客户信息透明度对企业金融资产配置影响研究

Research on the Impact of Customer Information Transparency on Enterprise Financial Asset Allocation

本文采用2009—2020年上市公司供应链数据,实证检验客户信息透明度对于企业金融资产配置的影响。研究发现,客户信息透明度对企业金融资产配置具有显著的抑制作用;客户信息透明度通过向市场传递良好信号来缓解企业融资约束,从而弱化企业配置金融资产动机。异质性检验发现,该效应在代理问题严重的样本中更为显著。本文从供应链信息视角为企业金融资产配置的相关研究提供经验数据,引导金融资本服务实体经济,具有一定的现实意义。

This article uses supply chain data from listed companies from 2009 to 2020 to empirically test the impact of customer information transparency on corporate financial asset allocation.The study found that customer information transparency has a significant inhibitory effect on corporate financial asset allocation.Customer information transparency alleviates corporate financing constraints by sending good signals to the market,thereby weakening the motivation for companies to allocate financial assets.The heterogeneity test found that this effect was more significant in the samples with serious principal-agent problem.This study provides empirical data for research on the allocation of corporate financial assets from the perspective of supply chain information,and has practical significance in guiding financial capital to serve the real economy.