客户集中度对企业非效率投资的影响研究

Research on the Impact of Customer Concentration on Corporate Inefficient Investment

公司非效率投资受自身商业模式与经营环境的影响,而大客户既是公司所处经营环境的重要组成部分,也是公司选择商业模式时首要考虑的因素。本文以2018—2020年A股上市公司为研究样本,从客户集中度的视角探讨大客户如何影响非效率投资。通过实证研究发现,公司客户集中度升高既会导致公司投资不足,也会引发公司投资过度。本文研究成果对公司管理大客户,优化投资效率具有重要意义。

Corporate inefficient investment is influenced by its business models and business environment,and large customers are both an important integral part of the business environment in which a company operates and the primary consideration when the company chooses a business model.The article explores how large customers affect inefficient investment from the perspective of customer concentration by using the data of A-share listed companies from 2018 to 2020 as the research sample.The empirical study finds that an increase in corporate customer concentration can both lead to underinvestment and trigger overinvestment.The paper’s findings have important implications for firms to manage large customers and optimize investment efficiency.