客户集中度与企业战略变革——环境动态性和产权性质的调节效应  

Customer Concentration and Corporate Strategic Change——Moderated by Environmental Dynamism and Ownership Structure

作　　者：吴芳 张岩[1,2] WU Fang;ZHANG Yan(School of Accountancy,Jiangxi University of Finance and Economics,Nanchang 330013,China;Postdoctoral Mobile Research Station of Business Administration,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学会计学院,江西南昌330013 [2]江西财经大学工商管理博士后流动站,江西南昌330013

出　　处：《财经论丛》2021年第9期82-92,共11页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(72062016);教育部人文社科青年基金项目(21YJ630143);江西省教育厅科技项目(GJJ200514)。

摘　　要：通过分析客户集中度对企业战略变革的影响,为企业战略变革文献引入一个新的前因变量,并引入环境动态性和产权性质作为调节变量,构建理论框架。以2004~2017年A股上市公司为样本进行实证检验,结果表明:企业对少数主要客户的依赖程度越强,其对现有资源配置方式的调整幅度越大;环境动态性越强时,客户集中度对企业战略变革的正向影响越显著;与国有企业相比,这种关系在非国有企业中更加显著。进一步研究表明,在成长期,客户集中度对企业战略变革的影响不显著,但在衰退期,这种影响却显著为正。此外,与东部和中部地区相比,上述影响在西部地区的企业中更为显著。With the increase of global environmental dynamism and complexity,the corporate strategic change has become an important issue in both academic and business communities.As for the factors influencing the corporate strategic change,the existing studies focus more on the internal factors,with only a few analyzing the influence of the external factors from the perspectives of the media,the institution and analysts.Customers are firms'indispensable external stakeholders.In China,relation-based transaction is quite common with customer concentration as its characterization.Prior researches mainly explored the firm-level consequences of the customer concentration from the perspectives of operating risks,financial decisions and capital market behaviors.As for the effect of the customer concentration on the corporate strategic change,there is no related analysis yet.Based on the contingency theory and the firm behavior theory,this study explores the relationship between the customer concentration and the corporate strategic change with the data of Chinese A-share listed companies from 2004 to 2017.The empirical results show that the more firms depend on a few major customers,the more likely they are to adjust current ways of resource allocation.When the environment is more dynamic,the positive effect of the customer concentration on the corporate strategic change is more significant.Compared with state-owned enterprises,the relationship is more pronounced in non-state-owned enterprises.Further analyses show that while the effect is not significant for firms in the growth stage,it is significant for those in the decline stage.Moreover,compared with the eastern and the central regions,the positive influence is most prominent in firms in the western region.The above findings disclose the fact that in China,high customer concentration has been taken as potential risks by the management,and the strategic change has been regarded as an effective reaction to mitigate those risks.The underlying logic is in accord with the existi

关 键 词：客户集中度 企业战略变革 环境动态性 产权性质 企业生命周期 

分 类 号：F270[经济管理—企业管理]