Audit Opinions and Trade Credit Financing [J]. 商业研究.

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