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首页> 外文期刊>International journal of production economics >Supply chain finance, financial constraints and corporate performance: An explorative network analysis and future research agenda
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Supply chain finance, financial constraints and corporate performance: An explorative network analysis and future research agenda

机译:供应链财务,财务约束和公司绩效:探索性网络分析和未来研究议程

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摘要

In this paper, we examine the functional form of the relationship between working capital assets and corporate performance beyond the traditional single-company perspective. In particular, we explore how a focal company's adequate level of working capital is influenced by the presence of limited financial resources along the supply chain. Moreover, we investigate the performance impact of supply chain finance (SCF)-oriented working capital management (WCM)-approaches. Based on the SCF-oriented school of thought, we subject propositions regarding the relationship between working capital and corporate performance from prior WCM research to explorative empirical testing. In doing so, we raise awareness of factors that have yet to be tested. We derive methodological implications for conducting interorganizational studies in the field of SCF and outline a future research agenda. The explorative results indicate (i) the existence of a profit-maximizing level of working capital, (ii) superior performance of companies adopting an SCF-oriented WCM approach, (iii) higher profit-maximizing levels of working capital for focal companies facing financially constrained supply chain partners, (iv) a positive performance impact of efficient inventory management, and (v) differentiated payment strategies toward up- and downstream supply chain partners.
机译:在本文中,我们从传统的单一公司角度出发,研究了营运资金资产与公司绩效之间关系的功能形式。特别是,我们探讨了供应链中有限的财务资源如何影响重点公司的充足营运资金。此外,我们研究了面向供应链金融(SCF)的营运资金管理(WCM)方法对绩效的影响。基于面向SCF的思想流派,我们将有关营运资金与公司绩效之间关系的命题从先前的WCM研究到探索性的经验检验。通过这样做,我们提高了对尚待测试的因素的认识。我们得出了在SCF领域进行组织间研究的方法论意义,并概述了未来的研究议程。探索性结果表明:(i)存在利润最大化的营运资金水平;(ii)采用面向SCF的WCM方法的公司表现出色;(iii)面临财务困境的重点公司的利润最大化的营运资金水平更高约束了供应链合作伙伴;(iv)有效的库存管理对绩效产生积极影响;(v)针对上下游供应链合作伙伴的差异化付款策略。

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