客户稳定性与企业权益资本成本——基于风险承担视角的分析

Customer Stability and Firm's Cost of Equity Capital-- Analysis Based on Risk Taking Perspective

客户关系管理作为企业利益相关者治理的重要方面,显著影响权益资本成本。已有研究大多基于客户集中度视角展开分析,但较少关注客户稳定性这一影响因素。以我国2007—2019年沪深A股上市公司为研究对象,实证检验了客户稳定性与企业权益资本成本的关系。研究发现客户稳定性与权益资本成本显著负相关,并且降低企业风险承担水平是两者作用关系的内在影响机制。进一步分析发现,行业竞争程度越激烈、行业经营风险越高、客户均为法人企业以及客户平均年龄越大,两者的负向关系越显著。以上结果表明,稳定的客户关系对外部投资者具有信息含量,揭示了客户关系对投资者评价的影响机理,为投资者优化决策、监管部门完善信息披露政策提供了一定的参考依据。

Customer relationship management which is an important aspect of stakeholder governance has a significant impact on the cost of equity capital.Most of the existing studies are based on perspectives of customer concentration,but few on customer stability.Taking A-share listed firms in Shanghai and Shenzhen from 2007 to 2019 as research objects,this paper empirically tests the relationship between customer stability and the cost of equity capital.It is found that customer stability is significantly negatively correlated with the cost of equity capital,and reducing the level of firm risk-taking is the internal mechanism of this relationship.Further analysis shows that higher level of industry competition,higher industry operation risk,customers belonging to corporate firms and older age of customers,the negative relationship between customer stability and the cost of equity capital becomes significant.The above results prove that stable customer relationship has information content for external investors,and reveal the influence mechanism of customer relationship on investors'evaluation,which provides reference for investors to optimize their decision-making and regulatory authorities to improve information disclosure policy.