Customer Concentration, Financial Constraints and Stock Price Crash Risk

YU Bo; MAO Yan-xuan; WU Han-hong

Volume 34 Issue 5

May 2021

Turn off MathJax

Article Contents

Article Navigation > Journal of Guangdong University of Finance & Economics > 2019 > 34(5): 62-75

YU Bo, MAO Yan-xuan, WU Han-hong. Customer Concentration, Financial Constraints and Stock Price Crash Risk[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(5): 62-75.

Citation:

YU Bo, MAO Yan-xuan, WU Han-hong. Customer Concentration, Financial Constraints and Stock Price Crash Risk[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(5): 62-75.

YU Bo, MAO Yan-xuan, WU Han-hong. Customer Concentration, Financial Constraints and Stock Price Crash Risk[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(5): 62-75.

Citation:

YU Bo, MAO Yan-xuan, WU Han-hong. Customer Concentration, Financial Constraints and Stock Price Crash Risk[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(5): 62-75.

PDF( 1056 KB)

Customer Concentration, Financial Constraints and Stock Price Crash Risk

1.
Finance School, Tianjin University of Finance and Economics, Tianjin 300222, China
2.
Business School, The Chinese University of Hong Kong, Hong Kong 999077, China

Received Date: 2019-04-16
Available Online: 2021-05-22
Publish Date: 2019-10-28

Abstract

Abstract

By taking Chinese A-share listed companies of manufacturing industry from 2008-2017 as samples, this paper examines the impact of customer concentration on collapse risk in stock price. It is found that there is a U-shaped relationship between customer concentration and stock price crash risk. The initial increase in customer concentration will generate the "integration"effect, which optimizes the supplier's commercial credit allocation, improves its ability to recoup funds, and eases financing constraints, resulting in a decline in incentives for suppliers to hide"negative information"and lower stock price crash risk. However, the excessive increase in customer concentration will generate an "encroachment"effect-powerful customers could use their buyer market power to exploit suppliers' surplus through trade credits, thereby worsening supplier liquidity and strengthening financing constraints, increasing incentives for suppliers to hide negative information which makes them easier to access bank credit and increasing the stock price crash risk. This paper expands the research on determinant factors of the stock price crash risk, and sheds a light on the nonlinear relationship between customer concentration and crash risk. The group comparative analysis of the nonlinear inflection point also provides a way to identify the encroachment effect and construct the risk warning mechanism.
- customer concentration,
- stock price crash risk,
- financial constraint,
- bargaining power,
- business credit,
- supply chain

FullText(HTML)

References(43)

