客户集中度、股权再融资与资源配置效率

Study on Customer Concentration,Equity Refinancing and Resource Allocation Efficiency

本文以关系型交易和专有性投资为理论基础,基于供应链视角研究了客户集中度对上市公司股权再融资的作用机理,以我国2003-2017年期间的上市公司与自身披露的大客户为研究对象,然后进行客户集中度对上市公司股权再融资的回归分析,以探究二者之间的联系,最后的主要结论有三点:1、客户集中度与上市公司取得股权再融资的可能性是正相关,说明客户集中度可以有效地帮助上市公司取得股权再融资;2、在上市公司取得股权再融资的情况下,客户集中度与上市公司未来投资水平是正相关,说明客户集中度提高可以提高未来三年上市公司的投资水平;3、在上市公司取得股权再融资的情况下,客户集中度与上市公司未来财务业绩是正相关,说明客户集中度提高可以提高未来三年的上市公司的财务业绩。

Based on the theory of relational transactions and proprietary investment,this paper studies the mechanism of the role of customer concentration on the refinancing of equity in listed companies based on the perspective of a supply chain.The client is the research object,and then a regression analysis of the concentration of the client on the equity refinancing of the listed company is conducted to explore the connection between the two.The final main conclusions are three points:1.The concentration of the client and the possibility of the equity refinancing of the listed company is a positive correlation,indicating that customer concentration can effectively help listed companies to obtain equity refinancing;2.In the case of listed companies obtaining equity refinancing,customer concentration is positively correlated with the future investment level of listed companies,indicating that increased customer concentration can Improve the investment level of listed companies in the next three years;3.In the case of listed companies obtaining equity refinancing,customer concentration is positively related to the future financial performance of listed companies,indicating that increased customer concentration can improve the financial performance of listed companies in the next three years performance.