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论文编号：	11672
作者编号：	2120182923
上传时间：	2020/6/19 16:54:58
中文题目：	客户集中度与业绩预告披露意愿研究
英文题目：	Research on Correlation between Customer Concentration and the Intention of Earnings Forecast Disclosure
指导老师：	李姝
中文关键字：	客户集中度； 业绩预告 ；自愿披露
英文关键字：	Customer Concentration; Earnings Forecast; Voluntary Disclosure
中文摘要：	在当今时代，处于一个合作密切的供应链关系中对于企业愈加重要，供应链上的企业可以依赖彼此之间的资源，实现上下游供需信息共享，共同赚取利润。而保持与大客户的关系有助于降低企业之间的交易成本，保持专用性资产的价值，使得企业在激烈的市场竞争中保有一席之地。大客户对于企业至关重要，但是客户会担心供应商企业的未来盈利能力，担心供应商企业破产致使投入的关系专用性资产遭受到损失，同时担心供应商企业的机会主义行为危害自身利益。因此客户需要供应商企业的相关信息，尤其是业绩预告这类与未来盈利能力相关的前瞻性信息，同时当客户比较集中时，企业与少数客户通过私下交流这类信息的成本更低、效率更高。因此本文从客户这一利益相关者的视角进行研究，探索客户集中度与企业业绩预告披露意愿之间的关系，同时探讨关系专用性资产、关联方大客户、客户地理邻近性以及客户转换成本会对这种关系产生何种影响。 本文对2011-2018年间我国沪深两市A股主板上市公司的数据样本进行实证研究，发现由于企业更多以私下沟通形式与大客户进行交流，客户集中度越高的企业，其披露业绩预告的自愿性越弱；而客户集中度与业绩预告披露意愿的负相关关系在资产专用性较高的上市公司、存在关联方大客户的上市公司、与客户距离更近的上市公司和客户转换供应商成本更低的公司更为显著。
英文摘要：	In today's era, it is increasingly important for enterprises to be in a close cooperative supply chain relationship. Enterprises in the supply chain can rely on each other's resources, realize the information sharing of upstream and downstream, and earn profits together.Maintaining the relationship with big customers helps to reduce the transaction costs and maintain the value of specific assets, so that enterprises can keep a place in the fierce market competition. Large customers are of vital importance to enterprises, but customers will worry about the future profitability of the supplier enterprises, the loss of the invested relationship-specific assets caused by the bankruptcy of the supplier enterprises, and the opportunistic behavior of supplier companies harming their interests. Customers need relevant information from supplier companies, especially forward-looking information related to future profitability such as performance forecast, meanwhile, when customers are more concentrated, it is cheaper and more efficient for companies to exchange such information privately with a small number of customers. Therefore, this article studies from the perspective of the customer, a stakeholder, explores the relationship between customer concentration and the company’s willingness to disclose corporate performance announcements, at the same times explores how relationship-specific assets, whether there are related parties in major customers, geographical proximity of customers and customers conversion cost will affect this relationship. This paper conducted an empirical study on the data samples of A-share main board listed companies on Shanghai and Shenzhen stock exchanges from 2011 to 2018. It was found that as companies communicate more with large customers in a private way, companies with higher customer concentration have a weaker willingness to disclose profit forecasts, and the negative correlation between customer concentration and performance disclosure intention is more significant in listed companies with high asset specificity, companies with large related party customers, companies closer to customers and companies with lower customer conversion costs.
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