Customer Concentration And Stock Price Crash Risk

This paper starts with the definition of customer concentration and stock price crash risk and analyzes the theoretical correlation between them.Then,the relevant financial and financial data from 2012 to 2017 are used to verify the two hypotheses proposed in this paper.The empirical results show that customer concentration has a buffering effect on the stock price crash risk of listed manufacturing enterprises,and the participation of institutional shareholders will enhance this effect.Therefore,on the one hand,manufacturing enterprises can maintain appropriate customer concentration by optimizing their procurement and sales strategies.On the other hand,investors can also use this indicator to help judge the stock price crash risk of manufacturing listed companies.