客户集中度对民营上市公司债务成本的影响研究

Study on the influence of customer concentration on debt costof private listed companies

在经济处于下行周期的外部环境下,控制债务融资成本已经成为民营企业急需解决的关键问题。利用沪深两市A股民营上市公司2010—2019年11276个年度数据研究了客户集中度对其债务成本的影响。研究发现:民营上市公司债务成本与其客户集中度之间呈“正U型”关系,且拐点处客户集中度约为41.59%;客户集中度通过影响企业的经营风险和信息风险进而影响企业的债务融资成本。

Under the external environment of great downward economic pressure and rising labor costs,controlling debt financing costs has become the key problem that private enterprises need to solve urgently.Based on 11276 annual data of A-share private listed companies in Shanghai and Shenzhen from 2010 to 2019,this paper studies the influence of customer concentration on their debt cost.The results show that:there is a“positive U-shaped”relationship between the debt cost of private listed companies and customer concentration,and the customer concentration is about 41.59%at the inflection point.Customer concentration affects the cost of debt financing by influencing the business risk and information risk of the enterprise.