The Influence Of The Customer Concentration On Maturity Structure Of Debt

Now we are in a rapid development of information on the era of large data,the market environment is complex and changeable,if the company still maintain the original development model is bound to be eliminated by the market.The shift from competition among individual firms to the whole supply chain competition is the need to adapt to contemporary economic development.Enterprises have gradually recognized the importance of maintaining long-term stable cooperative relations with upstream and downstream enterprises in the supply chain.To strengthen communication with the upstream and downstream enterprises in the supply chain to help enterprises at any time to grasp the price of raw materials,customer demand for products and other information to reduce the friction and conflict between the customer and the information asymmetry caused by the supplier.As one of the important non-financial stakeholders has a significant impact on the business strategy and financial decision of the enterprise.However,excessive concentration of customer base will also bring some risks and worries to the enterprise,on the one hand the loss of large customers and bankruptcy will be on the customer concentration of higher business results brought about by the sharp decline.On the other hand,large customer impact on the existence of corporate interests,resulting in corporate performance decline,profit compression,debt service capacity weakened and other negative effects,and further affect the enterprise's debt financing decisions.This paper first describes the theory of debt maturity in the theory of debt,debt maturity matching theory and information asymmetry theory,while the concept of supply chain management to define the analysis of the major customers of the risk effect and collaboration effect.Then,it analyzes the influencing factors of debt maturity structure and the economic consequences of customer concentration,and finds out the logical relationship between the two.It is the starting point of this paper,and deduces the hypothesis of this paper.On the basis of the relevant literature,this paper constructs the empirical research model of this paper.Through the collection of 2010-2015 China's Shanghai and Shenzhen A-share manufacturing listed companies in the notes to the financial statements disclosed in the "top five customer sales accounted for the company's annual total sales ratio" and other relevant data,usingempirical analysis to explore customer concentration and the maturity relationship between the debt maturity structure,and from the perspective of the aging and financial status of the accounts receivable,reveal the relationship between the two,so as to provide suggestions for the supply chain management and debt financing decision.The results show that enterprises with high customer concentration tend to issue more long-term debt.There is a significant positive correlation between customer concentration and debt maturity structure,because of the high risk of large customers and the plunder of the interests of large customers.In addition,further testing revealed that shortening the aging of accounts receivable and improving the financial position of the firm could alleviate the positive correlation between customer concentration and debt maturity structure.This paper enriches the empirical evidence of the factors affecting the debt maturity structure from the customer's new perspective of this non-financial stakeholder.