上市公司客户集中度与盈利能力实证研究——来自创业板制造业的经验证据
发布时间：2019-07-28 18:57
【摘要】：基于创业板制造业企业2011年至2015年的面板数据,采用多元回归的方法研究客户集中度对企业盈利能力的影响,并进一步研究了资产规模、财务杠杆、上市年限、营业收入增长率等因素对客户集中度与盈利能力之间相关关系的调节作用。研究发现:(1)客户集中度与企业的盈利能力呈负相关,客户集中度越高的公司其盈利能力越低;(2)企业资产规模对客户集中度与盈利能力的相关性有显著正向调节作用,财务杠杆和上市年限则具有显著反向调节作用,而企业营业收入增长率并不存在此调节作用。本研究为更好地理解供应链关系中客户集中度对企业盈利水平的影响提供帮助,也为企业管理层制定更加合理有效的经营和销售策略提供借鉴。
[Abstract]:Based on the panel data of gem manufacturing enterprises from 2011 to 2015, the influence of customer concentration on corporate profitability is studied by multiple regression method, and the regulating effect of asset size, financial leverage, listing years and business income growth rate on the relationship between customer concentration and profitability is further studied. It is found that: (1) customer concentration is negatively correlated with the profitability of enterprises, and the higher the customer concentration is, the lower the profitability is; (2) the scale of enterprise assets has a significant positive adjustment effect on the correlation between customer concentration and profitability, while the financial leverage and listing years have a significant reverse adjustment effect, but the growth rate of business income does not have this regulating effect. This study provides a better understanding of the impact of customer concentration on the profitability of enterprises in the supply chain relationship, and also provides a reference for the management of enterprises to formulate more reasonable and effective management and sales strategies.
【作者单位】： 长沙理工大学经济与管理学院;
【分类号】：F274
[Abstract]:Based on the panel data of gem manufacturing enterprises from 2011 to 2015, the influence of customer concentration on corporate profitability is studied by multiple regression method, and the regulating effect of asset size, financial leverage, listing years and business income growth rate on the relationship between customer concentration and profitability is further studied. It is found that: (1) customer concentration is negatively correlated with the profitability of enterprises, and the higher the customer concentration is, the lower the profitability is; (2) the scale of enterprise assets has a significant positive adjustment effect on the correlation between customer concentration and profitability, while the financial leverage and listing years have a significant reverse adjustment effect, but the growth rate of business income does not have this regulating effect. This study provides a better understanding of the impact of customer concentration on the profitability of enterprises in the supply chain relationship, and also provides a reference for the management of enterprises to formulate more reasonable and effective management and sales strategies.
【作者单位】： 长沙理工大学经济与管理学院;
【分类号】：F274
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