Customer Concentration,Corporate Social Capital And R & D Investment

As economic development becomes more and more globalized,the reform of China's economic development pattern is imminent.Increasing innovation is the only way to achieve reform.As an important innovation subject,enterprises' innovation investment directly affects the sustainable development of China's economy and industrial transformation and upgrading.Strengthening enterprise innovation investment is particularly important for enhancing the core competitiveness of enterprises.At present,the innovation investment of Chinese enterprises is gradually increasing,but on the whole,China has relatively few high-quality innovation achievements,high-end talents are still in a lack of state,and relevant application research is not enough.These phenomena all indicate the overall innovation of Chinese enterprises.Inputs are still relatively weak,and there are still many shortcomings compared with European developed countries.Therefore,for China,a developing country,exploring the important factors that affect enterprise innovation investment has become an important aspect of academia.The customer is the main service object of the enterprise's economic activities,which has an important influence on the production and operation activities of the enterprise and the formulation of innovative investment strategies.Facing the fierce market competition environment,most enterprises tend to establish close cooperative relations with upstream and downstream enterprises in the supply chain,and customer concentration has gradually become a trend in supply chain management.Therefore,this paper takes customer concentration,which reflects customer relationship,as an entry point to study the relationship between customer concentration and enterprise innovation input,and introduces the variable of corporate social capital to analyze its moderating role between customer concentration and enterprise innovation input.This article uses the 2009-2018 Shanghai and Shenzhen A-share listed companies as a sample to study the connection between customer concentration and enterprise innovation investment,and introduces the variable of corporate social capital to examine the regulatory role of corporate social capital on its relationship.The empirical research results show that:(1)Customer concentration significantly negatively affects theenterprise's innovation investment,that is,as the customer concentration increases,the enterprise's innovation investment decreases accordingly.(2)Corporate social capital plays a positive role in regulating the negative connection between customer concentration and enterprise innovation investment.That is,corporate social capital will slow down the negative impact of customer concentration on corporate innovation investment.(3)The company's financing constraints are an important way for customer concentration to affect the company's innovation investment.It is also found that in enterprises with a high degree of financing constraints,the adjustment effect of corporate social capital on the connection between customer concentration and enterprise innovation investment is more significant.(4)Compared with the enterprise's market relationship capital,alumni relationship capital,and network accumulation,the enterprise's association relationship capital,bank relationship capital,and reputation capital play a more regulatory role in the negative relationship between customer concentration and enterprise innovation input.Significantly.In summary,this paper empirically explores the relationship between customer concentration and corporate innovation input,and introduces the variable of corporate social capital in the analysis framework in which customer concentration affects corporate innovation input,and examines the relationship between customer concentration and corporate social capital for corporate innovation.The interactive impact of investment not only enriches the literature in related research fields,but also provides theoretical guidance for companies to strengthen supply chain management and strengthen the construction of corporate social capital.