頁籤選單縮合
題名 | 專有成本與上市公司的客戶信息披露--來自中國上市公司的經驗證據=Proprietary Costs and the Disclosure of Information about Major Customers: Evidence from Chinese Listed Firms |
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作者姓名(中文) | 唐松; 何開剛; 徐婕; |
作者姓名(外文) | Tang, Song; He, Kaigang; Xu, Jie; |
書刊名 | 中國會計與財務研究 |
卷期 | 17:2 2015.06[民104.06] |
頁次 | 頁99-155 |
分類號 | 553.97 |
語文 | chi、eng |
關鍵詞 | 專有成本; 客戶信息披露; 產品市場競爭; 所有權性質; 政治關聯; Proprietary costs; Disclosure of major customer information; Product market competition; Nature of ownership; Political connections; |
中文摘要 | 本文實證考察專有成本對中國上市公司的客戶資訊披露決策的影響。研究發現,我國上市公司的主要客戶資訊披露存在很大的差異。面臨著較高專有成本的公司傾向於不披露主要客戶的具體名稱。具體而言,廣告支出強度越大、研發支出強度越大、所處行業競爭程度越激烈的公司越傾向於不披露前五大客戶的具體名稱。結合中國的制度背景,本文進一步研究發現,在有政治關聯的公司中,民營企業相對於國有企業更傾向於不披露主要客戶的具體名稱。此外,在控制了資本市場融資的收益效應影響後以及其他穩健性檢驗中,本文的主要結果保持不變。總之,本文的研究結果表明,專有成本是影響公司主要客戶資訊披露的重要因素。 |
英文摘要 | This paper empirically investigates the effect of proprietary costs on firms’ choices regarding the disclosure of major customer information in China. We document widespread variation in firms’ choices regarding the disclosure of the identities of their top five customers. Firms with high proprietary costs are more likely to conceal the identities of their top five customers. Specifically, firms with higher advertising expenditure and higher research and development (R&D) expenditure and firms operating in industries with intense product market competition tend to conceal the identities of their major customers. Considering the unique institutional environment in China, we further find that among politically connected firms, non-SOEs have a greater tendency to conceal the identities of their top five customers than SOEs. In addition, after controlling for the financing benefits gained from disclosing the identities of top five customers, our results do not change. Taken together, the results of this paper suggest that proprietary costs are an important factor in firms’ choices regarding the disclosure of information about major customers in China. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。