The Impact Of Customer Concentration On Interest Spread Of Corporate Bond

Driven by the continuous development of the capital market and the reform of the supply side,"cost reduction and de-leverage" has become one of the important driving forces of enterprises.Corporate bond is an important financing method for enterprisesand the credit spread has become a hot issue in the academic and practical circles.With the continuous development of "supply chain finance",the relationship between corporate credit financing and customers is getting closer and closer.The CSRC also explicitly requires that securities underwriters to pay close attention to the customer risks of bond issuers and the issuance documentsshould disclose the interviews with customers of bond issuers.Therefore,the situation of the bond issuers'customers and the information that the underwriters can obtain during the bond issuance process are becoming more and more important.Based on the above situation,this paper starts from the concentration of customers in bondissuers,and explores the influence of customer concentration on corporate bond credit spread and the moderating effect of the senior executives'securities institutions background.That can enrich the study of customer concentration on corporate effects and the research perspective of corporate bond pricing,also can help enterprises to strengthen supply chain management and promote the development of the entire market.Combined with relevant institutional background and based on principal-agent theory,bargaining theory,transaction cost theory,social network theory and high-level echelon theory,this paper takes the corporate bonds issued by listed companies in China from 2007 to 2017 as the research object.By methods of multiple regression analysis,this paper discussed the influence of customer concentration on the credit spread of corporate bonds and the moderating effect of the executives'securities institutions background on the two.Furtherly,this paper also studied on the governance effect and information effect of customer concentration.So the research content of this paper generally includes the following parts.The first part is an introduction.This part mainly expounds the background and research significance of the article.Based on the introduction of research methods and research content,this paper briefly expounds the innovation.The second part is a literature review.Through reviewing and combing the relevant literature on the economic consequences of customer concentration and the factors of bond credit spread at home and abroad,the paper summarizes the effect of customer concentration on corporate bond credit spread and the moderating effectof the background of executive securities institutions.The regulatory role was finally given to the literature review.The third part is the theoretical analysis and hypothesis.This part firstly defines the important concepts,and then expounds several theories related to this paper.Through the analysis and induction of the theory,the research hypothesis of this paper is proposed.The fourth part is the research design.This part mainly includes the data source,the choice of multiple regression model and the definition and measurement of the main variables involved in the model.That can prepare for the empirical research test and the explain of the research conclusion.The fifth part is the result and analysis of the empirical test.Based on the theoretical assumptions and data models of the various parts mentioned above,this paper conducts empirical tests on the basis of sample sorting.It is mainly divided into four parts:descriptive statistics,correlation test,multiple regression analysis and robustness test.The sixth part is the conclusions and recommendations of the study.Based on the previous researches,this part draws the corresponding conclusions and puts forward relevant suggestions based on the empirical results.At the same time,it points out the limitations and future prospects of this paper.The main innovation of this paper are as follows:Firstly,takingthe client concentration of bondissuers as the research object and exploring its influence on the credit spread of corporate bonds enriched the research perspective.Secondly,this paper innovatively combined the securities institutionsbackground of the company's executive to study the impact of customer concentration on corporate bond credit spreads,explore whether the securities institutionsbackground of executive can control corporate customer risk,and reduce the information asymmetry between bond issuers and securities underwriters.In addition,through further mechanism analysis,this paper provided an empirical evidence for the governance effect and information effect of customer concentration on the credit spread of corporate bonds.That is a verygood complement and innovation to the impact of academic credit on corporate bond credit spreads.