客户风险与商业信用动态调整——“风险共担”还是“趋利避害”

Customer Risk and Dynamic Adjustment of Commercial Credit:"Risk Sharing"or"Seeking Advantages and Avoiding Disadvantages"

商业信用关系的本质是企业与下游客户之间的合作关系。客户风险会通过供应链传染效应影响企业的商业信用供给的动态调整行为。以2006—2019年我国沪深A股上市公司为研究样本,实证考察了客户风险对企业商业信用动态行为的影响机制。研究结果表明,客户风险越高,企业商业信用动态调整速度越慢;这一影响受到融资约束的制约,低融资约束企业的调整速度更慢。文章从全新的视角研究了利益相关者下游客户对企业政策调整的影响,为企业管理供应链关系提供了经验。

The essence of commercial credit relationship is the cooperative relationship between an enterprise and its downstream customers.Customer risk will affect the dynamic adjustment of business credit supply through supply chain contagion effect.Taking A-share listed companies in Shanghai and Shenzhen from 2006 to 2019 as research samples,and this paper empirically investigates the influence mechanism of customer risk on the dynamic behavior of business credit.The results show that the higher the customer risk,the slower the dynamic adjustment speed of business credit;this effect is restricted by financing constraints,and the adjustment speed of enterprises with low financing constraints is slower.From a new perspective,this paper studies the impact of downstream customers of stakeholders on enterprise policy adjustment,which provides experience for enterprises to manage supply chain relationship.