客户集中度、产权性质和企业零杠杆行为

On Customer Concentration,Nature of Property Rights and the Company's Zero Leverage

基于隐性契约理论,以2015-2018年我国信息传输、软件和信息技术服务业上市公司为研究样本,探究了客户集中度与企业零杠杆行为之间的关系。研究发现,客户集中度越高,企业越可能采取零杠杆的资本结构。进一步研究发现,不同产权性质下,客户集中度对企业零杠杆行为的影响具有非对称性。最后,从加强客户关系管理、拓宽客户来源、注重产品创新、加强专有性投资和完善内部控制几个方面提出相应对策,以促进民营企业更好地发展。

Based on the implicit contract theory,taking the listed companies in China's information transmission,software and information technology service industry from 2015 to 2018 as research samples,the relationship between customer concentration and zero-leverage behavior of enterprises was explored.The study proves that the higher the concentration of corporate customers,the more likely it is to adopt a zero-leverage capital structure.Further research shows that under different property rights,the effect of customer concentration on a company's zero-leverage behavior is asymmetric.Finally,it puts forward proposals for private enterprises,better development including strengthening customer relationship management,broadening customer sources,focusing on product innovation,strengthening proprietary investment and improving internal control.