客户集中度只会加剧债务融资成本吗？
——来自我国上市公司的经验证据

商业研究

客户集中度只会加剧债务融资成本吗？ ——来自我国上市公司的经验证据

吴兴宇，王满，马勇

（东北财经大学会计学院/中国内部控制研究中心，辽宁大连 116025）

收稿日期:2019-08-16 出版日期:2020-01-10
作者简介:吴兴宇（1993-），女，黑龙江嫩江人，东北财经大学会计学院博士研究生，研究方向：财务管理；王满（1962-），女，沈阳人，东北财经大学会计学院教授，管理学博士，研究方向：管理会计与公司投融资策略；马勇（1987-），男，河北保定人，东北财经大学会计学院博士研究生，研究方向：财务管理。
基金资助:
国家社会科学基金项目“不同商业模式下管理会计工具综合应用与企业创新绩效研究”，项目编号：19BGL066。

Does Customer Concentration Only Increase Bank Credit Loan Cost? Empirical Evidence from Chinese Listed Companies

WU Xing-yu, WANG Man,MA Yong

(School of Accounting/ Internal Control Research Center, Dongbei University of Finance & Economics, Dalian 116025,China)

Received:2019-08-16 Online:2020-01-10

摘要/Abstract

摘要： 供应链隐性契约以及客户集中度的变化会影响企业的融资成本。本文以2007-2017年沪深A股非金融业上市公司为样本，探究了客户集中度与债务融资成本之间的关系。结果显示：随着客户集中度的升高债务融资成本先升高后降低，即二者之间存在一种倒U型的非线性关系，这种关系仅在地区法治化水平较低和行业垄断程度较低的情况下存在，而在行业垄断程度高的情况下二者之间呈现出一种U型的关系。在进一步区分了国有企业和民营企业后，回归结果显示，这种倒U型关系仅存在于国有企业中，在民营企业中二者呈现出一种显著的正相关关系。本研究为处于不同情境下的企业如何通过有效管理供应链关系以降低债务融资成本提供了合理化建议。

关键词: 供应链隐性契约, 客户集中度, 债务融资成本, 法治化水平, 行业垄断程度

Abstract: The implicit contract of supply chain and the change of customer concentration will affect the financing cost of enterprises. This paper explores the relationship between customer concentration and debt financing cost with a sample of A-share non-financial listed companies in Shanghai and Shenzhen from 2007 to 2017.The results show that: with the increase of customer concentration, the debt financing cost increases first and then decreases, that is to say, there is a non-linear relationship of inverted U-shaped between them,and this relationship only exists in the case of low level of regional rule of law and low degree of industry monopoly,while in the case of high degree of industry monopoly, there is a U-shaped relationship between them.After further distinguishing state-owned enterprises and private enterprises, the regression results show that this inverted U-shaped relationship only exists in state-owned enterprises, and there is a significant positive correlation between them. This study provides reasonable suggestions for enterprises in different situations to reduce the cost of debt financing through effective management of supply chain relationship.

Key words: supply chain implicit contract, customer concentration, debt financing cost, level of rule of law, industry monopoly

吴兴宇，王满，马勇. 客户集中度只会加剧债务融资成本吗？ ——来自我国上市公司的经验证据 [J]. 商业研究.

WU Xing-yu, WANG Man,MA Yong. Does Customer Concentration Only Increase Bank Credit Loan Cost? Empirical Evidence from Chinese Listed Companies [J]. 商业研究.

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