客户集中度与企业产能利用率

Customer Concentration and Capacity Utilization of Listed Companies

基于客户集中度对产能投资与处置非对称影响的视角,以2008-2017年A股制造业上市公司为样本实证分析了企业产能利用率的决定机制。研究发现,高客户集中度会降低企业产能利用率;当企业具有较高的市场竞争地位或处于景气度较高的行业时,高客户集中度降低产能利用率的作用会减弱。高客户集中度对企业产能投资与产能处置之间此长彼消的循环关系产生了抑制作用,使产能投资与产能处置之间呈现非对称性关系,从而造成闲置产能积压并降低产能利用率。研究结论从客户关系角度丰富了产能过剩决定机理的理论解释,扩展了客户集中度经济后果方面的研究,也为企业通过优化客户关系开展产能治理提供了参考。

Based on the asymmetric impact of customer concentration on capacity investment and disposal,this paper analyzes the determinant mechanism of capacity utilization rate of enterprises,and employs the data from manufacturing listed companies in Chinese A-share stock markets from 2008 to 2017 to examine the impact customer concentration on utilization rate. It is found that the customer concentration will reduce the capacity utilization rate of the enterprise,and the impact will be weakened when the enterprise has a high market competitive position or is in a high prosperity industry. The concentration of customers has restrained the cyclical relationship between the capacity investment and capacity disposal of enterprises,making them show an asymmetric relationship,thus causing a backlog of idle capacity and reducing capacity utilization. The findings will enrich the theoretical explanation of the overcapacity determination mechanism from the perspective of customer relationships,which expands the research on the economic consequences of customer concentration,and provides a reference for companies to optimize their customer relationships for capacity management.