Customer Accounting Robustness And Listed Company Debt Financing Cost

The report of the 18 th National Congress of the Communist Party of China stated that "to build a modern economic system,we must focus on the development of the economy on the real economy." Subsequently,at the 2017 National Financial Conference,it was proposed to ―promote financing facilitation and reduce the cost of the real economy‖.The China Banking Regulatory Commission also guided the bank to reduce the cost of 44 billion yuan to promote the cost reduction of the real economy.Therefore,this paper on how to reduce the debt cost of listed companies as the research topic of the thesis,in order to provide reference for corporate debt financing.Combining the recent literatures at home and abroad,it is found that scholars mainly study the impact of internal governance,external supervision and institutional environment on corporate debt financing of commercial banks from the perspective of financial stakeholders,while there are few studies from non-financial stakeholders.However,in 2018,the State Council pointed out in the "Opinions on Further Promoting Logistics Cost Reduction and Efficiency and Promoting the Development of the Real Economy","promoting the linkage development between the logistics industry and the manufacturing industry,strengthening the core technology of logistics and equipment research and development,and improving the logistics management level of the manufacturing industry." Therefore,this paper selects the perspective of the company’s customers and studies its impact on the financing costs of listed companies.In addition,the previous literature examines the impact of customer concentration,customer information disclosure,and client’s earnings on the financing costs of listed companies(Kale et al,2007;Kim et al,2015;Li Huan,2018;Li Dan Et al.,2016),no one has ever investigated the impact of customer earnings quality on the debt cost of listed companies,that is,the customer accounting robustness selected in this paper has certain theoretical value and practical significance.Based on the 2009-2016 A-share non-financial industry listed companies,the top five customers who retain listed companies’ disclosures are also samples of A-share non-financial industries.Based on transaction cost theory,information asymmetry theory,contract theory and empirical accounting theory,it is tested how customer accountability affects the debt cost of listed companies.Through theoretical analysis and empirical test,the following conclusions are obtained:(1)Customer accounting stability and listed companies The debt financing cost is negatively correlated;(2)With the close relationship between the customer and the listed company,the negative correlation between the customer accounting robustness and the listed company’s debt cost is weakened;then,the paper has made further research,the results are as follows:(1)Differentiating the nature of property rights of listed companies,it is found that compared with state-owned listed companies,the negative correlation between customers and private listed companies’ debt financing costs is more significant;(2)distinguishing the nature of customer property rights,and finding that compared with customers being private enterprises,when customers are In the case of state-owned enterprises,the reliability of customer accounting will have a more significant effect on the financing cost of listed companies;this paper believes that state-owned customers are the “quality customers” in the hearts of creditors,and the accounting conservatism of “quality customers” can reduce the debt costs of listed companies;,also did a series of robustness tests,and then There is a negative correlation between the reliability of customer accounting and the debt cost of listed companies.Through this research,I hope to provide reference value for listed companies to obtain lower debt financing costs,and help creditors to improve the recognition ability of listed companies’ debt default risk,realize the rational flow and distribution of credit resources,and thus improve credit efficiency of creditors.In addition,it also hopes to provide a theoretical basis for market regulators to strengthen the management risk management measures of listed companies.