客户集中度、成本粘性与商业信用供给

Customer Concentration, Cost Stickiness and Commercial Credit Supply

为探讨客户集中度对商业信用供给的影响以及成本粘性对其关系的调节作用,以2009—2018年中国沪深A股制造业上市公司数据为研究样本,选取客户集中度这一反映客户关系的变量,分析其对商业信用供给的影响,并检验不同成本粘性如何对客户集中度与商业信用供给之间的关系产生影响。结果表明:客户集中度与商业信用供给之间呈显著倒U型的关系;相比于弱成本粘性企业,强成本粘性企业客户集中度与商业信用供给倒U型关系的敏感性更强。

In order to explore the impact of customer concentration on the supply of commercial credit,and the role of cost stickiness in regulating its relationship,the data of China’s Shanghai and Shenzhen A-share manufacturing listed companies from 2009 to 2018 was taken as a research sample,customer concentration was selected as a variable reflecting customer relationships,its impact on commercial credit supply was analyzed and investigated.And how different cost stickiness affects the relationship between customer concentration and commercial credit supply was further examined.The results show that there is a significant inverted U-shaped relationship between customer concentration and commercial credit supply;Compared with weak-cost-sticky companies,the sensitivity of the inverted U-shaped relationship between customer concentration and commercial credit supply of companies with strong cost-stickiness even stronger,cost stickiness has a positive regulatory effect on the inverted U-shaped relationship between customer concentration and commercial credit supply.