客户集中度风险、政府补贴与公司研发投入——来自中国制造业上市公司的经验证据

Customer Concentration Risk,Government Subsidy and Company R&D Investment——Empirical Evidence from China's Manufacturing Listed Companies

本文基于中国上市公司披露的前5大核心客户数据,采用赫芬达尔指数计量其客户集中度风险,理论分析与实证检验客户集中度风险对公司研发投入行为的影响,以及另一外部利益相关者政府的"支持之手"——政府补贴对上述影响的调节作用。研究发现,客户集中度风险显著负向影响公司的研发投入水平,政府补贴的存在则弱化了这种负向影响,尤其在非国有公司中表现得更为显著。该研究拓展了客户集中度风险影响公司投资行为的经验研究,丰富了政府补贴激励公司研发投入活动的作用机理与路径研究。

By manually collecting the data of Chinese listed companies＇ top 5 customers and measuring Herfindahl index as substitution variable of company＇ s customer concentration risk,the impact of customer concentration risk on company RD investment and relevant mediating effect of government subsidies was theoretically analyzed and empirically examined.It was found that customer concentration risk had a significantly negative impact on the company RD investment and government subsidies intensity could weaken the negative impact,which was more significant in on state-owned listed companies especially.The study extends the empirical research about the impact of customer concentration risk on corporate investment behavior,and enriches the mechanism and path of government subsidies to encourage listed companies＇ RD investing activities.