客户集中度与股价崩盘风险:火上浇油还是扬汤止沸

DOES CUSTOMER CONCENTRATION RAISE OR REDUCE FIRMS' CRASH RISK

客户是企业重要的利益相关者,重要客户是否对供应商的经营决策、财务决策以及风险产生影响是一个重要的理论和实务问题。本文从股价崩盘风险的角度研究客户集中度的影响。研究结果表明,客户集中度越高,公司股价崩盘风险越低。这表明,整体上客户集中度有助于股价崩盘风险的缓解。进一步研究发现,客户集中度对股价崩盘风险的治理作用主要源于供应链整合而非客户议价能力。这表明,客户集中有利于公司与客户之间供应链整合,进而降低公司的经营风险和信息披露风险,最终缓解股价崩盘风险。

As one of firms＇ stakeholders, whether major customers can influence the operating and fi- nancial decision and risk is one of important topics both in theory and practice. This paper studies the im- pact of customer concentration on firms＇ crash risk. We find that customer concentration reduces the firms＇ crash risk, and this finding is robust to a series of tests. The negative relation between customer concentration and firms＇ crash risk stems from supply chain collaboration with major customers but not major customers＇ bargaining power. These findings indicate that customer concentration is beneficial for firms to realize supply chain collaboration and it can reduce firms＇ crash risk by reducing their operating risk and information risk.