Supply chain concentration and cost of capital

IF 3.1 4区管理学 Q2 BUSINESS, FINANCE Accounting and Finance Pub Date : 2023-07-27 DOI:10.1111/acfi.13156

James E. Upson, Chao Wei

引用次数: 0

Abstract

Abstract This study examines the impact of supply chain concentration on a firm's financing costs. We show purchasing firms with multiple supplier relationships are subject to higher information asymmetry and cost of equity. This effect is more pronounced when the supplier's financial performance deteriorates. We also find that lower supply chain concentration increases a firm's cost of debt. We believe that the purchaser's supply chain represents a source of material private information and that investors require a higher rate of return as compensation for increased information asymmetry. Our results are robust to combining the suppliers producing similar output and endogeneity issues.

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供应链集中度与资金成本

摘要本研究探讨供应链集中度对企业融资成本的影响。我们表明，拥有多个供应商关系的采购公司受到更高的信息不对称和股权成本的影响。当供应商的财务业绩恶化时，这种影响更为明显。我们还发现，较低的供应链集中度会增加企业的债务成本。我们认为，买方的供应链代表了重要私人信息的来源，投资者需要更高的回报率，作为对信息不对称增加的补偿。我们的结果是稳健的结合供应商生产相似的产出和内生性问题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounting and Finance BUSINESS, FINANCE-

CiteScore

5.10

自引率

7.70%

发文量

期刊介绍： Accounting & Finance enjoys an excellent reputation as an academic journal that publishes articles addressing significant research questions from a broad range of perspectives. The journal: • publishes significant contributions to the accounting, finance, business information systems and related disciplines • develops, tests, or advances accounting, finance and information systems theory, research and practice • publishes theoretical, empirical and experimental papers that significantly contribute to the disciplines of accounting and finance • publishes articles using a wide range of research methods including statistical analysis, analytical work, case studies, field research and historical analysis • applies economic, organizational and other theories to accounting and finance phenomena and publishes occasional special issues on themes such as on research methods in management accounting. Accounting & Finance is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments, and merchant and investment banking.