客户集中会引起企业更多违规行为吗?

以2009—2018年中国资本市场沪深A股上市公司为研究对象,分析并检验客户集中度对企业违规行为的影响。研究结果表明:客户集中度越高,企业越容易发生违规行为。其作用机制在于,对少数大客户的过度依赖会使企业陷入财务困境,进而加剧企业违规行为。进一步分析表明:当企业所处的法律环境较好时,客户集中度对企业违规行为的正向影响显著降低。基于此,企业一方面要不断提高自身实力,避免对大客户的过度依赖,另一方面要充分发挥大客户的外部治理作用,更好地发挥大客户对企业的监督作用。此外,监管部门要加强对处在法律环境薄弱地区企业的约束和监督,加大违规处罚力度,抑制企业违规动机,促进整个资本市场的持续健康发展。

Does the Concentration of Customers Lead to More Corporate Irregularities?

This paper analyzes and tests the influence of customer concentration on enterprise irregularities by taking the listed companies in Shanghai and Shenzhen A-shares of China's capital market from 2009 to 2018 as the research object.The findings are as follows:Customer concentration is significantly positively correlated with corporate irregularities,which is reflected in the fact that the higher the customer concentration is,the more likely the enterprise is to have irregularities.The mechanism of action is that excessive reliance on a few large customers will increase the pressure of financial distress,thus exacerbating corporate irregularities.The further analysis shows that when the legal environment is good,the positive influence of customer concentration on the violation behavior of enterprises is significantly reduced.Based on the perspective of customer relationship,this paper expands the relevant literature on the influencing factors of enterprise violation,which is helpful to provide a new way of thinking for regulatory authorities to curb enterprise violation,and has important theoretical and practical significance for regulating the operation of listed companies.