资本市场开放是否有助于缓解企业大客户依赖?  

Does Capital Market Opening Help Alleviate the Company's Dependence on Key Customers?

作　　者：包群[1] 方浩丞 BAO Qun;FANG Haocheng

机构地区：[1]南开大学经济学院

出　　处：《世界经济研究》2024年第9期105-119,M0004,共16页World Economy Studies

基　　金：国家社会科学基金重大项目“超大规模国内市场优势与国内外市场联动:理论机制与实现路径”(项目编号:23ZDA054);国家自然科学基金管理科学部应急管理项目“重塑贸易新格局的路径”(项目编号:72341022)。

摘　　要：大客户依赖引发的黑天鹅事件逐渐成为影响企业供应链安全的重要因素。针对日益加重的大客户依赖和一系列潜在风险,文章以沪深港通交易机制的实施作为准自然实验,考察资本市场开放如何影响企业大客户依赖。研究发现:(1)沪深港通交易制度这一资本市场开放政策能够有效缓解企业的大客户依赖。(2)影响机制分析发现,资本市场开放主要通过境外客户效应、风险承担效应和产品创新效应三类影响渠道降低企业的大客户依赖。(3)异质性检验发现,沪深港通交易机制对大客户依赖的缓解效应在企业自身网络地位较低、客户网络地位较高和存货管理效率较低的样本企业中作用更大。企业对大客户依赖的治理也与企业自身调整意愿密切相关,具体表现为沪深港通交易机制分别对上市公司客户关系持续时间较短、上市公司客户关系专用性较低和市场竞争激烈的样本发挥大客户依赖缓解作用。(4)企业在被纳入沪深港通之后,通过缓解大客户依赖降低商业信用供给和销售成本,拓展了客户空间分布。文章研究表明资本市场开放对于促进中国实体经济高质量发展具有重要作用,这为进一步加大资本市场有序开放提供理论依据。Black swan events triggered by dependence on major customers have gradually become a significant factor affecting the stability of enterprise supply chains.In response to the growing phenomenon of major customer dependence and the series of potential risks it may entail,this paper utilizes the implementation of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect trading mechanisms as a quasi-natural experiment to examine how capital market liberalization influences the dependence of enterprises on major customers.The study finds that:( 1) The Shanghai-Hong Kong Stock Connect trading system,a capital market opening policy,can effectively mitigate enterprise dependence on major customers.( 2) An in-depth investigation of the mechanisms reveals that capital market liberalization reduces enterprise dependence on major customers primarily through three channels:the foreign customer effect,the risk-taking effect,and the product innovation effect.( 3) Heterogeneity tests indicate that the mitigation effect of the Shanghai-Hong Kong Stock Connect trading mechanism on major customer dependence is more pronounced in sample enterprises with lower network positions,higher customer network positions,and lower inventory management efficiency.Additionally,managing dependence on major customers is closely related to the enterprise's willingness to adjust itself,specifically demonstrating that the Shanghai-Hong Kong Stock Connect trading mechanism only alleviates major customer dependence in samples where listed companies have shorter durations of customer relationship,lower relationship specificity,and face more intense market competition.( 4) Further analysis reveals that,after being included in the Shanghai-Hong Kong Stock Connect,enterprises reduce their commercial credit supply and sales costs by alleviating major customer dependence and expand their customer geographical distribution,indicating that effective management of major customer dependence promotes high-quality of enterprises development.This

关 键 词：大客户依赖 资本市场开放 沪深港通交易制度 

分 类 号：F832.5[经济管理—金融学] F274