客户粘性的经济后果研究：基于供应商授信视角

供应商授信是企业融资的重要方式之一，本文以2013-2018年A股上市公司为研究样本，深入考察客户稳定性对企业供应商授信的影响及其作用机制，研究结果表明：(1)企业的客户稳定性越强，获得供应商授信的额度越多。该结论在采用工具变量法、倾向得分匹配法和替代变量等一系列稳健性检验之后依然成立。(2) 作用路径识别发现，企业经营业绩、信息环境和审计意见对客户稳定性与供应商授信的关系具有部分中介效应，其中企业经营业绩传递了约12%的客户-供应商的授信效应；信息环境传递了约5%的客户-供应商的授信效应；审计意见传递了约91%的客户-供应商的授信效应。(3)异质性检验发现，当企业所在地信任度较低、法制环境较差时，客户稳定性对企业供应商的授信额度影响更为明显。

Research on the Economic Consequences of Customer Stickiness: From the Perspective of Supplier Credit

Supplier credit is one of the important ways of enterprise financing. Taking A-share listed companies from 2013 to 2018 as the research sample, this paper deeply investigates the impact of customer stability on enterprise supplier credit and its mechanism. The research results show that: (1)the stronger the customer stability of an enterprise, the more credit lines it obtains from suppliers. The conclusion is still valid after a series of robustness tests such as instrumental variable method, propensity score matching method and alternative variable method. (2)The identification of action path shows that business performance, information environment and audit opinion have some intermediary effects on the relationship between customer stability and supplier credit, in which business performance transmits about 12% of the credit effect of customers /suppliers. The information environment transmits the credit effect of about 5% of customers /suppliers. The audit opinion transmitted the credit effect of about 91% of customers /suppliers. (3)The heterogeneity test finds that when the trust of the enterprise location is low and the legal environment is poor, the impact of customer stability on the credit line of enterprise suppliers is more obvious.