References

[1]	张晓宇, 徐龙炳.限售股解禁、资本运作与股价崩盘风险[J].金融研究, 2017(11): 158-174. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201711011.htm
[2]	遥远, 周爱民.企业生命周期与股价崩盘风险[J].中南财经政法大学学报, 2018(2): 97-105. doi: 10.3969/j.issn.1003-5230.2018.02.011
[3]	徐飞, 唐建新.股指波动率、市场流动性与全球股市崩盘传染[J].金融论坛, 2017(8): 58-69. https://www.cnki.com.cn/Article/CJFDTOTAL-CSJR201708009.htm
[4]	钟碧兰, 申韬.国内外融资融券制度与股价波动性关系的文献综述[J].金融教育研究, 2016(3): 15-19.
[5]	赵汝为, 熊熊, 沈德华.投资者情绪与股价崩盘风险:来自中国市场的经验证据[J].管理评论, 2019(3): 50-60. https://www.cnki.com.cn/Article/CJFDTOTAL-ZWGD201903022.htm
[6]	许年行, 于上尧, 伊志宏.机构投资者羊群行为与股价崩盘风险[J].管理世界, 2013(7): 31-43. https://www.cnki.com.cn/Article/CJFDTOTAL-GLSJ201307006.htm
[7]	吴晓晖, 郭晓冬, 乔政.机构投资者抱团与股价崩盘风险[J].中国工业经济, 2019(2): 117-135. https://www.cnki.com.cn/Article/CJFDTOTAL-GGYY201902008.htm
[8]	HUTTON A P, MARCUS A J, TEHRANIAN H. Opaque financial reports, r2, and crash risk[J]. Journal of financial economics, 2009, 94(1): 67-86. doi: 10.1016/j.jfineco.2008.10.003
[9]	权小锋, 吴世农, 尹洪英.企业社会责任与股价崩盘风险: "价值利器"或"自利工具"?[J].经济研究, 2015(11): 49-64. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201511005.htm
[10]	KIM J, ZHANG L. Accounting and conservatism and stock price crash risk: firm-level evidence[J]. Contemporary accounting research, 2016, 33(1): 412-441. doi: 10.1111/1911-3846.12112
[11]	江轩宇, 许年行.企业过度投资与股价崩盘风险[J].金融研究, 2015(8): 141-158. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201508010.htm
[12]	郑姗姗.管理层权力强度、内外部监督与股价崩盘风险[J].广东财经大学学报, 2019(4): 72-86. https://www.cnki.com.cn/Article/CJFDTOTAL-SONG201904006.htm
[13]	李小荣, 刘行. CEO vs CFO:性别与股价崩盘风险[J].世界经济, 2012(12): 102-129. https://www.cnki.com.cn/Article/CJFDTOTAL-SJJJ201212009.htm
[14]	孙淑伟, 梁上坤, 阮刚铭, 等.高管减持、信息压制与股价崩盘风险[J].金融研究, 2017(11): 175-190. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201711012.htm
[15]	谢德仁, 郑登津, 崔宸瑜.控股股东股权质押是潜在的"地雷"吗?---基于股价崩盘风险视角的研究[J].管理世界, 2016(5): 128-140, 188. https://www.cnki.com.cn/Article/CJFDTOTAL-GLSJ201605014.htm
[16]	何孝星, 叶展.股权激励、代理冲突与股价崩盘风险---基于中国资本市场的经验证据[J].吉林大学社会科学学报, 2017(5): 15-25, 202. https://www.cnki.com.cn/Article/CJFDTOTAL-JLDB201705002.htm
[17]	褚剑, 方军雄.客户集中度与股价崩盘风险:火上浇油还是扬汤止沸[J].经济理论与经济管理, 2016(7): 44-57. doi: 10.3969/j.issn.1000-596X.2016.07.004
[18]	王化成, 曹丰, 叶康涛.监督还是掏空:大股东持股比例与股价崩盘风险[J].管理世界, 2015(2): 45-57, 187. https://www.cnki.com.cn/Article/CJFDTOTAL-GLSJ201502008.htm
[19]	姜永宏, 穆金旗, 赵婷婷.大股东交易与中国A股市场股价暴涨暴跌风险[J].南方金融, 2019(2): 3-11. https://www.cnki.com.cn/Article/CJFDTOTAL-GDJR201902001.htm
[20]	曾爱民, 魏志华.宗教传统影响股价崩盘风险吗?---基于"信息披露"和"管理自律"的双重视角[J].经济管理, 2017(11): 134-148. https://www.cnki.com.cn/Article/CJFDTOTAL-JJGU201711010.htm
[21]	许年行, 江轩宇, 伊志宏, 等.分析师利益冲突、乐观偏差与股价崩盘风险[J].经济研究, 2012(7): 127-140. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201207011.htm
[22]	孙健, 王百强, 曹丰.公司战略影响股价崩盘风险吗?[J].经济管理, 2016(12): 47-61. https://www.cnki.com.cn/Article/CJFDTOTAL-JJGU201612007.htm
