稳定客户可以降低企业的股价波动性吗?

Can Stabilizing Customers Reduce the Company's Stock Price Volatility?

作为企业重要的利益相关者,稳定客户可以向市场传递盈利较好的信号,也可以监督企业的信息披露行为,减少信息不对称,稳定企业股价、降低股价波动性。以2001—2019年我国A股上市公司为研究对象,分析稳定客户对股价波动性的影响。研究发现:(1)稳定客户与企业的股价波动性显著负相关;(2)客户与企业的关系越密切,稳定客户对企业股价波动性的降低效应越强;(3)企业面临的信息不对称程度越高,稳定客户对企业股价波动性的降低效应越强。研究丰富了客户供应商关系文献,也提示资本市场参与者更多关注供应链相关信息。

As an important stakeholder of the enterprise,stable customers can supervise the information disclosure behavior of the enterprise,and can also send a signal of better profitability to the market,reduce information asymmetry,stabilize the stock price and reduce the volatility of the stock price.Taking China's A-share listed companies from 2001 to 2019 as the research object,this paper analyzes the impact of customer stability on stock price volatility.The results show that:(1)there is a significant negative correlation between customer stability and stock price volatility;(2)The closer the relationship between customers and enterprises,the stronger the effect of stabilizing customers on the volatility of enterprise stock price;(3)The higher degree of information asymmetry,the more significant the negative correlation between customer stability and stock price volatility.This research can not only enrich the literature related to customer supplier relationship,but also prompt capital market participants to pay more attention to the relevant information of supply chain.