The Effects Of Supply Chain Characteristics Of Listed Companies On Investment And Financing Efficiency And Corporate Performance

With the continuous advancement of global economic integration and increasingly fierce market competition,enterprise competition has expanded from individual strength competition to supply chain competition.For the company,suppliers and customers are important stakeholders,procurement and sales are the key links of the company’s operation,and the close business relationship with suppliers and customers directly reflects the company’s operating status and future development prospects.In 2017,the state council issued the guidance on actively promoting the innovation and application of supply chain.With the supply-side reform and the new normal development of China’s economy,the innovation and application of supply chain has become a national strategy.The company’s operation,development,innovation,are inseparable from supply chain.So what role do supply chain characteristics play in creating value for a company? Supply chain is the network chain structure around the core enterprise,and a company acts as a node which constitutes the essential link between supply and demand.At the same time,information is the glue connecting the whole supply chain network structure,circulating and adjusting in the supply chain network interaction.Although scholars focus on the content characteristics of supply-chain relational transactions,there is a lack of research on the characteristics of supply chain at other levels.It is difficult to fully reflect how the characteristics of supply chain create company value,and to accurately analyze how information resources flow,transform and transfer among members of the supply chain.In the field of corporate finance,researchers pay more and more attention to stakeholders,and they think stakeholders should participate in corporate governance.How to deal with the relationship with suppliers or customers and explore the value effect of supply chain characteristics are important topics of corporate governance.This paper mainly analyzes the specific role of different levels of supply chain characteristics in the process of creating value.From the perspective of information mechanism,supply chain information in core enterprises(listed companies)is mainly divided into information processing,information disclosure and information transmission.Firstly,this paper analyzes the influence of supply chain executives on company performance from the perspective of information processing.By using the hand-collected data of supply chain executives,this paper explores how the information exchange "hub" deals with supply chain information,improves operation and management decisions and influences company performance.Secondly,this paper studies the impact of listed companies’ supply chain information disclosure on corporate investment efficiency from the perspective of information disclosure.Specifically,the study tests whether this behavior characteristic inhibits the company’s inefficient investment to play a corporate governance role,and further analyzes the mechanism.Finally,this paper studies the supply chain relational trade impact on China’s listed companies financing efficiency from the perspective of information transmission,by using the data from the manual collection and considering "importance","stability" and "quality" of customers and suppliers.Based on information mechanism,this paper takes listed companies as the research object,traces the supply chain research data and executive background data of listed companies from 2008 to 2016,and deeply excavates the characteristics of supply chain at executive level and enterprise level(supply chain executives,supply chain information disclosure,supply chain relationship transaction,supply chain stability and so on).This paper probes deeply into the economic consequences and mechanisms of supply chain characteristics affecting corporate behavior,enriches the research scope of stakeholders in the field of corporate finance,and provides new empirical evidence for the application and practice of supply chain governance in China’s enterprises.From the perspective of information transmission mechanism,information in the process of supply,transformation and transfer of core enterprises should be divided into three links:information reception,information disclosure and information transmission.Firstly,this paper studies the impact of supply chain executives on the company performance from the perspective of information reception.Secondly,this paper analyzes the impact of the characteristics of information disclosure behavior on the investment efficiency of corporate from the perspective of information disclosure.Finally,this paper studies the impact and mechanism of the content characteristics of supply chain relational transactions on the financing efficiency from the perspective of information transmission.Specifically,the conclusions of this paper are as follows:(1)This paper examines how supply chain executives alleviate the information asymmetry between listed companies and their suppliers/customers,affecting company performance from the information processing dimension.It is found that the improvement of supply chain executives significantly affects the company’s profitability.In particular,we find that supply chain executives enhance corporate performance and sustainable development power by seizing market opportunities,saving operating costs,improving trade credit and liquidity management,and promoting enterprise innovation.The data of supply chain executives collected manually provide an important supplement for the multi-level research of supply chain governance,and deepen the economic effects of supply chain characteristics.