Supply Chain Finance, Performance and Risk: How Do SMEs Adjust Their Buyer-Supplier Relationship for Competitiveness?
Supply Chain Finance, Performance and Risk: How Do SMEs Adjust Their Buyer-Supplier Relationship for Competitiveness?
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DOI：
10.7441/joc.2021.04.05
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发表时间：
2021-12-01
影响因子：
7.3
通讯作者：
Chen, Xuesheng
中科院分区：
文献类型：
--
作者：
Liu, Feng;Fang, Mingjie;Chen, Xuesheng
作为一种创新的商业模式，供应链金融（SCF）吸引了相当多的关注，它允许企业，特别是中小型企业（sme）将非流动性资产转换为现金，而不会产生额外的负债。然而，其对中小企业绩效和风险的影响尚未得到充分的研究。中小企业的竞争力取决于绩效的提高和风险的降低。因此，本研究构建了应收账款周转率的比例十分位等级转换，以衡量供应商实施SCF的程度，从而检查SCF、绩效和风险之间的关系。我们收集了中国制造业4679家中小企业的数据。然后，层次线性回归——多元线性回归分析的一种复杂形式——被用来检验假设。结果表明，中小企业采用供应链金融对其绩效有正向影响，对其风险有负向影响。为了进一步探讨横截面变异性，我们研究了买方-供应商关系的调节作用。结果表明，顾客集中度的提高既增强了顾客集中度对绩效的积极影响，也增强了顾客集中度对风险的消极影响。总体而言，我们的研究通过探索供应链融资采用的多个方面，并强调买方-供应商关系在供应链融资和中小企业竞争力中的调节作用，为供应链中运营和财务界面的文献做出了贡献。最后，我们通过验证SCF实施和买方-供应商关系管理在形成竞争优势方面的价值，为中小企业和金融服务提供商提供管理启示。
Supply chain finance (SCF) has attracted considerable attention being an innovative business model that allows firms, especially small- and medium-sized enterprises (SMEs), to convert illiquid assets into cash without incurring additional liabilities. However, its effects on SME performance and risk have been insufficiently studied. The competitiveness of SMEs depends on performance enhancement and risk mitigation. Thus, this study constructs a scaled-decile rank transformation of account receivable turnover to gauge the degree to which a supplier implements SCF, thereby examining the relationship between SCF, performance, and risk. We collect data on 4,679 SMEs from the Chinese manufacturing sector. Thereafter, hierarchical linear regression, a complex form of multiple linear regression analysis, is employed to test the hypotheses. The results indicate that an SME's SCF adoption positively impacts its performance but negatively impacts its risk. 'lb further explore cross-sectional variability, we investigated the buyer-supplier relationship's moderating role. Results show that an increase in customer concentration strengthens both the positive effects of SCF on performance and the negative effects of SCF on risk. Overall, our study contributes to the literature on the interface of operations and finance in supply chains by exploring the multiple facets of SCF adoption and highlighting the moderating role of buyer-supplier relationship in SCF and SME competitiveness. Finally, we provide managerial implications for SMEs and financial service providers by validating the value of SCF implementation and the buyer-supplier relationship management in forging competitive advantages.