Customer Concentration And Risk Of Stock Price Collapse

In the modern market system,the stock market is an important component of the financial market.Through stocks,enterprises can obtain investments that are several times or several tens of times their initial capital.Whether it is invested in internal production and operation or used for external reinvestment,it will bring more opportunities for their own development.The public can also take this opportunity to activate their idle money in an attempt to increase value.However,once the phenomenon of stock price collapse occurs,it will bring significant losses to investors and other stakeholders,bring unstable factors to the capital market,and is not conducive to the sustainable development of the economy.Maintaining the stability of the financial market requires preventing the risk of stock price collapse.In addition,in recent years,customers,as important stakeholders,have received increasing attention.This paper explores the relationship between customer concentration ratio and stock price crash risk.This article takes Chinese A-share listed companies from 2011 to 2020 as a sample for research.Under the control of enterprise size,asset liability ratio,total asset net profit ratio,book to market ratio,shareholding ratio of the largest shareholder,turnover rate,year,and industry,this paper studies the role of customer concentration ratio on stock price crash risk,and studies the impact path of both with financing constraints as the intermediary.This paper analyzes the heterogeneity of their relationship by region and enterprise nature,conducts an endogenous test by lagging explanatory variables,and conducts a robustness test of their relationship by adjusting the interpreted and explanatory variables,adding control variables,and data processing.Further analysis will be conducted on the impact of institutional investor shareholding ratios on the relationship between the two.Finally,based on the above results and theories,a conclusion is proposed,with recommendations for enterprises,investors,and the government.The shortcomings of this article are summarized,as well as future prospects.The research conclusion is that the higher the customer concentration ratio,the lower the risk index of stock price crash.The mesomeric effect of financing constraints is also significant,and the shareholding ratio of institutional investors weakens the relationship between the Main effect.