客户稳定性与企业违规：“激浊扬清”抑或“推波助澜”？

摘要/Abstract

摘要： 本文以关系契约理论为基础，选取2009—2021年中国A股上市公司作为研究样本，利用Python获取客户稳定性和企业违规行为的相关数据，结合双向固定效应模型与工具变量回归等方法，实证检验客户稳定性对企业违规行为的影响。研究结果表明，企业的稳定客户关系对企业违规行为具有显著的抑制作用，即客户稳定的企业违规行为更少。机制分析表明，企业稳定的客户关系通过提升分析师关注度、公司治理水平以及供应链透明度，进而抑制企业的违规行为。异质性分析结果表明，在地区法治水平低、股权集中度高的企业中，客户稳定性对企业违规行为的抑制作用更加显著。经济后果检验发现，企业违规行为将降低企业的经营绩效，而稳定的客户关系不仅能发挥监督作用抑制企业的违规行为，而且有助于提升企业的经营绩效。本文研究结论既丰富了微观企业与客户关系领域的研究内容，又从企业与客户关系角度为公司治理提供启发。同时，为新发展格局下从微观企业客户视角推动企业高质量发展提供参考依据。

关键词: 客户稳定性, 企业违规, 公司治理, 关系契约理论

Abstract: Based on the relational contract theory and choosing China’s A-share listed companies from 2009 to 2021 as the research sample, this paper uses Python to treat data related to customer stability and corporate misconduct and empirically examines the impact of customer stability on corporate misconduct through the bidirectional fixed effects model and instrumental variable regression. The findings show that stable customer relationships significantly suppress corporate misconduct, meaning that companies with a stable customer base are less likely to get out of line. Mechanism analysis reveals that stable customer relationships inhibit corporate misconduct by increasing analyst attention, improving corporate governance, and enhancing supply chain transparency. Heterogeneity analysis indicates that the inhibitory effect of customer stability on corporate misconduct is more pronounced in companies with lower regional legal standards and higher ownership concentration. The economic consequences test shows that corporate misconduct reduces business performance, while stable customer relationships not only serve as a supervisory role in curbing misconduct but also help improve business performance. The conclusions of this study enrich the research on micro-level corporate-customer relationships and provide insights into corporate governance from the perspective of company-customer relations. Furthermore, this paper offers a reference for promoting high-quality development of enterprises from the perspective of customer relationships within the context of China’s dual circulation economic strategy.

Key words: customer stability, corporate misconduct, corporate governance, relational contract theory

刘丽娜, 陈明浩, 马亚民, 张芸芸, 李昌洪. 客户稳定性与企业违规：“激浊扬清”抑或“推波助澜”？[J]. 管理评论, 2025, 37(7): 226-237.

Liu Lina, Chen Minghao, Ma Yamin, Zhang Yunyun, Li Changhong. Customer Stability and Corporate Misconduct: Correction or Provocation?[J]. Management Review, 2025, 37(7): 226-237.

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