客户结构特征与定向增发市场折价  

Customer Structure and Market Discount of Private Placement

作　　者：滕飞 夏雪 辛宇[2,4] Teng Fei;Xia Xue;Xin Yu(School of Marxism,Sun Yat-sen University,Guangzhou 510275;Center for Accounting,Finance and Institutions,Sun Yat-sen University,Guangzhou 510275;School of Accounting,Dongbei University of Finance and Economics,Dalian 116025;School of Business,Sun Yat-sen University,Guangzhou 510275)

机构地区：[1]中山大学马克思主义学院,广州510275 [2]中山大学现代会计与财务研究中心,广州510275 [3]东北财经大学会计学院,大连116025 [4]中山大学管理学院,广州510275

出　　处：《管理评论》2022年第11期272-288,共17页Management Review

基　　金：国家自然科学基金青年项目(72102244);国家自然科学基金重点项目(71790603);广东省基础与应用基础研究基金面上项目(2022A1515010294)

摘　　要：以2010—2016年进行定向增发的中国A股上市公司为样本,本文手工搜集整理了样本公司的前五大客户特征数据,实证研究了公司客户结构对定向增发市场折价率的影响作用。研究发现:客户集中度越高,定向增发市场折价率越大;募集资金用以进行外延扩张时,客户集中度与市场折价率之间的正向关系更强,而高质量客户削弱了客户集中度与市场折价率之间的正向关系。基于事件研究法的进一步考察发现,客户集中度越高,则定向增发股份上市窗口期的累计超额收益率越低,而且这种现象主要体现在外延扩张式的定向增发样本中。可见,高客户集中度增加了投资者对公司未来发展不确定性的顾虑,因此定向增发的市场折价体现了对投资者基于公司业务交易特征的风险补偿;同时,高质量客户特征降低了这种风险补偿效果,而募集资金用以外延扩张则强化了这种风险补偿效果。本研究对客户关系管理实践和规范定向增发行为具有一定的现实启示意义。This study investigates how customer structure influences the market discount of private placement in China’s listed firms.Using the information hand-collected from top 5 customers of A-share listed companies that conducted private placement during 2010-2016,we find that the higher the customer concentration,the greater the market discount rate of private placement.The positive relationship between customer concentration and market discount rate is strong when the raised capital is used for external expansion and weak when the quality of customers is at a high level.Further analysis based on event study finds that the higher the customer concentration,the lower the cumulative abnormal return when the shares of private placement are listed,and this effect mainly exists in the sample companies that conduct private placement for external expansion.Overall,we conclude that customer concentration increases the uncertainty about firms’future when they conduct private placement,and the market discounts can be considered as a compensation for higher risk perception in firms with high customer concentration.In the meantime,high customer quality can mitigate this effect,and private placement for external expansion purpose can enhance this effect.This study has important political implications in the practice of customer relationship management and the regulation practice for private placement.

关 键 词：客户集中度 定向增发 客户质量 募集资金用途 市场折价 

分 类 号：F832.51[经济管理—金融学] F274F275