Research on the Governance Effect of Supply Chain Customer Stability on Listed Companies'Violations
This paper focuses on the spirit of"making efforts on improving the resilience and safety level of the industrial chain supply chain"and"improving the function of the capital market and increasing the proportion of direct financing"proposed in the report of the 20th National Con-gress of the Communist Party of China.It examines whether the stability of supply chain customers has a governance effect on the violations of listed companies in the core position of the capital mar-ket.The research results show that the higher the customer stability,the lower the probability and degree of company violations.Mechanism test shows that high customer stability can play a positive role in three aspects:performance effect,information effect,and supervision effect,thereby sup-pressing company violations.Further heterogeneity analysis indicates that there are significant differences in the governance effectiveness of customer stability on company violations under differ-ent internal and external supervision and governance mechanisms:In terms of internal supervision and governance mechanisms,customer stability has a stronger inhibitory effect on company viola-tions in companies with low internal control quality and weak economic independence of the supervi-sory board;In terms of external supervision and governance mechanisms,customer stability has a stronger inhibitory effect on company violations in companies with low analyst attention and poor legal environment in their regions.
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