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  

Customer Concentration and Firm Cost Stickiness:Evidence from Chinese Listed Companies in Manufacturing Industry

作　　者：江伟[1] 底璐璐 姚文韬 JIANG Wei DI Lulu YAO Wentao(Management SchooVCenter for Management Accounting Research,Jinan Universit School of Economics and Finance, University of Hong Kon)

机构地区：[1]暨南大学管理学院会计学系/管理会计研究中心,广东广州510632 [2]香港大学经济与金融学院,香港999077

出　　处：《金融研究》2017年第9期192-206,共15页Journal of Financial Research

基　　金：国家自然科学基金重点项目(71032006)和面上项目(71272212);广东省普通高校人文社科重点研究基地暨南大学企业发展研究所重大项目(2014ZD001);暨南大学暨南远航项目(15JNYH008)的资助

摘　　要：对成本粘性的研究有助于揭示企业的成本管理行为这一"黑箱"。本文从成本粘性的角度考察了客户集中度是否以及如何影响企业的成本管理。本文结果表明,企业成本粘性随着客户集中度的上升先逐渐减弱,随后又逐渐增强,两者之间呈现U型的非线性关系,而且这一关系只存在于民营企业中,客户集中度不会对国有企业的成本粘性产生影响。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成本粘性之间的负相关性有所增强。本文的研究不仅拓展了现有文献从财务会计与公司财务方面考察客户集中度经济影响的研究,而且为企业成本管理行为研究提供了供应链管理这一新的视角。Studies on cost stickiness help reveal the ＂black box＂ of finn cost management. In this paper, we examine whether and how customer concentration affect firm cost management from cost stickiness. The results show that, there a U type of nonlinear relation between customer concentration and cost stickiness, and this relation only exists in private finns, there is no effect of customer concentration on cost stickiness in SOEs. Further evidence shows that, the negative relation between proportion of sales from the largest customer and cost stickiness is stronger when the largest customer is private. The paper not only contributes to the literature on economic consequences of customer concentration from financial accounting and corporate finance, but also provides insight on the studies of cost management from supply chain management.

关 键 词：客户集中度 成本管理 调整成本 成本粘性 

分 类 号：F406.7[经济管理—产业经济] F425F832.51