客户关系对企业债务期限结构的影响及传导路径研究  

Research on the influence and transmission path of customer relationship on debt maturity structure

作　　者：李艳平 李芸达 张雪伍 彭振革 LI Yanping;LI Yunda;ZHANG Xuewu;PENG Zhenge(School of Management,Jiangsu University of Technology;School of Economics and Management,Changzhou Institute of Technology,Changzhou 213001,China)

机构地区：[1]江苏理工学院管理学院,江苏常州213001 [2]常州工学院经济与管理学院,江苏常州213032

出　　处：《江苏理工学院学报》2022年第5期55-62,71,共9页Journal of Jiangsu University of Technology

基　　金：2018年江苏高校哲学社会科学研究基金项目“客户关系对企业债务期限结构的影响及传导路径研究”(2018SJA1726);2018年江苏高校哲学社会科学研究基金项目“产业链视角下基于神经网络的P2P网贷平台风险预警研究”(2018SJA1729);江苏理工学院人才引进项目(KYY17506)。

摘　　要：基于客户关系对企业产生的两种不同效应,利用中国A股上市制造类企业2007—2015年数据,研究了客户关系对企业债务期限结构的影响及传导路径,并分析了市场地位和公司治理的调节作用。结果显示:客户关系与企业债务期限结构显著正相关,其传导路径主要源于客户关系的积极治理效应。拓展研究发现,客户关系能够通过提高企业长期负债发挥治理作用,在市场地位低和公司治理强的企业中,这种治理机制的治理功能更加显著。Based on the two different effects of customer relationship on enterprises,this paper uses the data of Chinese A-share listed manufacturing enterprises from 2007 to 2015 to study the impact and transmission path of customer relationship on enterprise debt maturity structure and analyzes the regulatory role of market position and corporate governance.The results show that there is a significant positive correlation between customer rela-tionship and corporate debt maturity structure and its transmission path mainly stems from the positive gover-nance effect of customer relationship.The expansion study found that customer relationship can play a gover-nance role by increasing the long-term debt of enterprises.In enterprises with low market position and strong corporate governance,the governance function of this mechanism is more significant.

关 键 词：客户关系 债务期限结构 传导路径 市场地位 公司治理 

分 类 号：F275.5[经济管理—企业管理]