异质性视角下客户集中度对企业创新投入的影响研究

Impact of Customer Concentration on Businesses'Innovation Investment from the Heterogeneity Perspective

为了研究客户集中度对企业创新投入的影响,以2015—2020年沪深A股上市公司数据为样本,主要从异质性视角实证检验了客户集中度对企业创新投入的影响。结果表明:客户集中度与企业创新投入呈正U型关系,即随着客户集中度的提高,企业的创新投入呈现出先降后升的形态。异质性分析显示,客户集中度与企业创新投入的正U型关系在非国有企业、行业垄断程度低及供应链整合程度低的企业中更加显著。

Businesses'innovation investment is an important driving force to accelerate the implementation of innovationdriven development strategy.Taking the data of A-share listed companies from 2015 to 2020 as samples,we empirically examined the influence of customer concentration on businesses'innovation investment mainly from the heterogeneity perspective.The results show that the relationship is in a positive U-shape,which means that as customer concentration increases,businesses'innovation investment shows a pattern of first decreasing and then increasing.Heterogeneity analysis shows that the above relationship is more significant in non-state owned businesses and businesses of low industrial monopoly and low supply chain integration.The results of this paper can enrich the study on the factors influencing businesses'innovation investment,and also guide businesses to adjust their customer relationship management and improve their innovation investment.