The Effect of Customer Concentration on Corporate Debt Default Risk
Preventing and resolving debt default risk is of great significance for the high-quality development of enterprises.The A-share listed companies in Shanghai and Shenzhen from 2013 to 2022 are used as research samples.This paper empirically examines the influence of customer concentration on corporate debt default risk and its mediating effect.The results show that customer concentration has a nonlinear effect on the debt default risk of enterprises,and there is a significant U-shaped relationship between the two.Before the threshold,when custom-er concentration is lower than a certain level,transaction cost saving will bring benefits to enterprises and alleviate the debt default risk of enterprises.After the threshold,when the customer concentration is higher than a certain level,the loss caused by the customer's bargaining power predominates,increasing the debt default risk of the en-terprise.The intermediary effect test shows that customer concentration can affect the corporate debt default risk through two intermediary channels:commercial credit and accounting information comparability.The study reveals the influence of customer concentration on corporate debt default risk and its intermediary effect,which is helpful to provide empirical evidence for the high-quality development of enterprises and the resolution of debt default risk.
customer concentrationdebt default riskcommercial creditcomparability of accounting information
万方数据
维普
