Customer Concentration,property Heterogeneity And Capital Structure Adjustment

Capital structure as the research focus in the financial field,scholars have carried out a lot of research.The early research on capital structure mainly revolved around the static capital structure level.With the deepening of research and the development of econometric,the related research on capital structure also transitioned from the study of early static capital structure to the analysis of dynamic adjustment of capital structure.As for the study of the capital structure and its influencing factors,scholars have obtained rich research results from the aspects of the company’s own internal factors,the medium-term industrial factors,and macroeconomic policies.However,scholars have neglected the impact of being a company’s important external stakeholders-clients on the corporate capital structure and its dynamic adjustment.At present,there are many domestic and foreign literature on customer concentration and capital structure adjustment.However,from the customer’s point of view,there are relatively few literature on the adjustment of the customer’s customer concentration to capital structure adjustment.Because of the differences in credit rationing,market position,and financing channels between state-owned enterprises and private enterprises,whether there is a significant difference in the relationship between customer concentration and capital structure adjustment under different property rights is a question worth studying.Based on this,this paper analyzes the relationship between customer concentration,property heterogeneity and capital structure adjustment.Based on relevant research results at home and abroad,based on the theory of transaction cost theory,relationship-specific investment theory,and trade-off theory,the three are theoretically analyzed and put forward research hypotheses,and through the construction of static and dynamic adjustment of two Test the model and empirically analyze the relevant research hypotheses.Through the relevant theoretical analysis and empirical test,the following four conclusions are obtained:(1)There is a significant negative correlation between customerconcentration and static capital structure level.(2)After considering the influence of property right heterogeneity,it was found that this negative correlation was only more pronounced in private enterprises,and that this negative correlation was not significant in state-owned enterprises.(3)When the company is in the over-debt group,the customer concentration is positively correlated with the speed of the dynamic adjustment of the capital structure;in the indebtedness group,the customer concentration is positively correlated with the dynamic adjustment of the capital structure,but not significant.(4)Considering the heterogeneity of property rights,in the case of over-indebtedness,the positive correlation between the degree of customer concentration in the private enterprise group and the dynamic adjustment of the capital structure is more significant than that in the state-owned enterprise group;in the case of insufficient liabilities Compared with the private enterprise group,the positive correlation between the customer concentration degree of the state-owned enterprise group and the dynamic adjustment of the capital structure is even more significant.The conclusions of this paper can provide decision-making basis for enterprises to strengthen the supply chain integration capability and enhance the cooperation relationship with customers.It also provides certain reference for the government to strengthen support for private enterprises and create a more equitable business environment.The regulatory agency should provide relevant empirical evidence to strengthen the disclosure of information about listed company customers.