【摘要】 基于财务视角探讨价值链中企业之间的权力结构及其经济后果，提出“价值链权力”的概念并构建“价值链权力指数”,从理论上证明了价值链权力指数与公司融资成本成反比，与其价值成正比，且存在“最优价值链权力”使公司价值最大.同时，作者收集2007年～2017年中国A股上市公司相关数据，应用实证方法验证了上述理论.发现企业的价值链权力源自其竞争优势，且通过影响融资成本作用于企业价值.文章具有重要的理论价值和应用价值：一方面，初步构建了“竞争优势–价值链–公司财务–资本市场”之间关系的研究框架，推动公司财务、竞争战略和价值链的交叉研究，并从理论和实证两方面揭示了企业价值链权力对其融资成本和价值的影响，丰富了该领域的学理研究；另一方面，为证券投资决策和企业的营运资本、价值链优化、融资成本和价值创造等管理提供了重要的理论依据和经验证据.更多还原

【Abstract】 This paper attempts to discuss the power structure for enterprises in value-chains and its economic consequences from the financial point of view. The concept of “value chain power”(VCP) is put forward and is further measured by using the “value chain power index”(VCPI). The paper proves theoretically that an enterprise’s VCPI is inversely proportional to its financing cost and positively proportional to firm value, and that there exists an “optimal value chain power index” which maximizes firm value. Meanwhile, relevant data of China’s A-share listed companies from 2007 to 2017 is collected to verify the above theorem empirically. The paper finds that an enterprise’s VCP originates from its competitive advantages and affects firm value by influencing the financing cost. This paper has both important theoretical and practical significances. On the one hand, it promotes the interdisciplinary research among corporate finance, competitive strategy and value chain by constructing a research framework of the relationships between competitive advantage, power structure of value chains, corporate finance, and capital markets, which enriches the academic research in relevant fields. On the other hand, it provides important theoretical basis and empirical evidence for investors’ decision-making and corporate finance including working capital management, value chain optimization, financing cost control and value creation.更多还原