[23]	蒋红芸, 王雄元.内部控制信息披露与股价崩盘风险[J].中南财经政法大学学报, 2018(3): 23-32, 158-159. doi: 10.3969/j.issn.1003-5230.2018.03.003
[24]	李欢, 李丹, 王丹.客户效应与上市公司债务融资能力---来自我国供应链客户关系的证据[J].金融研究, 2018(6): 138-154. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201806010.htm
[25]	许江波, 卿小权.僵尸企业对供应商的溢出效应及其影响因素[J].经济管理, 2019(2): 56-72. https://www.cnki.com.cn/Article/CJFDTOTAL-JJGU201903005.htm
[26]	江伟, 底璐璐, 姚文韬.客户集中度与企业成本粘性---来自中国制造业上市公司的经验证据[J].金融研究, 2017(9): 192-206. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201709014.htm
[27]	陈良华, 胡宇菲, 迟颖颖.基于供应链视角的供应商关系对企业成本粘性影响研究---来自中国制造业上市公司的经验证据[J].河海大学学报:哲学社会科学版, 2019(3): 37-45. https://www.cnki.com.cn/Article/CJFDTOTAL-HHZX201903007.htm
[28]	陈峻, 王雄元, 彭旋.环境不确定性、客户集中度与权益资本成本[J].会计研究, 2015(11): 76-82. doi: 10.3969/j.issn.1003-2886.2015.11.011
[29]	王雄元, 高开娟.客户集中度与公司债二级市场信用利差[J].金融研究, 2017(1): 130-144. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201701010.htm
[30]	江伟, 底璐璐, 彭晨.客户集中度影响银行长期贷款吗---来自中国上市公司的经验证据[J].南开管理评论, 2017(2): 71-80. doi: 10.3969/j.issn.1008-3448.2017.02.007
[31]	吴娜, 于博.客户集中度、体恤效应与商业信用供给[J].云南财经大学学报, 2017(4): 141-152. https://www.cnki.com.cn/Article/CJFDTOTAL-YNCM201704014.htm
[32]	李庭燎, 陈良华, 盛金鑫.供应链中企业地位与企业自主创新能力关系[J].河海大学学报:哲学社会科学版, 2016(2): 61-68. https://www.cnki.com.cn/Article/CJFDTOTAL-HHZX201602014.htm
[33]	FABBRI D, A M C MENICHINI. Trade credit, collateral liquidation, and borrowing constraints[J]. Journal of financial economics, 2010, 96: 413-432. doi: 10.1016/j.jfineco.2010.02.010
[34]	FABBRI D, KLAPPER L F. Bargaining power and trade credit[J]. Journal of corporate finance, 2016, 41: 66-80. doi: 10.1016/j.jcorpfin.2016.07.001
[35]	于博, 植率.我国商业信用再配置的动机检验及其治理效应分析---来自上市公司信贷漏损的证据[J].广东财经大学学报, 2017(4): 58-69. https://www.cnki.com.cn/Article/CJFDTOTAL-SONG201704006.htm
[36]	王迪, 刘祖基, 赵泽朋.供应链关系与银行借款---基于供应商/客户集中度的分析[J].会计研究, 2016(10): 42-49, 96. doi: 10.3969/j.issn.1003-2886.2016.10.006
[37]	CAMPELLO M, J GAO. Customer concentration and loan contract terms[J]. Journal of financial economics, 2017, 123(1): 108-136. doi: 10.1016/j.jfineco.2016.03.010
[38]	王雄元, 王鹏, 张金萍.客户集中度与审计费用:客户风险抑或供应链整合[J].审计研究, 2014(6): 72-82. https://www.cnki.com.cn/Article/CJFDTOTAL-SJYZ201406012.htm
[39]	张敏, 马黎珺, 张胜.供应商-客户关系与审计师选择[J].会计研究, 2012(12): 81-86. https://www.cnki.com.cn/Article/CJFDTOTAL-KJYJ201212013.htm
[40]	赵秀云, 鲍群.供应商与客户关系是否影响企业现金持有水平---基于制造业上市公司面板数据的实证分析[J].江西财经大学学报, 2014(5): 41-48. https://www.cnki.com.cn/Article/CJFDTOTAL-JXCZ201405005.htm
[41]	杜剑, 天肇, 刘晓燕.企业社会责任信息披露充分性研究[J].贵州财经大学学报, 2017(3): 60-69. https://www.cnki.com.cn/Article/CJFDTOTAL-GZCB201703007.htm
[42]	连玉君, 苏治.上市公司现金持有:静态权衡还是动态权衡[J].世界经济, 2008(10): 84-96. https://www.cnki.com.cn/Article/CJFDTOTAL-SJJJ200810010.htm
[43]	CHANG CHUN, XIN CHEN, GUANMIN LIAO. What are the reliably important determinants of capital structure in China?[J]. Pacificbasin finance journal, 2014, 30: 87-113. http://www.sciencedirect.com/science/article/pii/s0927538x14000602