摘要
客户是企业重要的外部利益相关者,对企业生产经营的诸多方面存在影响,现有探讨客户经济后果的文献已较为丰富,却鲜见关注客户影响企业权益资本成本的研究。对我国2007-2014年A股专业化经营的制造业上市公司的实证分析显示:企业的客户集中度与其权益资本成本显著负相关,但这种显著的负相关关系只在环境不确定性较低时存在。此结果说明,在我国特定的市场环境中,大客户的存在被认为有利于促进供应链整合,改善企业经营状况,降低企业风险,并向市场传递积极信号,从而能降低企业的权益资本成本,但由于企业所面临市场形势的差异,客户集中度对其权益资本成本的影响存在异质性。
Customers are important external stakeholders of enterprises and brings considerable influence on enterprises operation.Although existing literature about economic consequences of customers has been relatively abundant,few attention has been focused on the cost of equity capital.Based on the specialized operation of manufacturing A-share listing company from 2007-2014,this paper find that customer concentration is negatively related to cost of equity capital,but the negative correlation exists only when the environment uncertainty is low.The result indicate that in Chinese specific market,large customers are conducive to promoting supply chain integration,improve enterprise management,reduce business risk,and deliver positive signals to the market,thereby reduce the cost of equity capital.However,because of the different market situation faced by enterprises,the effect of customer concentration on the cost of equity capital have heterogeneity.
出处
《会计研究》
CSSCI
北大核心
2015年第11期76-82,97,共7页
Accounting Research
