关键词: 客户集中度 , 供应链整合 , 股价崩盘风险

Abstract:

As one of firms stakeholders, whether major customers can influence the operating and financial decision and risk is one of important topics both in theory and practice This paper studies the impact of customer concentration on firms crash risk We find that customer concentration reduces the firms crash risk, and this finding is robust to a series of tests The negative relation between customer concentration and firms crash risk stems from supply chain collaboration with major customers but not major customers bargaining power These findings indicate that customer concentration is beneficial for firms to realize supply chain collaboration and it can reduce firms crash risk by reducing their operating risk and information risk.

Key words: customer concentration , supply chain collaboration , crash risk