供应商集中度对股价崩盘风险的影响研究

Research on the Impact of Supplier Concentration Degree on Stock Price Crash Risk

金融市场在国民经济中占据非常重要的地位。为探讨供应商集中度作用于股价崩盘风险的机制和路径,选取2008—2019年A股制造业公司为样本,研究供应商集中度与股价崩盘风险的关系。结果显示,供应商集中度上升会导致股价崩盘风险的增加,且供应商集中度通过影响商业信用,从而影响股价崩盘风险。当供应商集中度较大时,会导致企业的商业信用受到侵占,最终引起股价崩盘风险上升。

The financial market occupies a very important position in the national economy. In order to explore the mechanism and path of supplier concentration degree on stock price crash risk, the 2008—2019 A-share manufacturing company is selected as a sample to study the relationship between supplier concentration degree and stock price crash risk.The results show that the increase in supplier concentration degree will increase stock price crash risk, and supplier concentration degree will affect stock price crash risk by affecting trade credit. When supplier concentration degree is large, it will lead to the infringement of the trade credit of the enterprise, and ultimately lead to an increase in stock price crash risk.