摘要
本文以2007-2014年我国A股上市公司为样本,以客户集中度作为企业客户特征的代理变量,研究大客户对企业资本结构动态调整的影响。实证结果表明,企业的客户集中度越高,其资本结构偏离程度越大,调整速度越快;进一步分析发现,财政政策是二者关系的调节性因素,客户集中度对企业资本结构动态调整的影响在财政政策相对积极与相对紧缩时存在异质性,导致财政政策相对紧缩时客户集中度对企业资本结构动态调整的正向影响比财政政策相对积极时更为显著。
This paper based on the sample of Chinese A-share listed company from 2007 to 2014, using customer concentration as proxy variable of customer＇s characteristics to study the influence of large customers on the capital structure dynamic adjustment of enterprises. Empirical results show that the higher the customer concentration is, and the greater the deviation of the capital structure is, the faster is the capital structure adjustment speed. Further analysis found that fiscal policy is the adjustable factor of the relationship between customer concentration and capital structure dynamic adjustment of enterprises. When the fiscal policy is positive or constrictive, the influence of the customer concentration on the capital structure dynamic adjustment is different. When the fiscal policy is relatively constrictive, the positive impact of the customer concentration on the capital structure dynamic adjustment is more significant than that when the fiscal policy is relatively positive.
出处
《财政研究》
CSSCI
北大核心
2016年第5期90-101,共12页
Public Finance Research
基金
国家社会科学基金资助项目"中小上市公司超募融资与投资效率研究"(12BJY018)
关键词
财政政策
客户集中度
资本结构
动态调整
客户风险
Fiscal Policy
Customer Concentration
Capital Structure
Dynamic Adjustment
Customer Risk
