大客户地理邻近性是否抑制了公司股价崩盘风险?  

Does Major Clients'Geographical Proximity Inhibit the Risk of Company Stock Price Crash?

作　　者：黄珺[1] 韩菲菲 段志鑫 HUANG Jun;HAN Feifei;DUAN Zhixin(School of Business,Hunan University,Changsha 410082,China)

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《经济与管理评论》2022年第1期116-129,共14页Review of Economy and Management

基　　金：湖南省教育厅创新平台开放基金项目“共同审计师对供应商企业股价崩盘风险的影响研究”(19K021)。

摘　　要：以2010-2019年中国A股上市公司为研究对象,考察了大客户地理邻近性对公司股价崩盘风险的影响,进一步探究了外部竞争环境与公司专有资产水平对二者之间关系的调节作用。研究发现:大客户与公司之间的地理距离越近,公司股价崩盘风险越低;大客户距公司的地理距离与公司股价崩盘风险之间的正向关系只在市场竞争高组、专有资产持有水平高组显著。不仅从供应链视角丰富了股价崩盘风险的影响因素研究,而且将地理邻近性纳入客户特征范畴,有助于全面了解大客户的外部治理效应,对于深入了解供应链关系,以及如何防范股价崩盘、促进资本市场稳定发展都具有重要意义。Using Chinese A-share listed companies from 2010 to 2019 as the sample,this article examines the impact of major customers'geographic proximity on the stock price crash risk,and explores the moderating effects of the external competitive environment and the level of proprietary assets.The research results show:the shorter the geographical distance between major customers and the company,the lower the risk of company stock price crash;the positive relationship between the geographical distance of major customers and the company's stock price crash risk is only significant in the group with high market competition and high level of proprietary asset holding.This paper not only enriches the research on the influencing factors of stock price crash risk from the perspective of supply chain,but also incorporates geographic proximity into the category of customer's characteristics,which helps to fully understand the external governance effects of major customers.It is of great significance for in-depth understanding of supply chain relationships,preventing stock price crashes,and promoting the stable development of capital markets.

关 键 词：地理邻近性 股价崩盘风险 大客户 供应链 

分 类 号：F832.5[经济管理—金融学]