Customer Relaitons?Internal Controls And Corporate Risk-taking

At present,the continuous development and improvement of China's market economy is also accompanied by the challenge of risks.Especially for enterprises,the separation of ownership and management rights makes management's choice and control of enterprises' risks an important issue.The enterprise's risk commitment means that the company chooses high-risk projects in investment decisions.Higher risk commitment often means that the management of the company has a risk-taking and innovative spirit,and an innovative enterprise is more likely to enhance the value and competitive advantage of the enterprise.Thereby promoting the long-term development of the enterprise.In the existing literature,the research on the factors affecting risk bearing mainly focuses on agency theory and high-ranking team theory.Most scholars have studied risk bearing from the perspectives of corporate characteristics,corporate governance,and executive heterogeneity.As the most basic and important subject of market activities,changes in policies,competition in the market,and governance of external stakeholders will all affect the company's risk bearing.As a typical representative of relational transactions,customer relationship is an indispensable factor in stakeholder governance.Existing research finds that in the upstream of the supply chain of an enterprise customers,as important external stakeholders of the enterprise,will affect many aspects of corporate investment and financing,operating risk,and capital market behavior.The industry has paid less attention.This article takes China and Shenzhen A-share listed companies from 2009 to2018 as a sample,and uses a combination of theoretical analysis and empirical research.Based on the principal-agent theory,stakeholder theory,and signal transmission theory,this article reviews the literature research at home and abroad.After defining the customer relationship,from the two dimensions of the customer's centralized relationship and stable relationship,use the customer concentration and customer stability to measure the impact of the customer relationship on the enterprise's risk exposure,and further manually organize the data of customer heterogeneity characteristics.From the perspectives of customer heterogeneity and corporate heterogeneity,this paper explores whether the impact of customer relationships on corporate risk exposure will change under different customer characteristic backgrounds,and whether the impact of customer relationships on corporate risk exposures of different natures.Will be different.At the same time,as an external stakeholder of the company,the customer will have an impact on the company's risk-taking.Will this effect change due to the company's internal governance structure? Therefore,this paper includes the moderating variable of enterprise internal control to test its moderating effect on the relationship between the two.The research results show that customer relationships have a significant impact on corporate risk bearing.Specifically:(1)the higher the customer concentration,the greater the corporate risk bearing;(2)the higher the customer stability,the greater the corporate risk bearing.The results of the study confirm that high-quality customer relationships can significantly improve corporate risk-taking.When we consider the characteristics of customer heterogeneity,we find through group testing:(3)The higher the proportion of customers with Chinese companies,the greater the impact Obviously;(4)When the proportion of listed companies among customers is higher,the impact on risk taking is also positive;(5)When customers are in regions with high marketization processes,the enterprise's risk taking will also follow Its improvement.At the same time,when we used customer stability to measure customer relationships,we also verified that the above results are still valid in the context of different customer characteristics.Customers as a variable of the external governance mechanism of the enterprise are extremely important,but the internal governance mechanism of the enterprise is also important,and internal control as an important part of the internal governance mechanism plays an indispensable role for enterprises to avoid risks.The internal control system is gradually Perfect implementation will effectively monitor and restrict the opportunities brought by the customer relationship to the enterprise,which will stabilize the enterprise's risk bearing.(6)A better internal control system will weaken the positive effect of customer relationships on corporate risk-taking.The research in this paper can provide decision-making reference for enterprise customer relationship management,study customer heterogeneity and enterprise heterogeneity,it is helpful for different enterprises to identify the economic consequences of different customer relationships,and it is also helpful for enterprises to further improve their internal governance structure.