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论文编号：	12414
作者编号：	2120192804
上传时间：	2021/6/10 16:28:09
中文题目：	客户集中度、银行贷款与企业风险承担
英文题目：	Customer Concentration、Bank Loan and Corporate Risk-taking
指导老师：	梅丹
中文关键字：	客户集中度；企业风险承担；银行贷款；短期贷款
英文关键字：	Customer concentration；Corporate risk-taking；Bank loan；Short-term loan
中文摘要：	企业风险承担是指企业为获取高额收益所愿意承担的风险水平，反映了股东和管理者在投资决策过程中的风险倾向。较高的风险承担水平往往伴随着较强的创新积极性和较多的资本性支出，不仅有助于企业保持竞争优势，获得更高的投资回报，还有助于加快社会的资本积累、推动社会技术进步。当今世界正处于百年未有之大变局，世界经济增长乏力，贸易保护主义盛行，我国企业发展也面临着新的机遇与挑战。在这种情况下，我国企业需要主动提高风险承担水平，积极把握投资机会，以提高自身的核心竞争力，从而维持企业的可持续发展。 以往对企业风险承担水平影响因素的研究主要集中于宏观经济环境、企业以及管理者个体特征三个层面。客户作为企业重要的利益相关者，对企业的生产经营和价值创造都会产生至关重要的影响。大多数中国企业在发展的过程中都会尽可能与客户建立稳定的战略合作关系，构建自身的关系网络。因此，我国上市公司前五大客户的集中程度普遍偏高。这种大客户的存在对企业风险承担水平产生的影响主要集中于两方面，一方面，企业与大客户之间的紧密联系有利于企业构建稳定的供应链网络，为企业进行产品创新、开拓新市场等高风险投资活动提供必要的知识、信息和技术支持，提升了企业的风险承担能力。另一方面，大客户的存在还具有隐性的信用认证作用，向外界释放出企业商业信誉良好、违约可能性较小的信号，有助于企业得到银行的信任，提升企业获取银行贷款的能力，从而提升企业的风险承担意愿和能力。 本文选取客户集中度为切入点，研究客户关系对企业风险承担水平会产生何种影响。通过理论分析，并对2011-2018年非金融A股上市公司的相关数据进行实证研究，本文发现客户集中度越高，企业的风险承担水平就越高。在此基础上，本文对二者关系的影响路径进行了进一步研究，发现较高的客户集中度可以通过提升企业获取银行贷款的能力，进而提升企业的风险承担水平。除此之外，本文通过对不同类别的银行贷款进行划分，研究其产生的中介效应是否有所不同，结果表明，客户集中度主要是通过影响企业的短期贷款能力，从而影响企业的风险承担水平。
英文摘要：	Corporate risk-taking refers to the level of risk that a company is willing to take in order to obtain high returns. It reflects the risk appetite of the company in the investment and financing decision-making process. A higher level of risk-taking is often accompanied by a stronger innovation initiative and more capital expenditures, which not only help companies maintain their competitive advantages and obtain higher return on investment, but also help accelerate social capital accumulation and promote social technological progress. The world today is undergoing major changes unseen in a century. The world’s economic growth is sluggish and trade protectionism prevails. The development of Chinese enterprises is also facing new opportunities and challenges. Under this circumstance, Chinese companies need to take the initiative to increase the level of risk-taking, actively grasp the fleeting investment opportunities, in order to improve their core competitiveness and maintain their sustainable development. In the past, the research on the factors that influence the level of corporate risk-taking mainly focused on the three levels: the macroeconomic environment, the individual characteristics of companies and managers. As an important stakeholder of an enterprise, customers have a vital influence on the production, operation and value creation of the enterprise. In the process of development, most Chinese companies will try their best to establish stable strategic partnerships with customers and build their own network of relationships. Therefore, the concentration of the top five customers of listed companies in China is generally high. The impact of the existence of such large customers on corporate risk-taking is mainly concentrated in two aspects. On the one hand, the close connection between enterprises and major customers is conducive to the construction of a stable supply chain network for enterprises to provide necessary knowledge, information and technical support for high-risk investment activities such as product innovation and opening up new markets, and to enhance the enterprise's ability to bear risks. On the other hand, the existence of large customers also has an implicit credit certification effect, which can send positive signals to the outside world that the risk of corporate default is low, which helps the company gain the trust of creditors, and makes it easier for companies to obtain bank loans, and thus enhances the company's willingness and ability to bear risks. This article selects customer concentration as the entry point to study the impact of customer relationships on the level of corporate risk taking. Through research on relevant data of non-financial A-share listed companies from 2011 to 2018, this article finds that the higher degree of customer concentration, the higher level of enterprise risk taking. On this basis, this article conducts further research on the influence path of the relationship between the two, and finds that a higher customer concentration can improve the enterprise's bank lending capacity, thereby increasing the enterprise's risk-taking level. In addition, this article divides different types of bank loans and studies whether the intermediary effects are different. The results show that customer concentration mainly affects the enterprise’s short-term loan capacity, thereby affecting the enterprise’s risk-taking level.
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