投资者如何通过银行贷款公告来看待公司的客户集中度?来自中国的证据*

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-09-27 DOI:10.1080/16081625.2022.2127807

M. Liu, Patrick Kuok-Kun Chu, Wenya Zhou

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引用次数: 0

摘要

摘要本研究提供了投资者如何评估公司客户集中度价值的证据。本研究首次将银行贷款公告数据分为批准贷款和拒绝贷款，考察投资者对银行贷款公告的反应。本文研究了2002 - 2018年中国上市公司批准和拒绝银行贷款公告后，借款公司客户集中度与累积异常收益之间的关系。利用OLS回归模型对企业客户集中度对异常收益的影响进行了评价。研究发现，客户集中度越高的企业在拒绝贷款公告时产生负累积异常收益越多，而在批准贷款公告时则没有显著差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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How do investors view firm’s customer concentration through bank loan announcements? Evidence from China*

ABSTRACT This study provides evidence on how investors evaluate the value of firms’ customer concentration. This study is the first study that divides the bank loan announcement data into approved loans and rejected loans to investigate investors’ reactions toward the bank loan announcements. We examine the relationship between the borrowing firm’s customer concentration and cumulative abnormal returns upon approved and rejected bank loan announcements for Chinese listed firms between 2002 and 2018. The effect of firm’s customer concentration on the abnormal returns is evaluated by OLS regression model controlled by some firm’s characteristics. The study finds that firms with higher customer concentration incur more negative cumulative abnormal returns upon rejected loan announcements but exhibit no significant difference upon approved loan announcements.

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来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.