(2)This paper studies the impact of supply chain information disclosure on corporate investment efficiency.The results show that the disclosure of customer or supplier information by listed companies can significantly inhibit the inefficient investment behavior.In addition,this paper also proves that supply chain information disclosure can help enterprises ease financing constraints,reduces the negative impact of principal-agent risk on the company.The supply chain information disclosure of Listed Companies in China belongs to voluntary disclosure,which is an important way for companies to communicate the trading status and development prospects of supply chain with external investors.It not only provides strong evidence for investors to make use of the supply chain information disclosed in the annual reports,but also has certain reference value for relevant departments to further standardize the supply chain information disclosure system.(3)This paper studies the impact of supply chain relationship transaction on the financing efficiency.It is found that the higher customer or supplier concentration not only improves the corporate governance level,but also reduces the operational risk,so as to enhance the financing efficiency.It is also found that the stability of supply chain is not only conducive to improving the financing scale and duration,but also significantly reducing the financing cost.When the customer’s bargaining power is strong and the bankruptcy risk is low,it belongs to the non-high-tech industry and the location advantage is better,the positive effect of customer concentration on financing ability is significant.In contrast,when the supplier’s bankruptcy risk is higher,it belongs to high-tech industry and has better location advantages,the positive effect of supplier concentration on financing capacity is more significant.This paper confirms that supply chain relationship transaction plays a significant role of "governance" and "signal transmission".Possible creative points of this paper includes:(1)This paper is a useful attempt to study the influence of supply chain executives on company management behavior.Scholars pay insufficient attention to the characteristics of supply chain at the senior management level,and only a few foreign scholars pay attention to supply chain executives(Dass et al.,2014;Fich and Nguyen,2018).However,supply chain executives are the main body of information receiving and the "hub" of information exchange in the company’s supply chain.The impact mechanism of supply chain executives on the company needs to be analyzed in depth.We manually collect executive data and supply chain research data to establish a database of Supply Chain Executive characteristics.From the perspective of information processing,this paper enriches the background characteristics of senior executives and supply chain characteristics.In addition,this paper examines whether the supply chain executives can enhance the company’s competitiveness and sustainable development from the mechanisms of "open source","throttling",trade credit,liquidity management and innovation.(2)This paper studies the impact of supply chain information disclosure on investment efficiency of listed companies.This study enriches the research on the relationship between corporate information disclosure and investment efficiency,and provides new ideas for domestic scholars to study the economic consequences of supply chain information disclosure and the influencing factors of corporate investment efficiency.Supply chain information has "spillover effect".Although previous studies have shown that the disclosure of supply chain information is conducive to reducing information asymmetry in capital market and increasing information transparency(Li and Wang,2016),the impact of supply chain information disclosure on enterprise investment efficiency has been neglected.The low quality of corporate information disclosure can easily lead to problems such as asymmetric information and lack of management supervision,which lead to inefficient investment such as insufficient investment and over-investment.Supply chain information is an important component of the content and quality of corporate information disclosure.This paper studies the relationship between supply chain information disclosure and investment efficiency.It can not only objectively evaluate the role of supply chain information disclosure,but also provide useful policy enlightenment for relevant departments to improve supply chain information disclosure.(3)This paper enriches the research content of the impact of supply chain relationship transaction on corporate financing efficiency.It is found that supply chain relationship transaction has "governance" and "signaling" effects on corporate financing efficiency,which provides new empirical evidence for the impact of supply chain relationship transaction on financing efficiency in emerging market countries.On the one hand,previous studies mostly focus on customer groups and represent the characteristics of supply chain relational transactions with customer concentration(Meng et al.2018;Hui et al.,2019),but this index only reflects the dimension of "importance".It is difficult to reflect the dimension of "stability" and "quality".This paper deeply excavates the individual characteristics of suppliers and customers,such as bargaining power,bankruptcy risk,location advantage and technological innovation level,considering how supply chain relationship transactions affect the financing efficiency from the dimensions of "importance","stability" and "quality".On the other hand,the conclusions of foreign scholars may not be completely suitable for the market situation of countries in transition,and it is difficult to directly interpret the fact that Chinese enterprises are difficult and expensive to finance.This paper is helpful for Chinese enterprises to obtain financial support through supply chain transaction and has practical significance to improve the level of supply chain financial services.