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研究生:黃勝乾
研究生(外文):HUANG,SHENG-CHIEN
論文名稱:台灣上市櫃公司顧客集中度與財務危機之關聯性
論文名稱(外文):Customer Concentration and Financial Distress: Evidence from Taiwan
指導教授:郭良瑋
指導教授(外文):KUO,LIANG-WEI
口試委員:郭良瑋林文昌曹嘉玲
口試委員(外文):KUO,LIANG-WEILIN,WEN-CHANGCHAO,CHIA-LING
口試日期:2024-05-19
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融學系碩士在職專班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2024
畢業學年度:112
語文別:中文
論文頁數:57
中文關鍵詞:財務危機顧客集中度外部融資需求關係專屬性投資公司治理品質
外文關鍵詞:financial distresscustomer concentrationexternal financing needsrelationship-specific investmentscorporate governance quality
相關次數:
  • 被引用被引用:0
  • 點閱點閱:17
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本研究主要針對公司的顧客集中程度是否會影響財務危機來做進一步的探討,使用2016年至2020年台灣上市櫃公司為研究對象。顧客集中程度越高的公司,公司收入與獲利來自主要顧客,對其主要顧客的依賴與依存度越高,公司營運與財務上越受到主要顧客的影響。由研究結果顯示,公司顧客集中度越高,則公司遭遇財務危機的風險越高,此與假說一致。另外,外部融資需求、關係專屬性投資與公司治理品質,雖與公司財務危機有顯著相關性,惟公司顧客集中度與財務危機之間的關聯性,並不顯著受到外部融資需求、關係專屬性投資與公司治理品質的影響。
總體而言,本研究採用迴歸模型來探討顧客集中度與財務危機的關係,實證結果顯示公司的財務危機與顧客集中度存在正向關係,一家公司若有主要顧客、顧客集中程度高,則公司遭遇財務危機風險的可能性越高。
This study primarily investigates whether the concentration of customers in a company affects financial distress, using Taiwan-listed companies from 2016 to 2020 as the research subjects. The higher the concentration of customers in a company, the more its revenue and profit come from major customers, leading to a higher level of reliance and dependency on them, thus making the company more susceptible to the influence of these major customers on its operations and finances. The research results indicate that as the customer concentration in a company increases, so does the risk of encountering financial distress, which aligns with the hypothesis. Additionally, while external financing needs, relationship-specific investments, and corporate governance quality are significantly correlated with company financial distress, the relationship between customer concentration and financial distress is not significantly influenced by external financing needs, relationship-specific investments, or corporate governance quality.
Overall, this study uses a regression model to investigate the relationship between customer concentration and financial distress. The empirical results indicate a positive relationship between a company's financial distress and customer concentration. If a company has major customers and a high degree of customer concentration, the likelihood of the company encountering financial distress is higher.
第一章、緒論
第一節、研究背景與動機
第二節、研究目的
第三節、研究架構
第二章、文獻回顧與假說建立
第一節、公司財務危機
壹、危機風險衡量
貳、公司財務危機的決定因素
第二節、顧客集中度
壹、顧客集中度的成本與效益
貳、顧客集中度對公司績效與政策的影響
第三節、假說建立
第三章、研究方法
第一節、資料來源與樣本選取
第二節、實證模型
第三節、變數定義
壹、應變數:財務危機(DISTRESS)
貳、主要解釋變數:顧客集中度(MCUST)
參、控制變數
第四章、實證結果與分析
第一節、敘述性統計
第二節、相關性分析
第三節、迴歸結果分析
第五章、結論
附錄1、變數定義
參考文獻
張大成與蘇郁嵐 (2003)。企業信用風險預警模式之建立:選擇權模式之應用,貨幣市場,7卷6期

陳業寧、王衍智與許鴻英 (2004)。台灣企業財務危機之預測:信用評分法與選擇權評價法孰優? [Which Method Is More Powerful in Predicting Financial Distress in Taiwan? Credit Scoring vs. Option Pricing]. 風險管理學報, 6(2), 155-180.

Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609.

Bai, Q., & Tian, S. (2020). Innovate or die: Corporate innovation and bankruptcy forecasts. Journal of Empirical Finance, 59, 88-108.

Campbell, J. Y., Hilscher, J., & Szilagyi, J. (2008). In search of distress risk. Journal of Finance, 63(6), 2899-2939.

Cen, L., Dasgupta, S., Elkamhi, R., & Pungaliya, R. S. (2016). Reputation and loan contract terms: The role of principal customers. Review of Finance, 20(2), 501-533.

Dhaliwal, D., Judd, J. S., Serfling, M., & Shaikh, S. (2016). Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics, 61(1), 23-48.

Habib, A., Costa, M. D., Huang, H. J., Bhuiyan, M. B. U., & Sun, L. (2020). Determinants and consequences of financial distress: review of the empirical literature. Accounting & Finance, 60, 1023-1075.

Irvine, P. J., Park, S. S., & Yıldızhan, Ç. (2016). Customer-base concentration, profitability, and the relationship life cycle. The Accounting Review, 91(3), 883-906.

Itzkowitz, J. (2013). Customers and cash: How relationships affect suppliers' cash holdings. Journal of Corporate Finance, 19, 159-180.

Krolikowski, M., & Yuan, X. (2017). Friend or foe: Customer-supplier relationships and innovation. Journal of Business Research, 78, 53-68.

Lian, Y. (2017). Financial distress and customer-supplier relationships. Journal of Corporate Finance, 43, 397-406.

Patatoukas, P. N. (2012). Customer-base concentration: Implications for firm performance and capital markets. The Accounting Review, 87(2), 363-392.

Wang, J. (2012). Do firms' relationships with principal customers/suppliers affect shareholders' income? Journal of Corporate Finance, 18(4), 860-878.

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