程敏英1,郑诗佳2,刘骏3.供应商/客户集中度与企业盈余持续性:保险抑或风险[J].审计与经济研究,2019,(4):
供应商/客户集中度与企业盈余持续性:保险抑或风险
  
DOI:
中文关键词:  盈余持续性  供应商集中度  客户集中度  市场竞争优势  产权性质  机构投资者持股
英文关键词:the persistence of earnings  supplier concentration  customer concentration  market competitive power  property rights  institutional ownership
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作者单位
程敏英1,郑诗佳2,刘骏3 1.中山大学 国际金融学院广东 珠海5190822.中山大学 管理学院广东 广州5102753.广东财经大学 会计学院 港澳大湾区资本市场与审计治理研究院广东 广州510320 
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中文摘要:
      选取2010—2016年我国A股制造业上市公司为样本,考察供应商/客户集中度对公司盈余持续性的影响。研究发现:供应商/客户集中度提高会负向影响盈余持续性,即供应商/客户集中度越高,公司的盈余持续性越低。上述关系在不同市场竞争地位、产权性质和机构投资者持股比例的上市公司中有所差异。公司的市场竞争优势越强,供应商/客户集中度对盈余持续性的负面影响越弱;国有企业相对于民营企业,能显著缓解供应商/客户集中度提高对盈余持续性的负向影响;机构投资者持股比例的提高,能减轻供应商/客户集中度与盈余持续性之间的负向关系。进一步的机制分析发现,供应商集中度的上升使企业毛利率下降,客户集中度的提高使企业经营风险增加,从而对盈余持续性产生负面影响。
英文摘要:
      We use A-share listed manufacturing companies in China from year 2010 to 2016 as the sample to examine whether the supplier/customer concentration affects the persistence of company's earnings. The results show that the supplier/customer concentration will negatively affect the persistence of earnings. Further studies find that the increase of market competitive power significantly weakens the negative impact of supplier/customer concentration on the persistence of earnings. Compared to private enterprises, state-owned enterprises significantly alleviate the negative impact of supplier/customer concentration on the persistence of earnings. Meanwhile, the increase of institutional ownership inhibits the negative relationship between supplier/customer concentration and the persistence of earnings. Mechanism analysis shows that supplier concentration is negatively associated with the rate of margin and customer concentration is positively associated with operational risk, which leads to the negative influence on persistence of earnings.
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