市场化进程、客户集中度与IPO公司业绩表现-创业板.PDF

理论综合 市场化进程、客户集中度与IPO公司业绩表现 ——基于创业板公司上市前后主要客户变动的视角 林钟高 林夜 (安徽工业大学商学院，安徽 马鞍山 243000) 摘要： ~ 与以往从上市前企业行为选择、政府监管、承销商等角度考察IPO公司业绩不同，本文以2009 2012年间在创业 板上市的公司为样本，首次从上市前后客户集中度变化的视角，考察分析了客户集中度对IPO公司的业绩影响。研究 发现，客户集中度提高对IPO公司的业绩表现具有负向影响。进一步加入市场化进程的区域异质性因素后发现，市场 化程度的提高能够抑制这种负向影响。研究结果表明，客户集中度高能够稳定企业的市场渠道，但是这种稳定作用在 企业上市后边际效用递减，带来的成本降低优势不再明显，甚至会增强客户的议价能力，侵蚀企业业绩。企业应当客 观分析利弊得失，避免形成大客户依赖。同时，国家应当加快市场化建设进程为企业的可持续发展提供良好环境；监 管部门应当客观看待部分IPO公司上市后出现的业绩增长减缓问题，并充分关注客户集中度快速提高或过度客户依赖 带来的潜在风险。 关键词：市场化进程；客户集中度；业绩表现；创业板上市公司 Abstract: This paper is from a perspective which is different from previous papers focusing on performance of IPO company only from corporation’s behavior choice before IPO, regulation, underwriters etc. In this paper, we use non-financial enterprise sample in GEM listed during 2009-2012 and, for the first time, analyse the impact of customer concentration on the performance of IPO from the perspective of the change of customer concentration before and after IPO. This study found that increasing customer concentration has a negative impact on the performance of IPO. Furthermore, the negative impacts of the customer concentration increases can be controlled by improving the level of Marketisation. Our research suggests that although customer concentration has stabilised the market channels of the enterprises. But this stablising impact will diminish after the listing of the enterprises. It brings the cost reduction advantage no longer significant, and enhances the bargaining power of customers as well as erosions of corporate per