供应商企业的双元创新对第一大客户依赖的影响  

The Impact of Suppliers'Dual Innovation on Key Customers'Over-reliance

作　　者：张川[1,2,3] 刘杰 ZHANG Chuan;LIU Jie

机构地区：[1]上海海事大学经济管理学院 [2]上海电力大学 [3]上海电机学院

出　　处：《财务研究》2023年第1期71-84,共14页Finance Research

基　　金：上海市哲学社会科学规划课题(2022BGL011)。

摘　　要：基于供应链信息传递视角,本文以2007~2020年A股上市公司中披露的前五大客户详细名称和销售占比的样本为研究对象,探究供应商企业双元创新对第一大客户依赖的影响。研究结果表明,相比于渐进式创新,颠覆式创新更能够有效抑制对第一大客户的依赖,具体表现为:企业颠覆式创新更能够显著降低第一大客户的销售占比,缩小与其余四大客户之间的差距,降低客户集中度,而渐进式创新对抑制第一大客户依赖的作用不明显。颠覆式创新的这种抑制作用在非国有供应商企业、处于市场化水平较高地区的供应商企业中更明显。同时,本文发现企业对大客户议价能力的提升是这种抑制作用的传导路径,具体表现为,颠覆式创新后企业对大客户的商业信用降低,存货周转率提高。本文的研究不仅从大客户视角补充了供应商企业创新选择的经济后果,而且为企业创新战略和客户关系管理提供了实证证据。Based on the supply chain information transfer perspective,this paper explores the impact of supplier's dual innovation on key customers'over-reliance by using a sample of A-share listed companies that disclosed the detailed names and sales shares of their top five customers from 2007 to 2020.The research results show that compared with incremental innovation,disruptive innovation is more effective in suppressing the dependence on the first major customer,as follows:disruptive innovation is more capable of significantly reducing the sales share of the first major customer,narrowing the gap between the sales share of the first major customer and the remaining four major customers,and reducing the customer concentration.In contrast,incremental innovation has a less significant effect on inhibiting the dependence of the first largest customer.This inhibitory effect is more pronounced among non-state suppliers,suppliers in regions with a higher level of marketization.At the same time,we find that the improvement of firms'bargaining power over large customers is the transmission path of this inhibitory effect.This is manifested in the form of lower commercial credit to customers and higher inventory turnover after disruptive innovation.The research in this paper not only complements the economic consequences of suppliers'innovation choices from a large customer perspective,but also provides empirical evidence for firms'innovation strategies and customer relationship management.

关 键 词：双元创新 颠覆式创新 渐进式创新 大客户依赖 客户集中度 

分 类 号：F505[经济管理—产业经济]