客户集中度对企业银行借款融资的影响研究--基于真实盈余管理的中介效应  

Research on the Eff ect of Customer Concentration on Bank Loan Financing of Firms--Based on the Mediating Eff ect of Real Earnings Management

作　　者：达昀 曾月明[1] DA Yun;ZENG Yueming(Donghua University,Shanghai 200051)

机构地区：[1]东华大学,上海200051

出　　处：《中国商论》2022年第13期121-124,共4页China Journal of Commerce

摘　　要：本文采用2015—2019年中国沪深两市A股上市公司的财务数据,对企业客户集中度、企业银行借款融资和真实盈余管理关系进行多元回归分析。实证结果显示,客户集中度较高企业的银行借款融资规模更大,真实盈余管理水平越高。在此基础上,本文应用逐步回归法实证检验发现,真实盈余管理在客户集中度对企业银行借款融资的积极影响过程中起部分中介作用,本文结果对银行信贷审批决策和企业处理客户关系具有一定的启示作用。This article uses fi nancial data of A-share listed companies in China’s Shanghai and Shenzhen markets from 2015 to 2019 to conduct a multiple regression analysis on the relationship between corporate customer concentration,corporate bank loan fi nancing and real earnings management.The empirical results show that enterprises with higher customer concentration have a larger scale of bank loan fi nancing and a higher level of real earnings management.Based on this,this study applies the stepwise regression method to empirically test that real earnings management plays a part in mediating the positive infl uence of customer concentration on bank loan fi nancing.The results of this article have some implications for bank credit approval decision-making and enterprises dealing with customer relations.

关 键 词：客户集中度 银行借款 盈余管理 中介效应 融资 

分 类 号：F832.4[经济管理—金融学]