题名

供應鏈關係不確定性對公司信用風險影響之研究

并列篇名

Supply Chain Relationship Uncertainty and Corporate Credit Risk

DOI

10.6226/NTUMR.201808_28(2).0006

作者

陳宗岡(Tsung-Kang Chen)；廖咸興(Hsien-Hsing Liao)；廖崇佑(Chung-Yu Liao)

关键词

信用風險 ； 供應鏈關係不確定性 ； 公司債利差 ； credit risk ； supply chain relationship uncertainty ； bond yield spreads

期刊名称

臺大管理論叢

卷期/出版年月

28卷2期（2018 / 08 / 01）

页次

165 - 203

内容语文

繁體中文;英文
中文摘要

本研究利用2000年至2008年美國公司債資料探討供應鏈關係不確定性對公司信用風險的影響。實證結果顯示，在控制其他影響公司債利差的公司特性及債券特徵變數後，公司與顧客間的關係不確定性與公司債利差成顯著正相關，但公司與供應商間的關係不確定性對公司債利差的影響則為不顯著。此結果顯示公司與顧客間的關係不確定性為影響公司信用風險的重要因素之一。此外，本研究亦發現公司與顧客間的關係不確定性對公司債利差的影響將不受景氣循環而顯著改變。最後，本研究結果在改用其他供應鏈關係不確定性的加權變數或控制其他影響現金流量波動風險的變數下仍成立。
英文摘要

