| With the change of business model caused by the development of information technology,strong enterprises in industry chain or value chain begin to rise,which brings many "anomalies" that are difficult to explain by traditional financial theory.Firstly,enterprises with unique products,business model or other advantages in value chain begin to have greater voice,even to control other members upstream and downstream of value chain to some extent,this anomaly further challenges the premise of "perfect market" proposed by Modigliani and Miller（1958）.Secondly,the strong companies in the value chain begin to reduce or even stop using debt financing,and then become "zero liability companies",which weakens the explanatory power of the relevant theories on capital structure in finance.Thirdly,these companies are no longer confined to the idea that current assets must be greater than current liabilities in order to maintain their financial security.There is an anomaly that current liabilities are larger than current assets.The demand for operating capital of strong companies is often negative,but the companies are still running healthily and even more competitive,that is,the "Paradox of Operating Capital".Fourthly,more and more non-financial listed companies have begun to hold large amounts of financial assets and even set up financial subsidiaries to become "quasi-financial companies".This phenomenon of financialization not only occurred in the United States（Krippner,2005）,but also in other countries outside the United States（Philippon and Reshef,2013）.The"investment-profit puzzle" proposed by Stockhammer（2005）has begun to attract more and more attention from academia,but so far,finance has only analyzed its causes from the perspective of "enterprise short-sightedness"（Davis,2017）.In a word,the phenomena of strong enterprises,zero-liability companies and real enterprises’financialization in the value chain have brought great challenges to the traditional corporate financial theory.The researches on the power of enterprises in value chain,are starting in management science and other fields,what’s more there is no relevant research in corporate finance,which makes the research foundation of this paper very scarce.In addition,power research is a key issue in the field of Humanities and social sciences.Past studies mainly focus on strategies,marketing and Management Sciences in sociology,economics and management.Relevant studies often start from the perspectives of influence,market position or competitiveness of enterprises.These concepts have common points and inconsistencies,which make the research lack of systematization.It is difficult to systematically examine power within a more unified analytical framework.Based on the realistic needs of enterprise’ financial decision and the lack of relevant research theories of finance,this paper will combine the relevant theories of sociology and economics,and put forward the concept of value chain power,so as to do some basic and pioneering work for the future research.Starting from the behavior and financial characteristics of enterprises observed in real cases,this paper explores and studies the following issues step by step.Firstly,based on the case of strong enterprises in the real world and the analysis of the source and characteristics of power in economics and sociology,this paper puts forward the concept of value chain power.Secondly,this paper uses the "Power-Dependence Relationship" theory to give the measurement method of value chain power from the financial point of view,which lays the foundation for the following empirical research.Thirdly,this paper uses theoretical modeling to analyze the impact of value chain power on corporate financing costs and corporate value,and uses the data of China’s non-financial listed companies from 2007 to 2017 to carry out empirical tests,which further verifies the empirical hypothesis.Fourthly,this paper uses theoretical modeling to find the existence of "Optimal Value Chain Power",which maximizes the value of enterprises.Using game theory,this paper further discusses the reasons for the emergence of "Optimal Value Chain Power" from the industrial point of view.At the same time,this paper further verifies the existence of "Optimal Value Chain Power" from the empirical point of view.Fifthly,on the basis of discovering the existence of "Optimal Value Chain Power",this paper further explores the influencing factors of value chain power from the micro,industry,macro and cultural perspectives,laying the research foundation for dynamic adjustment of value chain power.Sixthly,this paper finds out that firms have the adjustment behavior toward their "Optimal Value Chain Power",and uses static model,quasi-dynamic model and dynamic model to examine the adjustment speed.On the basis of relaxing the hypothesis of the model and evaluating the empirical results,it finds a near-optimal model to estimate the "Optimal Value Chain Power",which lays a foundation for the study of "Over Value Chain Power".Seventh,this paper studies the economic consequences of excessive value chain power grabbing by enterprises,and discusses the damage of excessive value chain power to enterprise value from the perspective of agency cost and financialization.Through the study of the above seven issues,this paper systematically examines the causes and economic consequences of value chain power,and preliminarily establishes a relatively complete framework for the study of value chain power from the financial perspective.From the perspective of value chain power,this paper argues that the value,scarcity,uniqueness and irreplaceability of resources proposed by Barney（1991）[1],and the obtaining of sustained competitive advantage of strategy proposed by Porter（1991）[7].both can be regarded as the use of information,resources or competitive advantage by enterprises to build