大客户地理邻近性是否抑制了公司股价崩盘风险?

被引：8

作者：

黄珺

韩菲菲

段志鑫

机构：

[1] 湖南大学工商管理学院

来源：

经济与管理评论 | 2022年 / 38卷 / 01期

关键词：

地理邻近性; 股价崩盘风险; 大客户; 供应链;

D O I：

10.13962/j.cnki.37-1486/f.2022.01.009

中图分类号：

F832.51 []; F274 [企业供销管理];

学科分类号：

1201 ; 020204 ;

摘要：

以2010-2019年中国A股上市公司为研究对象,考察了大客户地理邻近性对公司股价崩盘风险的影响,进一步探究了外部竞争环境与公司专有资产水平对二者之间关系的调节作用。研究发现:大客户与公司之间的地理距离越近,公司股价崩盘风险越低;大客户距公司的地理距离与公司股价崩盘风险之间的正向关系只在市场竞争高组、专有资产持有水平高组显著。不仅从供应链视角丰富了股价崩盘风险的影响因素研究,而且将地理邻近性纳入客户特征范畴,有助于全面了解大客户的外部治理效应,对于深入了解供应链关系,以及如何防范股价崩盘、促进资本市场稳定发展都具有重要意义。

引用

页码：116 / 129

页数：14

共 25 条

[11]

Customer concentration and stock price crash risk[J] . Sang Mook Lee,Pornsit Jiraporn,Hakjoon Song.Journal of Business Research . 2020 (C)

[12] Strategic Disclosures of Litigation Loss Contingencies When Customer-Supplier Relationships Are at Risk [J].

Cen, Ling ;

Chen, Feng ;

Hou, Yu ;

Richardson, Gordon D. .

ACCOUNTING REVIEW, 2018, 93 (02) :137-159

[13] Stock Liquidity and Stock Price Crash Risk [J].

Chang, Xin ;

Chen, Yangyang ;

Zolotoy, Leon .

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2017, 52 (04) :1605-1637

[14] Proximity to the SEC and Stock Price Crash Risk [J].

Kubick, Thomas R. ;

Lockhart, G. Brandon .

FINANCIAL MANAGEMENT, 2016, 45 (02) :341-367

[15]

Reputation and Loan Contract Terms: The Role of Principal Customers[J] . Cen Ling,Dasgupta Sudipto,Elkamhi Redouane,Pungaliya Raunaq S..Review of Finance . 2016 (2)

[16]

Financial Reporting Opacity and Expected Crash Risk: Evidence from Implied Volatility Smirks[J] . Jeong‐Bon Kim,Liandong Zhang.Contemp Account Res . 2014 (3)

[17]

Customers and cash: How relationships affect suppliers' cash holdings[J] . Jennifer Itzkowitz.Journal of Corporate Finance . 2013

[18]

Geographic Proximity between Auditor and Client: How Does It Impact Audit Quality?[J] . Choi Jong Hag,Kim Jeong Bon,Qiu Annie A.,Zang Yoonseok.AUDITING: A Journal of Practice & Theory . 2012 (2)

[19]

Opaque financial reports, R 2 , and crash risk[J] . Amy P. Hutton,Alan J. Marcus,Hassan Tehranian.Journal of Financial Economics . 2008 (1)

[20]

R 2 around the world: New theory and new tests[J] . Li Jin,Stewart C. Myers.Journal of Financial Economics . 2004 (2)

← 1 2 3 →