客户集中度、货币政策与银行信贷

Customer Concentration Ratio,Monetary Policy and Bank Credit

以2008—2019年我国沪深A股上市公司数据为样本,探讨客户集中度对银行信贷的影响机制,并考察货币政策在其中的调节作用。研究发现,客户集中度与银行信贷之间存在倒“U”型关系,即银行信贷会随着客户集中度的上升呈现出先增加后减少的倒“U”型关系;且这种倒“U”型在货币政策紧缩时期敏感性更强。研究丰富了供应链关系对银行信贷影响方面的文献,为企业加强供应链关系管理提供了借鉴,并为认识货币政策在企业融资行为中的作用提供了依据。

Taking the data of China’s A-share listed companies in Shanghai and Shenzhen from 2008 to 2019 as a sample,this paper discusses the impact mechanism of customer concentration ratio on bank credit,and examines the moderating role of monetary policy in it.The study finds that there is an inverted U-shaped relationship between customer concentration ratio and bank credit,that is,bank credit will increase first and then decrease with the increase of customer concentration ratio.And this inverted U-shaped relationship is more sensitive during periods of monetary policy tightening.The research has enriched literature on the impact of supply chain relationships on bank credit,providing reference for enterprises to strengthen supply chain relationship management,and providing a basis for understanding the role of monetary policy in corporate financing behavior.