客户稳定性对企业财务安全性的影响研究  

A Research on the Influence of Customer Stability on Enterprise Financial Security

作　　者：钟梅支 刘文庆 林钟高 Zhong Meizhi;Liu Wenqing;Lin Zhonggao(School of Economics and Management,Ma anshan University,Ma anshan,Anhui 243000;School of Accountancy,Jiangxi University of Finance and Economics,Nanchang,Jiangxi 330000)

机构地区：[1]马鞍山学院经济与管理学院,安徽马鞍山243000 [2]江西财经大学会计学院,江西南昌330000

出　　处：《嘉兴大学学报》2024年第5期102-116,共15页Journal of Jiaxing University

基　　金：国家自然科学基金(71572002);教育部人文社会科学研究青年基金项目(19YJC790198);安徽省高等学校科学研究重点项目(2023AH052614)。

摘　　要：以2010—2022年沪深A股上市公司为样本,观察客户稳定性是否以及如何影响企业财务安全性。研究发现,客户稳定性与企业财务安全性存在先扬后抑的倒“U”型关系。经内生性与稳健性检验后,结论依然成立。机制检验发现融资约束、盈余管理和交易成本在其中发挥部分中介作用。异质性检验发现,在环境不确定性高以及市场竞争较低的情形下,客户稳定性与财务安全性之间的倒“U”型关系更为显著。研究结果提供了关系型交易后果的新证据,丰富了关系交易理论,同时,提供了有关财务安全性的中国企业特征,为企业保持客户关系的适度稳定提供基本指导。We take A-share listed companies from 2010 to 2022 as a sample to observe whether and how customer stability affects the financial security of enterprises.The research finds that customer stability and corporate financial security have an inverted U-shaped relationship that first increases and then decreases.After endogeneity testing and robustness testing,the conclusion still holds.Mechanism testing finds that financing constraints,earnings management and transaction cost partially mediate the relationship between the two.Heterogeneity testing finds that in situations with high environmental uncertainty and low market competition,the inverted U-shaped relationship between customer stability and financial security is more significant.The research results provide new evidence for the consequences of relationship transactions,enrich the theory of relationship transactions,and reveal the characteristics of Chinese enterprises financial security,offering basic guidance for enterprises to maintain moderate stability in customer relationships.

关 键 词：关系交易 专用性投资 客户稳定性 财务安全性 

分 类 号：F275[经济管理—企业管理]