01
原文：Grewal, J., Mohan, A., & Pérez‐Cavazos, G. (2024). Payment Practices Transparency and Customer‐Supplier Dynamics. Journal of Accounting Research, 62(2), 635-674.
Payment Practices Transparency and Customer-Supplier Dynamics
ABSTRACT:We exploit the introduction of the Payment Practices Disclosure Regulation in the United Kingdom (UK) to examine the effects of mandating disclosure of customer-supplier payment practices. We find that nondisclosing small and medium-sized enterprises (SMEs) experience a reduction in their accounts receivable by 8.3%, consistent with an acceleration of their trade credit collections. Further, SMEs exhibit fewer financial constraints after the regulation. We survey managers from large firms and SMEs to understand the underlying mechanisms. The required disclosures raise large firms’reputational concerns and shift the bargaining power between large firms and SMEs. Additionally, the new disclosures compel executives at large firms to scrutinize their own firms’payment practices, leading to increased accountability and a stronger focus on timely payment among senior managers.
支付行为透明度与客户-供应商动态
摘要：文章利用英国《付款行为披露条例》（Payment Practices Disclosure Regulation）的引入，研究强制披露客户—供应商付款行为的影响。研究发现，不披露信息的小型和中型企业（SMEs）其应收账款减少了8.3%，这表明其贸易信用的回收速度加快。此外，条例实施后，SMEs的融资约束有所缓解。为了进一步理解其中的机制，文章对大企业和中小企业的管理者进行了调查。调查显示，强制披露要求提升了大企业的声誉风险意识，并改变了大企业与中小企业之间的议价能力。此外，新的披露要求迫使大企业高管更加关注自身的付款行为，增加了问责力度，并使高级管理层更注重及时付款。
亮点：（1）本文主要有助于研究客户—供应商之间的付款方式。与之前研究直接要求改变付款方式的法规不同，本文研究了支付透明度如何间接的改变公司向供应商付款的方式。（2）本文还增加了关于供应链合作伙伴如何利用和响应彼此信息的新兴文献。本文的研究表明，中小企业供应商利用大客户披露的信息来提高其议价能力并获得更快的付款条件。（3）文章对强制性披露对企业决策和行为的影响进行了研究。当企业被要求报告其运营如何影响工人、环境、客户以及他们开展业务的社区时，企业会采取行动，使其行为符合社会期望的行为标准。本文的调查证据显示，要求企业披露可能对供应商构成剥削的付款条件，促使企业改变付款方式，这表明企业间交易可能会带来声誉成本。此外，本研究关于影响企业行为的其他机制的发现提高了我们对披露与实际效果之间联系的理解。
02
原文：Costello, A. M., Minnis, M., & Rabinovich, I. (2024). Discrimination in the payments chain. Journal of Financial Economics, 158, 103872.
Discrimination in the payments chain
ABSTRACT: We examine whether discrimination affects customers’willingness to pay their suppliers. Using a dataset of detailed trade credit networks, we find that when facing a macroeconomic shock, customers delay payments to their suppliers with female or black trade credit officers at a 10%—20% higher rate relative to their payments to non-minorities. These results hold after controlling for a host of economic differences between minority groups and non-minority groups. In particular, we exploit the complexity of the supply chain network–wherein suppliers transact with multiple customers in each month and customers transact with multiple suppliers in each month–to estimate within-relationship changes in payment behavior during periods of financial hardship. Results indicate that the largest increases in payment delays are between customers that are classified as having racial or gender biases and suppliers that have minority lead credit officers. The results suggest that biased beliefs and preferences play a critical role in trade credit.
