商业研究

商业研究

• 商经理论 • 上一篇    下一篇

客户集中、内部控制与企业债务保守 ——基于隐性契约视角的分析

张亮亮，黄国良   

  1. （中国矿业大学 管理学院，江苏 徐州 221116）
  • 收稿日期:2019-05-20 出版日期:2019-10-16
  • 作者简介:张亮亮（1987-），男，江苏赣榆人，中国矿业大学管理学院讲师，管理学博士，研究方向：财务管理理论与方法；黄国良（1968-），男，浙江临海人，中国矿业大学管理学院教授，博士生导师，管理学博士，研究方向：财务管理理论与方法。
  • 基金资助:
    ：国家自然科学基金青年科学基金项目“客户关系与企业创新：影响路径、经济后果与治理机制”，项目编号：71802185；教育部人文社会科学研究青年基金项目“上市公司零债务融资动因与经济后果研究”，项目编号：15YJC630176。

Customer Concentration, Internal Control and Corporate Debt Conservatism: An Analysis from the Perspective of Implicit Contract

ZHANG Liang-liang,HUANG Guo-liang   

  1. (School of Management,China University of Mining and Technology, Xuzhou 221116,China)
  • Received:2019-05-20 Online:2019-10-16

摘要： 企业债务保守行为是资本结构理论研究的前沿问题之一。基于隐性契约理论，本文以2007-2015年中国A股上市公司为样本，分析客户集中对企业债务保守行为的影响机理，并探索内部控制在隐性契约执行中对债务保守政策的替代作用。实证结果显示，客户集中度越高，企业越有可能采取保守的债务政策，客户集中度与企业债务保守的正相关性在耐用品生产企业中更加显著，这表明企业通过选择保守的债务政策向客户传递其未来的履约能力；随着企业内部控制质量的提升，客户集中度与企业债务保守的正相关性变弱，表明内部控制与债务保守在隐性契约执行方面具有一定的替代作用。上述结论丰富了企业债务保守成因的解释，对于企业处理与客户等供应链利益相关者的关系具有一定参考意义。

关键词: 资本结构理论, 隐性契约, 客户集中, 债务保守, 内部控制

Abstract: Corporate debt conservatism is one of the frontier issues in capital structure theory. Based on the theory of implicit contract, this paper analyzes the influence mechanism of customer concentration on the debt conservative behavior of Chinese A-share listed companies in 2007-2015, and explores the alternative role of internal control in the implementation of implicit contract in debt conservative policy.The empirical results show that the higher the customer concentration is, the more likely the enterprise is to adopt conservative debt policy, and the positive correlation between customer concentration and corporate debt conservatism is more significant in durable goods manufacturing enterprises, which shows that the enterprise can transfer its future performance ability to customers by choosing conservative debt policy;with the improvement of the quality of internal control, the positive correlation between customer concentration and debt conservatism becomes weak, which indicates that internal control and debt conservatism have a certain alternative role in the implementation of implicit contracts. The above conclusions enrich the explanation of the conservative causes of corporate debt, and have a certain reference significance for enterprises to deal with the relationship with customers and other supply chain stakeholders.

Key words: capital structure theory, implicit contract, customer concentration, debt conservatism, internal control