客户集中度、企业规模与研发投入强度——来自创业板上市公司的经验证据  

Customer Concentration,Enterprise Size and R&D Investment Intensity——Empirical Evidence from Growth Enterprises Market Listed Companies

作　　者：吴祖光[1] 万迪昉[2] 康华[1] WU Zu-guang WAN Di-fang KANG Hua(School of Economics and Management, Xi＇an University of Technology, Xi＇an 710054, China School of Management, Xi＇an Jiaotong University, Xi＇an 710049, China)

机构地区：[1]西安理工大学经济与管理学院,西安710054 [2]西安交通大学管理学院,西安710049

出　　处：《研究与发展管理》2017年第5期43-53,共11页R&D Management

基　　金：国家自然科学基金资助项目"基于前沿创新特点的互联网融资契约设计研究"(71671138);"基于风险行为视角的高管晋升激励对企业研发投入影响研究"(71472151);陕西省软科学项目"税收激励方式对企业创新投资影响研究"(2015KRM056)

摘　　要：客户是企业重要的利益相关者,对企业行为具有广泛而深刻的影响.客户集中度是企业客户重要特征之一,客户集中程度影响企业的投融资决策、业绩以及分配政策等方面.本文选择我国创业板上市公司为样本,实证研究了客户集中度对企业重要的战略性投资——研发投入的影响.实证研究发现:(1)客户集中度越高的企业,研发投入强度越低.说明客户集中不利于企业的研发投入;(2)企业规模能够在一定程度上缓解客户集中对研发投入带来的负面影响.本文首次从供应链视角揭示了企业下游客户集中程度这一特征对研发投入的影响,丰富了企业研发投入研究文献,拓宽并加深了对企业创新活动投入的认识.本文的研究也可以为政府的创新激励政策和企业进行创新活动管理提供借鉴.Being important stakeholder, customers have profound effect on behavior of enterprises. Customer concentration is an important characteristic of customer, and it profoundly affects the decision of investment and finance and per-. formance and dividends. Using the GEM listed companies as a sample, it finds that the higher the customer concentra- tion, the lower the R＆D investment intensity is and which implies that the concentration of customer is detrimental to R＆D investment. It also find that firm size can mitigate the negative relationship between R＆D investment and custom- er concentration in some degree. It reveals the effect of customer characteristic on R＆D investment from the prospect of supply chain, enriches the literature of enterprise R＆D investment research, and also broadens and deepens the under- standing of the impact of customer concentration on business.

关 键 词：客户集中度 企业规模 研发投入强度 面板数据 

分 类 号：F272[经济管理—企业管理] F275[经济管理—国民经济]