【摘要】 以2012—2016年沪深A股制造业上市企业作为研究样本,对客户集中度与企业创新投入之间的关系进行了实证检验,并进一步探讨了融资约束、政治关联对客户集中度与企业创新投入关系的影响。研究发现:(1)客户集中度与企业创新投入显著负相关。(2)融资约束加剧了客户集中度对企业创新投入的负面影响。(3)政治关联则抑制了客户集中度对企业创新投入的不利影响。研究结论对于企业开展客户关系管理以及创新决策提供了理论杠杆和实践参考。更多还原

【Abstract】 Taking Shanghai and Shenzhen a-share manufacturing enterprises listed in 2012-2016 as research samples, this paper conducts an empirical test on the relationship between customer concentration and firm innovation input, and further discusses the impact of financing constraints and political connections on the relationship between customer concentration and firm innovation input. The research results show that:(1)customer concentration is significantly negatively correlated with firm innovation investment;(2)financing constraints intensified the customer concentration on the negative impact of enterprise innovation input;(3)political connections alleviate the adverse impact of customer concentration on firm innovation investment. The research conclusions provide theoretical leverage and practical reference for enterprises to carry out customer relationship management and innovative decision-making.更多还原