客户关系、市场势力与企业创新产出

Customer Relations,Market Power and Corporate Innovation Output

以中国2007—2016年沪深两市A股制造业上市公司为研究样本,实证检验企业客户关系集中程度对企业创新产出的影响及其作用机理,并从市场势力的视角对两者之间的因果关系作进一步的探讨。研究发现,客户关系过度集中会抑制企业的创新产出,并且这种抑制作用具有一定的持续性。其作用机理在于,客户关系过度集中增加了企业的经营风险,管理层出于平衡企业整体风险承受水平的考虑,会降低研发创新这类大风险项目的投入力度,进而对企业的创新产出产生挤出效应。进一步研究发现,随着企业市场势力的提升,客户关系过度集中对企业创新产出的抑制作用得以减弱。该研究不仅丰富和扩展了客户关系经济后果方面的相关研究,而且从客户关系的视角为企业提高创新水平提供了参考。

The paper employs the data from manufacturing listed companies in Chinese A-share stock markets from 2007 to 2016 to examine the impact of customer relationship concentration on innovation output and its mechanism,and the causal relationship between the two from the perspective of market power.The study shows that excessive concentration of customer relationships inhibits the company’s innovative output.The mechanism is that the excessive concentration of customer relationships increases the business risk of the company.In order to balance the overall risk tolerance level of the company,the management will reduce the investment in R&D,which has a crowding effect on the innovation output.Further research shows that with the market power of the enterprise increasing,the negative correlation between the excessive concentration of customer relationships and the innovation output has been weakened.The findings not only expand the relevant research on the economic consequences of customer relationships,but also provide experience for enterprises to improve the level of innovation through the maintenance and management of customer relationships.