Research On The Impact Of Customer Concentration On Commercial Credit Supply Of Manufacturing Listed Companies

In recent years,the competition situation of manufacturing industry has become more and more fierce.How to improve their competitive advantage has become the main problem faced by manufacturing enterprises.As a kind of intangible assets which are difficult to replicate,customer resources have increasingly become the winner of competition among enterprises.Key customers are crucial to the development of enterprises,and companies usually invest more of their own funds for these customers.Under the background of the current buyer's market,the asymmetry of dependence between enterprises and customers makes customers have stronger bargaining power,thus affecting the financial management activities of enterprises.Accounts receivable is an important part of it.Operations and turnover determine the overall development of enterprises,and in recent years,the phenomenon of major customers defaulting on payments leading to enterprise bankruptcy has emerged,which shows that major customers have a certain impact on the supply of business credit.Based on the data of listed manufacturing companies in China,this paper uses normative and empirical methods to study the impact of customer base concentration on business credit,and also examines the regulatory role of different property rights and environmental factors.On the basis of empirical results,this paper draws some conclusions and puts forward corresponding countermeasures and suggestions.There are five parts in this paper:The first part is the introduction of the full text This paper mainly introduces the research background and significance of this paper,at the same time,combs the current domestic and foreign research status briefly,further elaborates the research ideas and overall structure framework of this paper,and finally points out the innovative points of this paper.The second part is the definition and theoretical basis of this article.Firstly,this paper briefly introduces the concepts of customer concentration and commercial credit.Secondly,it chooses competitive advantage theory,buyer's market theory,resource-based theory,signal transmission theory,information asymmetry theory and summarizes them.This provides a theoretical basis for the role of customer concentration in the supply of commercial credit.The third part is theoretical analysis and research hypothesis.Firstly,it briefly describes the current situation of customer concentration and business credit in China,and then puts forward the corresponding research hypothesis after combing and analyzing the relevant literature.The fourth part is the empirical research part of this paper.Through stata12.0 software to collate the collected data,combined with the previous assumptions,a brief analysis of the final empirical results and the hypothesis is consistent,if not,the corresponding explanation is given,and finally the robustness test.The fifth part is the conclusion and Countenneasures of this study.According to the empirical analysis results of the previous paper,some conclusions are drawn,and the corresponding countermeasures and suggestions are put forward according to the actual situation of our country.Then,the shortcomings of the paper are pointed out and some future research directions are put forward.From the perspective of supply chain competition,this paper studies the impact of customer concentration on the overall supply level of commercial credit of listed manufacturing companies,and examines the moderating effect of property rights and environmental uncertainty on the relationship between them,which enriches the competition theory and broadens the research perspective.In general,this paper adopts the method of normative research and empirical research,and the final research results show that:(1)the degree of commercial credit supply of listed manufacturing companies is positively correlated with customer concentration;(2)compared with state-owned enterprises,non-state-owned enterprises'customer concentration plays a stronger role in promoting business credit supply under the influence of property rights;(3)considering environmental uncertainty.Under the influence of factors,the higher the degree of environmental uncertainty,the stronger the effect of customer concentration on the supply of commercial credit.