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  

Does Customer Concentration Affect Long-term Bank Lending?Empirical Evidence from Chinese Listed Companies

作　　者：江伟[1] 底璐璐 彭晨[1] 

机构地区：[1]暨南大学管理学院会计学系

出　　处：《南开管理评论》2017年第2期71-80,共10页Nankai Business Review

基　　金：国家自科基金面上项目(71272212);暨南大学创新基金项目(15JNYH008)资助

摘　　要：结合供应链金融的相关理论与中国制度环境,本文实证检验了企业长期银行贷款是否会受到以及如何受到客户集中度的影响。研究发现,随着客户集中度的上升,企业的长期银行贷款先逐渐增加,随后又逐渐降低,两者之间存在倒U型的非线性关系,而且这一倒U型的非线性关系在民营企业和金融发展水平高的地区更强;进一步的研究发现,当第一大客户为民营企业时,第一大客户销售份额与企业长期银行贷款之间的相关性更强。本文研究不仅在一定程度上克服了国外现有研究可能存在的样本选择偏差问题,而且为我国企业融资行为的研究提供了供应链金融这一新的视角。表明民营企业通过选择恰当的客户对象和保持合适的客户集中度,在一定程度上可以缓解由于信贷配给和信贷歧视所导致的长期信贷约束问题,这对于我国深化国有银行改革、完善供应链金融服务、缓解民营企业面临的融资约束问题具有一定的启示意义。As the level of customer concentration in the makeup of supply chains in the U.S. has increased in recent years, many studies have examined the effects of customer concentration on tax avoidance, accounting conservatism, public disclosure, cost of equity capital, and capital structure, etc. However, the prior results may not be generable to developing countries like China, there are at least two reasons： on the one hand, the U.S. SEC only requireslisted companies to disclose those customers whose sales proportion is above 10% of total sales, which may induce the problem of sampling bias, as those disclosed customers may be larger customers or riskier customers. On the other hand, network （or guanxi）-based inter-firm business environment is popular in developing countries, in contrast, market-based inter-firm business environment is popular in developed countries. In light of the possible positive and negative effects of customer concentration, and using the unique setting and data in China, this paper examines whether and how customer concentration affects long-term bank lending in Chinese listed companies, as firms, especially private firms, face lending rationing and lending discrimination given the dominating role of state owned banks in the Chinese banking industry. Our empirical results show that, there an inverse U type of nonlinear relation between customer concentration and long-term bank lending, and this relation is stronger in private firms and in regions with high level of financial development. Further ev- idence shows that, the inverse U type of nonlinear relation between proportion of sales from the largest customer and long-term bank lending is stronger when the largest customer is private. The paper not only mitigates the problem of sampling bias in prior studies, and contributes to the literature on customer concentration and capital structure, but also provides insight into the practice of deepening the reform of state-owned banks and promoting supply chain finance, and therefore relaxing

关 键 词：供应链金融 客户集中度 长期贷款 融资约束 

分 类 号：F832.51[经济管理—金融学] F274F832.4