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本文从股价同步性的视角研究客户集中度对上市公司股价信息含量的影响。研究发现,客户集中度与股价同步性显著负相关,即客户集中度越高,公司股价包含的特质信息越多,在进行了一系列稳健性检验后上述发现依然存在,这意味着客户集中度有助于上市公司股价信息含量的改善。进一步研究发现,客户集中度与股价同步性的负向关系在公司信息透明度较低、客户议价能力较高或公司供应链整合较好的情形下更显著。
This paper studies the effect of customer concentration on the stock information of listed companies from the perspective of the price synchronization. The study finds that there is a significant negative correlation between customer concentration and stock price synchronization. That is, the higher the customer concentration, the more trait information contained in the company’s share price. After the series of robustness tests, the above findings still exist, which means that customer concentration Help to improve the stock information of listed companies. Further research finds that the negative relationship between customer concentration and stock price synchronization is more significant when the company information transparency is lower, the customer bargaining power is higher or the company’s supply chain integration is better.