Customer Concentration And Enterprise Innovation

In the era of rapid development of science and technology,innovation not only improves the market competitiveness of products,but also promotes the improvement of enterprise management and other aspects.Therefore,innovation occupies an important position in the continuous development of enterprises.Not only that,innovation is also an important engine for the continued growth of the national economy.In 2019,the National Bureau of Statistics announced that my country's total research and experimental development(R&D)investment in 2018 was 1967.79 billion yuan,an increase of 207.18 billion yuan over 2017,and the growth rate was11.8%.Among them,the enterprise's R&D expenditure was 1523.37 billion yuan,accounting for 77.4% of the national R&D investment,an increase of 11.5% over the previous year.In recent years,although Chinese enterprises have continuously increased their emphasis on innovation activities and the funds invested in innovation activities have continued to increase,there are few world-class innovation achievements,and the speed of product upgrades has also been relatively slow.There is still a certain gap in the level of innovation in a first-class technologically powerful country,and China's overall level of innovation needs to be improved.In order to improve the overall innovation level of my country's enterprises,academia and practice have continuously explored the influencing factors of enterprise innovation.With the rapid development of international trade,the market environment faced by Chinese enterprises is becoming more complex and the difficulty of innovation is increasing.However,the internal resources of enterprises are limited.Relying solely on their own resources for innovation activities,it is often difficult to guarantee the funds and talents for innovation activities.Support in this regard is not conducive to the efficient formation of innovation achievements by enterprises.Therefore,when carrying out innovative activities,companies also need to actively obtain external resources and take appropriate measures to weaken the negative impact of external factors.Customers are the sales objects of products or services produced by enterprises,which affect the direction of enterprise innovation.Customers are also the main source of income for enterprises,which determines whether enterprise innovation activities can be supported by sufficient funds.Therefore,customers are very important in formulating enterprise innovation strategies.Important influence,and the higher the customer concentration,the greater the impact on the enterprise,so in-depth analysis of the relationship between customer concentration and enterpriseinnovation can promote enterprises to more comprehensively grasp the relevant factors that affect the level of enterprise innovation.Based on this,this article mainly analyzes the following five questions:(1)Does customer concentration affect the level of enterprise innovation?(2)Under the nature of different property rights,does the customer concentration have different impacts on corporate innovation?(3)When the industry characteristics are different,does the customer concentration affect the enterprise innovation differently?(4)Will the marketization process affect the relationship between customer concentration and corporate innovation?(5)What are the economic consequences of the impact of customer concentration on corporate innovation?In order to analyze the relationship between customer concentration and corporate innovation,this article uses normative research methods and empirical research methods.This article first collects a large number of documents related to customer concentration and corporate innovation through various methods,such as online and offline,and reads and combs related documents,and then based on the information asymmetry theory,resource-based theory and innovation theory to customer concentration Analyze the relationship with corporate innovation and put forward research hypotheses.In order to examine the relationship between customer concentration and corporate innovation,A-share listed companies from 2012 to 2017 were selected as the research object,and 6832 sample data were used as a series of screening and selection by excluding listed companies with missing data.Research the sample,and finally make full use of STATA 14.0 data processing software to conduct empirical research on the collected sample data,and test the relationship between customer concentration and corporate innovation.The research results show that:(1)There is a negative correlation between customer concentration and enterprise innovation,that is,the higher the customer concentration,the lower the enterprise innovation level.This shows that increasing customer concentration increases corporate risk.Because the overall risk-taking level of an enterprise is limited,when the enterprise risk increases,the management's enthusiasm for innovation activities decreases,and increasing customer concentration will intensify the company's financing constraints.This leads to insufficient funds available to enterprises for innovation activities,which in turn inhibits enterprise innovation activities;(2)The negative correlation between customer concentration and corporate innovation is only significant in non-state-owned enterprises;(3)The negativecorrelation between customer concentration and corporate innovation The relationship is only significant in non-protected industries;(4)the improvement of marketization process can weaken the inhibitory effect of customer concentration on corporate innovation;(5)the inhibitory effect of customer concentration on corporate innovation will lead to a decline in corporate performance.This paper also uses the surrogate variables of corporate innovation and customer concentration to conduct the robustness test to ensure the reliability of the empirical results.The results of the robustness test show that the customer concentration is significantly negatively correlated with corporate innovation.In order to eliminate possible endogenous problems,this paper not only uses the natural logarithm of the total number of enterprise patent applications in the next two periods plus 1 and the natural logarithm of the total number of enterprise patent applications in the next two periods plus 1 as the explanatory variable and substitutes it into the research model China re-examined the relationship between customer concentration and corporate innovation,and also used a two-stage regression method to re-examine the relationship between customer concentration and corporate innovation.The results of endogenous tests all showed that customer concentration and corporate innovation were significantly negatively correlated.