财务困境下供应链关系治理：维护阈值与策略选择

One manufacturer's financial distress may let the risk sweep the whole supply chain, influence the financial condition and business performance of suppliers and customers. It may also destroy all the productions and service resources on the supply chain. With the spread of financial distress, core suppliers and customers will take strategies to protect the relationship with the manufacturer, and the strategies can also help to cope with the bad situation. They ordinarily estimate the risk of relationship disruption and choose the strategies by balancing the costs and benefits. Supply chain environment, risk and relationship strength may influence the threshold to lend a helping hand. Meanwhile, they choose strategies to maximize returns. The intervene threshold and strategies are both the key factors to influence the effects of financial distress governance. This program will study the relationship maintenance thresholds of risk and strategy selection methods of suppliers and customers when facing the manufacturer's financial distress. In this program we plan to explore how the distress mitigation system works, and will establish a multidimensional decision support system for organizations to manage the supply chain disruption risk. This research is supposed to provide both a sound theoretical basis and a smart application system for the joint governance activities towards financial distress on the supply chain.

企业产生财务困境会将影响波及至供应商和客户，影响供应链上企业的财务状况和经营绩效，也可能摧毁整条供应链上的产品和服务资源。随着财务困境的演化蔓延，核心供应商和客户通过评估供应链断裂风险可能带来的损失，依据成本收益原则，将各自采取关系维护决策协助治理财务困境。供应商/客户实施和终止关系维护的时机受供应链环境、风险程度及关系强度的影响；维护策略的选择受成本收益测算结果的影响，且以上二者是决定财务困境治理效果的核心因素。鉴于针对供应链多方共同治理财务困境的维护阈值、策略选择及作用机制关注不足，本课题探究了制造商财务困境演化过程中，核心供应商和客户关系维护阈值及决策的构成、影响因素和作用效果。通过搭建财务困境动态治理环境下，多元主体、多维度的关系维护决策支持系统，揭示供应链上多方参与财务困境治理的作用机制，在拓展财务困境问题研究视角的同时，深化了供应链风险管理中，对于财务和资金风险管理问题的探讨。

供应商/客户实施和终止关系维护的时机受供应链环境、风险程度及关系强度的影响;维护策略的选择受成本收益测算结果的影响，且以上二者是决定财务困境治理效果的核心因素。鉴于针对供应链多方共同治理财务困境的维护阈值、策略选择及作用机制关注不足，本课题探究了制造商财务困境演化过程中，核心供应商和客户关系维护阈值及决策的构成、影响因素和作用效果。通过搭建财务困境动态治理环境下，多元主体、多维度的关系维护决策支持系统，揭示供应链上多方参与财务困境治理的作用机制，在拓展财务困境问题研究视角的同时，深化了供应链风险管理中，对于财务和资金风险管理问题的探讨。课题研究发现，我国上市公司对供应链关系日趋重视，特别注重采用多种承诺方式得到供应商的信任和依赖，从而缔结稳定的合作关系；在缔结合作关系时，要特别注意供应链关系虽然要经历多年构建，但同时也是脆弱的，特定条件下关系承诺可能失效；在企业出现财务困境的初期，不同关系强度的供应商和客户会采取治理成本不同的外部治理方式援助企业，终止治理的时机受二者缔结关系时的承诺方式和长期关系强度、关系稳定性的影响；同时，关系强度越强，核心制造商困境治理周期越短，困境缓解后更易采用经营性投资扩张的方式巩固业绩，进一步维护供应链关系。本课题丰富了关于供应链财务风险治理的机制和证据的研究，为供应链关系管理策略选择提供了决策方面的理论和经验数据的支持。