客户集中与企业技术创新——来自我国A股上市公司的实证分析

Customer Concentration and Enterprise Innovation: Empirical Analysis of a Share Listed Companies in China

本文基于企业创新的"需求拉动假说",以我国2009至2013年A股上市公司为对象实证检验客户集中对企业创新的影响。实证结果表明,客户集中会抑制企业创新;客户集中对企业创新的抑制作用主要通过加剧企业融资约束而不是降低企业风险承担水平来实现。此外,研究还发现相较于国有企业,非国有企业客户集中对企业创新产生抑制作用更为明显;相较于国有性质关键客户,非国有性质关键客户对企业的利益攫取更激进,对企业创新的抑制作用更明显。

Based on the ＂demand pull hypothesis＂ of enterprise innovation, this paper empirically tests the impact of customer concentration on enterprise innovation with the A listed companies in China from 2009 to 2013. The empirical results show that customer concentration will inhibit enterprise innovation. Further analysis shows that the negative effect of customer concentration on enterprise technological innovation is mainly achieved by increasing the financing constraints of enterprises rather than lowering the level of enterprise risk management. In addition, the study also shows that the negative effect is more pronounced in state-owned enterprises; compared with the key customers of the state-owned nature, the key customers of non-state- owned nature are more aggressive in seizing the interests of the enterprises, and the negative effect on the enterprise innovation is more pronounced.