证券市场导报Issue(5)：48-58,11.
共同机构所有权与客户集中度
摘要
Abstract
High customer concentration increases the operational risk and the likelihood of supply chain disruptions,which is obviously detrimental to the construction of the"domestic and international dual circulation"development paradigm.This paper theoretically and empirically analyzes the effects of common institutional ownership(CIO)on firms'customer concentration,using the data of Chinese listed firms from 2007 to 2021.The paper finds that CIO reduces excessive customer concentration by enhancing firms'bargaining power and information transparency,and the higher the association degree and the greater the number of alliances,the more significant the reduction effect.Further analysis reveals that CIO only exerts a synergistic supervisory effect to intervene in a firm's customer concentration when the firm's major customers experience performance decline or poor management,and this effect is more significant among companies located in the Western region and for non-high-tech companies.This paper provides policy insights for reducing enterprises'dependence on single major customers and strengthening the role of relevant government departments in optimizing the management of enterprise customer resource allocation.关键词
共同机构所有权/机构投资者/客户集中度/风险分散/公司绩效Key words
common institutional ownership/institutional investor/customer concentration/risk diversification/firm performance分类
管理科学引用本文复制引用
杜勇,谭丽丽..共同机构所有权与客户集中度[J].证券市场导报,2024,(5):48-58,11.基金项目
国家自然科学基金面上项目"机构共同持股下的实体企业影子银行化同群效应:表征识别、驱动机理与经济后果"(项目编号:72072146)、中央高校基本科研业务费专项资金项目"共同分析师、生产网络与企业数字化转型"(项目编号:SWU2209217)、西南大学创新研究2035先导计划"乡村振兴与金融创新"(项目编号:SWUPilotPlan026)] （项目编号:72072146）
