客户集中度对企业战略差异的影响:协同效应抑或挤压效应

The Impact of Customer Concentration on Corporate Strategic Deviancing:Synergistic Effect or Squeezing Effect

客户集中度对于企业而言是一把"双刃剑",本文落脚于企业整体战略管理,通过搜集2007—2018年中国A股上市公司财务数据,实证检验客户集中度发挥"协同效应"还是"挤压效应"。研究发现,客户集中度能够发挥"协同效应",显著提高企业战略差异度。进一步研究中,中介效应检验发现,客户集中度通过增加银行借款和加大研发投入,提高了企业战略差异度;经济后果检验发现,较高的客户集中度引致的战略差异度增加显著提升了企业价值;调节效应检验发现,国有产权属性会增强客户集中度与企业战略差异的正相关性,而产品市场竞争会削弱客户集中度与企业战略差异的正相关性。

Customer concentration is a "double-edged sword" for enterprises. This paper focuses on the overall strategic management of enterprises, and empirically tests whether customer concentration plays "synergistic effect" or "squeezing effect" by collecting the financial data of Chinese A-share listed firms from 2007 to 2018. It finds that customer concentration presents "synergistic effect", which significantly improves corporate strategic deviance. In further research, the intermediary effect test finds that customer concentration improves corporate strategic deviance by increasing bank borrowing and increasing R&D investment. The economic consequence test finds that the strategic deviance caused by the higher customer concentration significantly increases enterprise value. The moderating effect test finds that state-owned property rights enhance the positive correlation between customer concentration and corporate strategic deviance, while product market competition weakens the positive correlation between customer concentration and corporate strategic deviance.