抑制还是促进:大客户变动与企业创新投入  

Inhibit or Promote:Changes in Key Customers and Investment in Corporate Innovation

作　　者：章铁生 储恬恬 ZHANG Tiesheng;CHU Tiantian

机构地区：[1]安徽工业大学商学院

出　　处：《财务研究》2025年第1期74-85,共12页Finance Research

基　　金：国家社会科学基金项目(19BJY021)。

摘　　要：供应链关系管理中,客户关系管理占据重要地位,尤其是在动态客户关系视角下,企业创新投入应采取保守策略还是积极投入策略,值得深入探讨。本文采用2007~2022年沪深A股上市公司经验数据,考察大客户变动对企业创新投入的影响。结果表明,大客户变动对企业创新投入具有显著正向影响,即大客户变动有助于打破企业因依赖稳定客户关系而形成的保守心态,从而推动企业增加创新投入。进一步探究影响机制发现,大客户变动通过资产专用性来影响企业创新投入。异质性分析发现,在地区市场化进程较高、创新环境较好、高管薪酬激励水平较高和高管职业背景异质性水平较高的情况下,大客户变动对企业创新投入的积极影响会更加明显。In supply chain relationship management,customer relationship management occupies the core position,especially in the perspective of dynamic customer relationship,enterprises should adopt conservative strategy or active investment strategy in innovation investment,which is worth in-depth discussion.This paper adopts the experience data of Shanghai and Shenzhen A-share listed companies during 2007-2022 to investigate the impact of the change of key customers on the enterprise innovation investment.The results show that the change of key customers has a significant positive impact on the innovation investment of enterprises,that is,the change of key customers helps to break the conservative mentality formed by relying on stable customer relations,so as to promote the enterprises to increase the innovation investment.Further exploring the influence mechanism,it is found that the change of key customers affects the enterprise innovation investment through the asset specificity.The heterogeneity analysis shows that under the circumstances of high regional marketization process,good innovation environment,high incentive level of executive compensation and high heterogeneity of executive professional background,the positive impact of key customer changes on the innovation investment of enterprises will be more obvious.

关 键 词：大客户变动 供应链关系 创新投入 资产专用性 

分 类 号：F275[经济管理—企业管理]