支付链中的歧视
摘要：文章研究了歧视是否会影响客户向供应商付款的意愿。通过使用详细的贸易交易数据库，本文发现当面临宏观经济冲击时，客户延迟向女性或黑人贸易信贷员的供应商付款的比例要比延迟向非少数群体的供应商付款的比例高出10%-20%。在控制了少数群体与非少数群体之间的一系列经济差异后，这些结果仍然成立。特别是，我们利用供应链网络的复杂性，即供应商每月与多个客户进行交易，而客户每月与多个供应商进行交易，来估计经济困难时期支付行为的内部关系变化。结果表明，在被归类为有种族或性别偏见的客户与有少数族裔首席信贷官的供应商之间，付款延迟的增加幅度最大。结果表明，有偏见的信念和偏好在贸易信贷中起着至关重要的作用。
亮点：（1）本文使用了详细的贸易交易数据库，包括买方—供应商对的身份信息以及当前和逾期的应收账款信息。数据允许研究者在一个固定的买卖关系内考察客户支付行为如何随时间变化，尤其是在COVID-19疫情爆发后如何发生变化。这样的“关系内估计”的方法控制了影响少数族裔结果的大部分混杂因素。因此，虽然本文无法证明本文的结果毫无疑问是歧视的表现，但本文更接近于排除基于经济基本面的替代解释（2）本文探讨的是在长期建立的商业关系中歧视的影响，尤其是在选择阶段之后。这表明歧视行为在选择阶段之后仍会影响贸易信贷支付，暗示偏好可以持续并产生长期影响。
03
原文：Afrin, F., Kim, J., Roychowdhury, S., & Yost, B. P. (2024). Internalizing Peer Firm Product Market Concerns: Supply Chain Relations and M&A Activity. Journal of Accounting Research.
Internalizing Peer Firm Product Market Concerns: Supply Chain Relations and M&A Activity
ABSTRACT: We explore whether firms internalize the product market concerns of their economically linked peers by examining merger and acquisition decisions in the context of customer-supplier relations. Given the extensive transfer of capital, knowledge, and information between merging parties, we hypothesize that customers’competition concerns discourage their suppliers from engaging in vertically conflicted transactions (i.e.,acquisitions of their customers’rivals or suppliers to those rivals). Consistent with our hypothesis, we find that suppliers are less likely to engage in such transactions when their customers are subject to higher product market competition. Moreover, the effect is more pronounced when suppliers and customers have greater relationship-specific investments and when customers face heightened proprietary information concerns. Using plausibly exogenous variation in common ownership between customers and their rivals as a shock to customers’competition concerns, we conclude that the link between customers’competition concerns and supplier acquisitions is likely causal. Our findings suggest that firms alter their investment and strategic decisions in response to the product market competition concerns of their economically related peers.
内化同行企业的产品市场顾虑：供应链关系与并购活动
摘要：文章通过研究客户—供应商关系中的并购决策，探讨企业是否会内化与其经济关联同行相关的产品市场竞争顾虑。鉴于并购各方之间存在大量资本、知识和信息的转移，本文假设客户的竞争顾虑会阻止其供应商从事“垂直冲突交易”（即收购客户的竞争对手或这些竞争对手的供应商）。与假设一致，文章发现，当客户所在产品市场竞争激烈时，供应商从事此类交易的可能性较低。此外，这种效应在以下情境中更为显著：当供应商与客户之间存在较高的关系特定投资时，以及当客户面临更高的专有信息顾虑时。通过利用客户与其竞争对手之间的共同所有权作为对客户竞争顾虑的外生冲击，文章得出结论：客户竞争顾虑与供应商并购行为之间的联系具有因果性。研究表明，企业会根据其经济相关同行的产品市场竞争顾虑，调整自身的投资和战略决策。
亮点：（1）本文拓展了关于产品市场竞争影响的文献。本文研究发现，产品市场竞争的影响不仅局限于目标企业本身（如客户），还会波及到经济上相关的同行企业（如供应商）。（2）本文丰富了关于主要客户如何影响供应商的文献。本文聚焦于供应商的投资决策，探讨供应商是否会内化客户的整体竞争格局。（3）本文丰富了关于纵向并购的文献。早期的研究主要关注纵向并购在提高效率方面的潜力，例如降低交易成本和解决“敲竹杠”问题。本文在关于“垂直冲突交易”后果的研究基础上，进一步探讨了潜在受影响方在并购前的决策调整。此外，本文揭示了客户的产品市场竞争在企业评估潜在并购后果时扮演的关键角色。
本文仅用于学术交流
原文版权归原作者和原发刊所有
转载请注明出处
总编：游家兴
解析：韩雨虹
审校：刘晗 谭传兴
编辑：潘芳妍
