客户集中度与公司创新投入——基于客户议价能力视角

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英文篇名：Customer Concentration and Company Innovation——Based on the Perspective of Customer Bargaining Power and Property Rights 作者：张晔 ; 兰凤云 ; 沈华玉 英文作者：ZHANG Ye;LAN Feng-yun;SHEN Hua-yu;Xiamen University of Technology;Beijing Wuzi University;North China Electric Power University; 关键词：客户集中度 ; 创新投入 ; 议价能力 ; 交互效应 ; 创新效率 英文关键词：customer concentration;;innovation input;;bargaining power;;interaction effect;;innovation efficiency 中文刊名：ZGLT 英文刊名：China Business and Market 机构：厦门理工学院经济与管理学院;北京物资学院商学院;华北电力大学经济与管理学院; 出版日期：2019-04-11 14:44 出版单位：中国流通经济 年：2019 期：v.33;No.295 基金：国家自然科学基金项目“结构化与非结构化数据双向驱动的智能专利价值评估系统”(71804157);; 中国博士后科学基金资助项目“定向增发中利润承诺的影响因素及长短期绩效研究”(2017M620715);; 中央高校基本科研业务费专项资金“国有企业混合所有制改革的效果及提升路径研究——以煤、电等能源行业为例”(2018QN068);; 福建省社会科学规划项目“企业家精神差异化配置与企业创新绩效的关系研究”(FJ2018C009);; 福建省教育厅社会科学研究项目“福建省生物技术企业孵化器发展战略及评价体系研究”(JAS160368) 语种：中文; 页：ZGLT201904009 页数：13 CN：04 ISSN：11-3664/F 分类号：78-90

摘要

客户集中度是公司做出创新决策时需要重点考虑的因素,也是影响公司创新投入的关键变量。基于客户议价能力视角,探讨客户集中度与公司创新的关系,以2006—2017年沪深两市A股上市公司为样本,采用研发费用的对数和研发费用占总资产的比例作为公司创新投入的衡量指标,实证检验客户集中度对公司创新投入的影响,以及客户议价能力与客户集中度的交互效应。研究发现:第一,客户集中度越高,公司创新投入越低。从经济意义上来看,采用前五大客户销售比例之和作为客户集中度的衡量指标时,前五大客户销售比例之和增加1%,研发费用的对数平均减少41.5%,而研发费用占总资产的比例平均减少0.8%;采用前五大客户销售比例的平方和作为客户集中度的衡量指标时,前五大客户销售比例的平方和增加1%,研发费用的对数平均减少74.4%,而研发费用占总资产的比例平均减少1.3%。第二,客户议价能力越强,高客户集中度对公司创新投入的抑制作用越强;在非国有企业样本中,高客户集中度对公司创新投入的抑制作用更明显。因此,在既定的行业集中度和产权性质条件下,企业应当在创新投入和客户集中度管理中间进行权衡,减少高客户集中度对创新投入的不利影响;综合考量行业集中度、产权性质和客户集中度的关系,提升公司的创新能力,改善创新环境。
        Customer concentration is the key factor that companies need to consider when making innovation decisions,and it is also the key variable that affects the company's innovation investment. From the perspective of customer bargaining power,the atuhors explore the relationship between customer concentration and company innovation. Taking A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2006 to 2017 as samples,the authors empirically test the effect of customer concentration on company innovation and the interaction between customer bargaining power and customer concentration. The results show that:the higher the customer concentration,the lower the innovation investment of the company,in economic sense,when the sum of the top five customer sales ratios is used as a measure of customer concentration,the logarithm of R&D expenditure decreases by 41.5% on average,while the proportion of R&D expenditure to total assets decreases by 0.8% on average when the sum of the top five customer sales ratios increases by 1%;when the sum of the squares of the top five customer sales proportion is used as a measure of customer concentration,the logarithm of R&D expenditure decreases by 74.4% on average,while the proportion of R&D expenditure to total assets decreases by 1.3% on average when the sum of the squares of the current five customer sales proportion increases by 1%. Besides,the author also find that:the stronger the bargaining power of the customer,the stronger the inhibition effect of customer concentration on the innovation investment of the company;and the inhibition effect is more significant in non-state-owned enterprises. Under the given conditions of industry concentration and property right,the company should balance innovation investment and customer concentration to reduce the adverse impact of customer concentration on innovation investment. And the company should comprehensively consider the relationship between industry concentration,property right and customer concentration,so as to enhance the innovation ability of the company and improve the innovation environment.

引文

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