| Global stock price crashes,such as the 2008 subprime financial crisis and the 2015 stock disaster,have shaken the confidence of capital market investors,and have brought a huge impact on the development of the real economy.The frequent plunge of the stock market underscores the importance of studying the factors of stock market crashes in the Chinese context.This article combines theory with empirical evidence.First,it explores the factors that affect the risk of stock price crashes from three aspects.There are internal governance,external governance,and the institutional environment.It also analyzes the risk and governance effects of customer concentration on enterprises.Subsequently,this article defines the concepts of customer concentration and the risk of stock price crash.Based on the theory of supply chain cooperation,the theory of information asymmetry,and the theory of the formation mechanism of stock price crash risk,it sorts out the relationship between the impact of customer concentration on the risk of stock price crash.Secondly,this article proposes the core hypothesis of this article for different situations,and uses a total of 9,190 observations of 1,702 listed companies in the Shanghai and Shenzhen stock markets from 2013 to 2018.Statistics and analysis,propensity value matching,double difference test,and robust test examine the impact of customer concentration on the risk of a company’s stock price crash.The research results show that customer concentration is positively correlated with stock market crash risk.However,in the face of stock market turbulence,companies with high customer concentration have better resistance to stock price crashes and companies with high customer concentration can further suppress the risk of stock price collapse by increasing trade credit.This article verifies the conclusions of the empirical analysis through the case of Homa Electric and puts forward relevant suggestions from the dimensions of investor,enterprises and governments. |
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