客户集中度与银行信贷融资:基于声誉传递效应的实证分析

Customer Concentration and Bank Credit Financing--An Empirical Analysis Based on Transmitting Effects of Reputation

已有研究表明,公司与大客户之间的战略合作关系具有声誉传递效应.本文试图从银行信贷融资行为视角探究公司与大客户之间的这种声誉效应对公司债务契约的影响.研究发现:随着企业客户集中度的提高,企业债务融资能力不断上升,债务融资成本会显著降低,且债务期限结构也得以延长.进一步研究发现:处于生命周期阶段不同的企业,与大客户之间的声誉传递效应存在显著的异质性,即只有在成长期和成熟期,客户集中度对企业债务融资能力、债务融资成本和债务期限结构的影响更为明显.本文的研究结论为"公司—客户"战略合作关系的积极作用提供了一个新的经验证据,同时也揭示了客户—供应链关系在企业信贷融资决策中的重要性.

Previous studies have shown that the strategic partnership between corporates and major customers has the effect of reputation transmitting.This paper attempts to explore the influence of this reputation effect on corporate debt contract from the perspective of bank credit financing behavior.The results show that when customer concentration increases,corporate debt financing ability increases,debt financing costs decrease,and debt maturity structure extends.Further research shows that there is significant heterogeneity in the reputation transmitting effect between corporates and major customers across different life cycle stages,that is,only in the growth and maturity stages,customer concentration has a greater significant impact on debt financing ability,debt financing cost and debt maturity structure.This paper not only provides a new empirical evidence for the positive role of"company-customer"strategic cooperation relationship,but also reveals the importance of customer-supply chain relationship in enterprise credit financing decision.