As an important stakeholder of the enterprise, stable customers can supervise the information disclosure behavior of the enterprise, and can also send a signal of better profitability to the market, reduce information asymmetry, stabilize the stock price and reduce the volatility of the stock price. Taking China’s A share listed companies from 2001 to 2019 as the research object, this paper analyzes the impact of customer stability on stock price volatility. The results show that: (1) there is a significant negative correlation between customer stability and stock price volatility; (2) The closer the relationship between customers and enterprises, the stronger the effect of stabilizing customers on the volatility of enterprise stock price; (3) The higher degree of information asymmetry, the more significant the negative correlation between customer stability and stock price volatility. This research can not only enrich the literature related to customer supplier relationship, but also prompt capital market participants to pay more attention to the relevant information of supply chain.