供应链稳定度对企业价值的影响研究

Research on the Influence of Supply Chain Relationship on Enterprise Value

摘要: 企业价值对金融市场的流动性和稳定性十分重要，因此从供应链稳定度视角中的供应商稳定度和客户稳定度去研究对企业价值的影响。稳定的供应商和稳定的客户可以通过降低企业的交易成本，更好的发挥供应链的整合效应去提升企业价值。以2010~2021年A股上市公司为研究样本，实证检验了供应链稳定度对企业价值的影响。研究发现，供应商稳定度和客户稳定度与企业价值正相关，供应商和客户越稳定越能够提升企业价值，并且客户稳定度对企业价值的创造作用更显著。进一步通过企业规模的异质性研究发现，供应链稳定度对企业价值的提升作用在小规模企业中表现更加显著。这一发现丰富了供应链关系管理和企业价值方面的研究文献，对公司加强供应链关系管理提升企业价值有一定的启示。

Abstract: Enterprise value is very important to the liquidity and stability of the financial market, so the impact of enterprise value is studied from the supplier stability and customer stability from the perspective of supply chain stability. Stable suppliers and stable customers can reduce the transaction cost of enterprises, and better play the integration effect of the supply chain to enhance the enterprise value. Taking A-share listed companies from 2010 to 2021 as the research sample, the impact of supply chain stability on enterprise value is empirically tested. Research has found that supplier stability and customer stability are positively correlated with enterprise value. The more stable suppliers and customers are, the more stable the enterprise value can be enhanced, and customer stability plays a more significant role in the creation of enterprise value. Further through the heterogeneity research of enterprise scale, it is found that the improvement effect of supply chain stability on enterprise value is more significant in small-scale enterprises. This discovery enriches the research literature on supply chain relationship management and enterprise value, and has certain enlightenment for the company to strengthen supply chain relationship management and enhance enterprise value.