This study explores the effects of supply chain relationship uncertainty (SCRU) on corporate credit risk by American bond market data from year 2000 to 2008. Empirical results show that the firm-customer relationship uncertainty (FCRU) is significantly and positively related to bond yield spreads, whereas the firm-supplier relationship uncertainty (FSRU) exhibits nonsignificant effects when controlling for other well-known bond yield determinant variables. In addition, this research also finds that business cycle condition non-significantly changes the FCRU effect on bond yield spreads. Finally, the results we derive by evaluating SCRU variables through other weighted methods or by controlling for additional variables affecting cash flow variations are robust.
主题分类 基礎與應用科學 > 資訊科學
基礎與應用科學 > 統計
社會科學 > 經濟學
社會科學 > 財金及會計學
社會科學 > 管理學
参考文献
  1. Lu, C. C.,Ramos, P. K. H.,Chen, S. Y.(2017).Supplier selection considering buyers' risk-taking behavior: A SMART-Based approach incorporating utility function.NTU Management Review,27(2),185-210.
    連結：
  2. Berger, P. D.,Nasr, N. I.(1998).Customer lifetime value: Marketing models and applications.Journal of Interactive Marketing,12(1),17-30.
  3. Campbell, J. Y.,Taksler, G. B.(2003).Equity volatility and corporate bond yields.Journal of Finance,58(6),2321-2349.
  4. Carr, A. S.,Pearson, J. N.(1999).Strategically managed buyer-supplier relationships and performance outcomes.Journal of Operations Management,17(5),497-519.
  5. Chen, T. F., and Chung, H. 2007. The joint estimation of probability of informed trading: The informational role of stock and option volume (Working Paper). Hsinchu, Taiwan: National Chiao Tung University.
  6. Chen, T. K.,Liao, H. H.,Huang, H. C.(2014).Macroeconomic risks of supply chain counterparties and corporate bond yield spreads.Review of Quantitative Finance and Accounting,43(3),463-481.
  7. Chen, T. K.,Liao, H. H.,Kuo, H. J.(2013).Internal liquidity risk, financial bullwhip effects, and corporate bond yield spreads: Supply chain perspectives.Journal of Banking and Finance,37(7),2434-2456.
  8. Chen, T. K.,Liao, H. H.,Kuo, H. J.,Hsieh, Y. L.(2013).Suppliers' and customers' imformation asymmetry and corporate bond yield spreads.Journal of Banking and Finance,37(8),3181-3191.
  9. Chen, T. K.,Liao, H. H.,Tsai, P. L.(2011).Internal liquidity risk in corporate bond yield spreads.Journal of Banking and Finance,35(4),978-987.
  10. Collin-Dufresne, P.,Goldstein, R. S.(2001).Do credit spreads reflect stationary leverage ratios?.Journal of Finance,56(5),1929-1957.
  11. Colyer, E. 2003. Taking a closer look at your customers. http://www.brandchannel.com/features_effect.asp?lofid=167. Accessed Jun. 27, 2013
  12. Dhar, R.,Glazer, R.(2003).Hedging customers.Harvard Business Review,81(5),86-92.
  13. Douglas, A. V. S.,Huang, A. G.,Vetzal, K. R.(2016).Cash flow volatility and corporate bond yield spreads.Review of Quantitative Finance and Accounting,46(2),417-458.
  14. Duarte, J.,Young, L.(2009).Why is PIN priced?.Journal of Financial Economics,91(2),119-138.
  15. Eberhart, A.,Maxwell, W.,Siddique, A.(2008).A reexamination of the tradeoff between the future benefit and riskiness of R&D increase.Journal of Accounting Research,46(1),27-52.
  16. Fee, C.,Thomas, S.(2004).Sources of gains in horizontal mergers: Evidence from customer, supplier, and rival firms.Journal of Financial Economics,74(3),423-460.
  17. Grossman, S. J.,Miller, M. H.(1988).Liquidity and market structure.Journal of Finance,43(3),617-637.
  18. Güntay, L.,Hackbarth, D.(2010).Corporate bond credit spreads and forecast dispersion.Journal of Banking and Finance,34(10),2328-2345.
  19. Helwege, J.,Turner, C. M.(1999).The slope of the credit yield curve for speculativegrade issuers.Journal of Finance,54(5),1869-1884.
  20. Kale, J. R.,Shahrur, H.(2007).Corporate capital structure and the characteristics of suppliers and customers.Journal of Financial Economics,83(2),321-365.
  21. Kali, R.,Reyes, J.(2010).Financial contagion on the international trade network.Economic Inquiry,48(4),1072-1101.
  22. Kumar, N.(1996).The power of trust in manufacturer-retailer relationships.Harvard Business Review,74(6),92-105.
  23. Liu, S.,Qi, H.,Wu, C.(2006).Personal taxes, endogenous default, and corporate bond yield spreads.Management Science,52(6),939-954.
  24. Lu, C. W.,Chen, T. K.,Liao, H. H.(2010).Information uncertainty, information asymmetry and corporate bond yield spreads.Journal of Banking and Finance,34(9),2265-2279.
  25. Merton, R. C.(1974).On the pricing of corporate debt: The risk structure of interest rates.Journal of Finance,29(2),449-470.
  26. Mulhern, F. J.(1999).Customer profitability analysis: Measurement, concentration, and research directions.Journal of Interactive Marketing,13(1),25-40.
  27. Petersen, M.(2009).Estimating standard errors in finance panel data sets: Comparing approaches.Review of Financial Studies,22(1),435-480.
  28. Porter, M. E.(1979).How competitive forces shape strategy.Harvard Business Review,57(2),137-145.
  29. Porter, M. E.(1985).The Competitive Advantage: Creating and Sustaining Superior Performance.New York, NY:Free Press.
  30. Qi, H.,Liu, S.,Wu, C.(2010).Structural models of corporate bond pricing with personal taxes.Journal of Banking and Finance,34(7),1700-1718.
  31. Reinartz, W.,Krafft, M.,Hoyer, W. D.(2004).The customer relationship management process: Its measurement and impact on performance.Journal of Marketing Research,41(3),293-305.
  32. Ryals, L.,Knox, S.(2007).Measuring and managing customer relationship risk in business markets.Industrial Marketing Management,36(6),823-833.
  33. Sherman, S.(2002).Customers- the greatest asset.Best's Review,102,62-62.
  34. Shi, C.(2003).On the trade-off between the future benefit and riskiness of R&D: A bondholders' perspective.Journal of Accounting and Economics,35(2),227-254.
  35. Tang, D. Y.,Yan, H.(2010).Market conditions, default risk and credit spreads.Journal of Banking and Finance,34(4),743-753.
  36. Tsai, C. Y.(2008).On supply chain cash flow risks.Decision Support Systems,44(4),1031-1042.
  37. Wahab, S.,AI-Momani, K.,Noor, N. A. M.(2010).The relationship between E-service quality and ease of use on customer relationship management (CRM) performance: An empirical investigation in Jordan mobile phone services.Journal of Internet Banking and Commerce,15(1),1-15.
  38. Yu, F.(2005).Accounting transparency and the term structure of credit spreads.Journal of Financial Economics,75(1),53-84.
  39. Zhang, X. F.(2006).Information uncertainty and stock returns.Journal of Finance,61(1),105-137.
被引用次数
  1. (2020)。供應鏈廠商如何與顧客維持不同合作階段的穩定性？ 全球最大家用縫紉機製造商的個案研究。產業與管理論壇，22(4)，30-58。
print cancel