other members’ dependence in the social network of the value chain.In this way,the enterprises get the value chain power,which reflected in the process of contract signing game.Successful business model and profit model are the process of building and consolidating the power of value chain.The dissertation consists nine chapters.The main contents of each chapter are outlined as follows:Chapter 1 is the introduction,including the research background,the main problems discussed in the dissertation,the research significance,research innovation,research methods and research framework.Chapter 2 is literature review,including philosophical and sociological,economic and managerial research on the source of power,value chain related research and corporate finance related research review.Chapter 3 introduces the measurement principle and method of the value chain power.Chapter 4 is the theoretical model and Empirical study of value chain power.Chapter 5 explores the relationship between value chain power and enterprise value.Through theoretical model and empirical research,it is found that there exists"optimal value chain power" to maximize enterprise value.Chapter 6 based on theoretical assumptions and empirical tests to explore the influencing factors of value chain power from the micro,industry,macro and institutional cultural levels.Chapter 7 discusses the dynamic adjustment behavior of value chain power.Through the comparative evaluation of static adjustment model,quasi-dynamic model and dynamic model,we find the best model to describle the adjustment speed to"optimal value chain power".Chapter 8 explores who holds the "excessive value chain power" seized by enterprises,so as to provide ideas and directions for future research.Chapter 9 is the summary of the full text,including the main conclusions and inspirations of the study,and future research directions.The main conclusions of this paper are as follows:Firstly,the index of value chain power is inversely proportional to the financing cost of a company.That is,the greater the power of value chain,the lower the cost of debt capital and the lower the cost of equity capital.This phenomenon is more evident in the index of demand power.In other words,the more advance receivables and the less receivables companies have,the lower the financing cost.Second,the higher the index of value chain power,the greater the value of the company.However,as the index of the value chain power increases,the value of the company presents an inverted U-shaped feature,that is,there exists an "optimal value chain power",which makes the value of the company maximum.Thirdly,micro-factors such as product competitiveness,vendor concentration,customer concentration,gross profit margin,strategic difference,proportion of fixed assets,ownership concentration,company size,industry concentration,macro-factors such as monetary policy,economic cycle,cultural and other institutional factors such as male ratio of management,dialect diversity affect the value chain power of enterprise and its dynamic adjustment.Fourthly,firms have adjusting behavior toward their "optimal value chain power".The dynamic adjusting model including individual fixed effect has better effect on estimating dynamic adjusting behavior of firms’value chain power than static adjusting model and quasi-dynamic adjusting model.The adjustment speed of enterprises to their"optimal value chain power" is about 0.7,and the half-cycle of adjustment is about 0.99 years.Fifthly,both management and shareholders have seized the "excessive value chain power" of enterprises,which may be the reason why excessive value chain power damages the value of enterprises.The excessive value chain power seized by enterprises is not used to build the enterprise empire,but for duty consumption.The excessive value chain power brings about the phenomenon of financialization,which reflects the pursuit of "maximizing the interests of shareholders",not only damages the value of enterprises,but may even harm the whole value chain.This research is exploratory,and the main innovations and contributions are as follows:Firstly,based on the study of power sources in sociology,economics and management,using the theory of power-dependence relationship,the concept of value chain power is put forward,and the value chain power index is constructed from the financial point of view,which not only enriches the research on the micro-level of value chain,but also reveals the economic motivation behind the accounting subjects related to working capital theoretically.It update the traditional concept of working capital management.Secondly,through theoretical modeling and empirical research,it found that there exists "optimal value chain power",which makes the financing cost of enterprises the lowest and the value of enterprises the largest.This helps to remind enterprises to pay attention to the "power-dependence" relationship with the upstream and downstream of the value chain,by optimizing the power of the value chain,reduce financing costs,and maximize the value of the company.Thirdly,from the micro,industry,macro and cultural level,this paper explores the influencing factors of value chain power,further improve the research on value chain power in theory,and finds a realistic way for enterprises to enhance their value chain power.Fourthly,we find that enterprises will adjust towards their "optimal value chain power".By comparing,evaluating and optimizing the models,we find the real speed closest to the dynamic adjustment of their value chain power,which provides a reference for enterprises to adjust the time interval of their value chain power.Fifthly,it explores who owns the excessive value chain power of enterprises,which provides a new theoretical perspective for the phenomenon of the real enterprise financialization. |
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