近日，经济系师资博士后李靖博士与其合作者的论文Customer concentration and stock price crash risk: new evidence from China 在Applied Economics Letters在线发表。Applied Economics Letters为ABS1期刊，best365英国体育在线认定的A2期刊，也是经济与商科ESI入选期刊。

1

内容摘要

Using the sample of A-share listed companies from 2011 to 2022, we show a robust negative relationship between customer concentration and stock price crash risk in China. This finding contrasts with previous research based on U.S. firms, which shows that customer concentration is positively correlated with stock price crash risk. We believe that the Chinese imperfect capital market is the key factor contributing to this divergence. We reveal that a concentrated customer base can reduce stock price crash risk by improving corporate governance and supply chain transparency. Heterogeneity analysis shows that the effect is more pronounced for firms located in regions with low marketization level and those receiving less market attention.

基于2011年至2022年中国A股上市公司的样本，我们展示了中国客户集中度与股价崩盘风险之间存在稳健的负相关关系。这一发现与基于美国公司的研究结果形成对比，后者显示客户集中度与股价崩盘风险呈正相关。我们认为，中国资本市场的相对不完善是导致这种差异的关键因素。我们揭示了更高的客户集中度能够帮助公司强化治理能力和提高供应链透明度，从而降低股价崩盘风险。异质性分析表明，对于位于市场化水平较低地区以及受到较少市场关注的公司，这种效应更为显著。

2

作者简介

李靖，best365英国体育在线经济系师资博士后。博士毕业于中国人民大学，主要研究方向为数字经济、组织经济学、契约理论等。在《经济社会体制比较》《浙江工商大学学报》《产业经济评论》《社会科学》、International Review of Financial Analysis、Applied Economics Letters等期刊发表多篇论文。

3

原文链接

https://www.tandfonline.com/doi/full/10.1080/13504851.2024.2332535