Does Capital Market Opening Help Alleviate the Company's Dependence on Key Customers?
Black swan events triggered by dependence on major customers have gradually become a significant factor affecting the stability of enterprise supply chains.In response to the growing phenomenon of major customer dependence and the series of potential risks it may entail,this paper utili-zes the implementation of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect trading mechanisms as a quasi-natural experiment to examine how capital market liberalization influences the dependence of enterprises on major customers.The study finds that:(1)The Shanghai-Hong Kong Stock Connect trading system,a capital market opening policy,can effectively mitigate enterprise dependence on major cus-tomers.(2)An in-depth investigation of the mechanisms reveals that capital market liberalization reduces enterprise dependence on major custom-ers primarily through three channels:the foreign customer effect,the risk-taking effect,and the product innovation effect.(3)Heterogeneity tests indicate that the mitigation effect of the Shanghai-Hong Kong Stock Connect trading mechanism on major customer dependence is more pronounced in sample enterprises with lower network positions,higher customer network positions,and lower inventory management efficiency.Additionally,managing dependence on major customers is closely related to the enterprise's willingness to adjust itself,specifically demonstrating that the Shang-hai-Hong Kong Stock Connect trading mechanism only alleviates major customer dependence in samples where listed companies have shorter dura-tions of customer relationship,lower relationship specificity,and face more intense market competition.(4)Further analysis reveals that,after be-ing included in the Shanghai-Hong Kong Stock Connect,enterprises reduce their commercial credit supply and sales costs by alleviating major cus-tomer dependence and expand their customer geographical distribution,indicating that effective management of major customer dependence promotes high-quality of enterprises development.This study demonstrates that capital market liberalization is crucial for promoting the high-quality develop-ment of China's real economy and provides a theoretical basis for further orderly opening of the capital market.
万方数据
维普
