Abstract: In China, a quantity of enterprises tend to proceed relationship transaction with major customers, which contributes to the increasingly important impact of relationship transaction on enterprises′ financial decisions. This paper analyses the impact of customer relationship transaction on capital structure based on the data from A- share manufacturing listed companies in 2008-2015, finding that capital structure positively related to the customer relationship transaction, relationship specific investment with capital commitment function has a moderating role and has different effects on the relationship between customer relationship transaction and capital structure; in the case of relationship specific investment in low degree, customer relationship transaction has more significant effect on the capital structure; in the samples of private enterprises which are highly competitive, the moderating effect of the relationship specific investment is more remarkable. China′s manufacturing enterprises must pay attention to the potential impact of the concentration degree of non-financial stakeholders such as main customers on enterprise management when making capital structure decisions, and attach importance to the relationship specific investment with innovation and R&D as main content, to enhance mutual trust and cooperation among enterprises, and deepen supply chain relationship management and broaden marketing channels through modern technology platform.

Key words: customer relationship transaction, capital structure, relationship specific investment, property rights nature