实质性创新还是策略性创新?——客户集中度对企业技术创新的影响研究

Is it Substantive Innovation or Strategic Innovation?——Research on the Influence of Customer Concentration on the Enterprise Technological Innovation

企业技术创新是衡量企业核心竞争力的主要方式,更是国家经济持续高质量增长的重要因素。基于2010—2021年我国A股上市公司的相关数据,实证检验客户集中度对企业技术创新的影响。研究发现:客户集中度可以显著抑制企业的技术创新,客户集中度对企业实质性创新和策略性创新均有显著抑制作用;政府实施的双创政策在客户集中度与技术创新、客户集中度与企业实质性创新的关系中均发挥了负向调节作用,而对客户集中度与企业策略性创新之间没有调节作用;机制检验表明,较高的客户集中度会通过降低企业的治理效率和提升企业的经营风险,进而抑制企业的技术创新,最终降低了企业的全要素生产率;异质性分析发现,当企业所面临的行业集中度较高、内部控制质量较低、企业处于成熟期时,客户集中度对企业技术创新的抑制作用会更为显著。

Enterprise technological innovation is not only the main way to measure the core competitiveness of enterprises,but also an important factor for the sustained and high-quality growth of national economy.This paper empirically tests the influence of customer concentration on the enterprise technological innovation based on the relevant data of China’s A-share listed companies from 2010 to 2021.Firstly,the research finds that customer concentration can significantly inhibit the enterprise technological innovation.In detail,customer concentration has a significant negative effect both on enterprise substantive innovation and strategic innovation.Secondly,the mass entrepreneurship and innovation policy implemented by the government has a negative moderating effect on the relationship between customer concentration and enterprise technological innovation,customer concentration and substantive innovation,but has no moderating effect between customer concentration and strategic innovation.Thirdly,the mechanism inspection indicates that higher customer concentration will inhibit the enterprise technological innovation by reducing the efficiency of corporate governance and improving the operating risks of enterprises,and finally reduce the total factor productivity of enterprises.Finally,after a heterogeneity analysis of the individual characteristics of enterprises,this paper finds that when enterprises are faced with high industry concentration,with low quality of internal control,and in the mature period,the negative effect of customer concentration on enterprise technological innovation will be more significant.The research conclusion provides references for improving the level of enterprise technological innovation,optimizing the policies of encouraging enterprise innovation and promoting the sustainable development of national economy.