经济政策不确定性、信息披露质量与客户关系稳定度

当代财经 ›› 2021, Vol. 0 ›› Issue (4): 125-136.

经济政策不确定性、信息披露质量与客户关系稳定度

孙雅妮, 王君宜

天津财经大学会计学院,天津 300222

收稿日期:2020-11-06 出版日期:2021-04-15 发布日期:2021-05-26
通讯作者: 孙雅妮,天津财经大学博士研究生,主要从事资本市场财务与会计研究,联系方式545734282@qq.com
作者简介:王君宜,天津财经大学博士研究生,主要从事财务与会计研究。
基金资助:
天津市教委社会科学重大项目“加快打造世界一流智慧港口、绿色港口研究——双循环下供应链信用机制与天津港智能风控优化研究”（2020JWZD04）; 教育部人文社会科学研究规划基金项目“基于环境行为指标和互联网金融指标的小微企业信用评级创新研究”（15YJAZH121）

Economic Policy Uncertainty, Quality of Information Disclosure and Stability of Customer Relationship

SUN Ya-ni, WANG Jun-yi

Tianjin University of Finance and Economics, Tianjin 300222, China

Received:2020-11-06 Online:2021-04-15 Published:2021-05-26

摘要/Abstract

摘要： 以2009—2018年上交所和深交所披露的前五大客户信息的上市公司为研究对象,利用Python筛选出观测年与上一年仍保持合作的每家公司的客户企业,以此计算每家公司的客户关系稳定度。在此基础上,分析了上市公司信息披露质量对客户关系稳定度的影响。结果发现：信息披露质量与客户关系稳定度显著正相关,且在经济政策不确定性高的情况下更显著。机理检验发现：在经济政策不确定性高的情况下,信息披露质量高能传递价值相关信息和释放价值信号,从而可降低上市公司与客户之间的信息不对称,并可提升公司的客户关系稳定度。

关键词: 信息披露质量, 客户关系稳定度, 信息不对称, 经济政策不确定性

Abstract: Taking the listed companies with the top five customer information disclosed by the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2009 to 2018 as the research objects, this paper makes use of Python to filter out the customer companies of each enterprise that has maintained its cooperation in the observation year and the previous year, with which it calculates the stability of each company’s customer relationship. On this basis, it makes an analysis of the impact of the quality of information disclosure of listed companies on the stability of customer relationships. The results show that the quality of information disclosure is significantly and positively correlated with the stability of customer relationships, and it is more significant when economic policy uncertainties are higher. The results of the mechanism test indicate that in the case of high economic policy uncertainty, the high quality of information disclosure can transmit value-related information and release value signals, thereby reducing the information asymmetry between the listed companies and customers, and improving the stability of the company’s customer relationship.

Key words: quality of information disclosure, stability of customer relationship, information asymmetry, economic policy uncertainty

中图分类号:

F275.5

孙雅妮, 王君宜. 经济政策不确定性、信息披露质量与客户关系稳定度[J]. 当代财经, 2021, 0(4): 125-136.

SUN Ya-ni, WANG Jun-yi. Economic Policy Uncertainty, Quality of Information Disclosure and Stability of Customer Relationship[J]. Contemporary Finance & Economics, 2021, 0(4): 125-136.

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