客户集中度与企业投资效率

Customer Concentration and Corporate Investment Efficiency

本文从企业供应链客户风险的角度,研究了大客户集中度对企业投资效率的影响。研究结果表明客户集中度高会使得企业面临大客户依赖风险,管理层决策会趋于保守进而公司投资效率降低,主要表现为投资不足的程度和概率加大。进一步研究发现当公司失去大客户的风险较低(如大客户为关联企业或重复购买客户)、大客户财务困境风险较小(如上市公司客户的比例较大)或者公司自身议价能力较强(如企业在同行业中市场份额高)时,客户集中度对企业投资不足的正向影响得以缓解。我们发现上述结果并非由于大客户存在使得上市公司面临融资约束所致,反而这类企业为了规避客户集中风险,预防性地持有更多现金;此外,上述结果也并非由于企业缺乏投资机会所致,该结果无论在投资机会多或者少的样本组中均成立。本文为系统性理解大客户集中度对企业运营产生的影响提供了启示。

This paper investigates the impact of supply-chain customer concentration on corporate investment efficiency.Empirical evidence shows that high customer concentration decreases firms'investment efficiency,particularly increasing the likelihood and extent of under-investment.Meanwhile,we find that firms with higher customer concentration tend to hold more cash as precaution.Further tests show that the negative association between cus-tomer concentration and investment efficiency is mitigated when firms face low risk of losing main customers(e.g.,when main customers are related par-ties);when customers are financially strong(e.g.,when sales ratio of listed firms in top-five customers is relatively high);and when firms have strong negotiation power(e.g.,when firms'market share is relatively high).