文献类型：期刊文献

中文题名：客户风险会影响企业创新投入吗?——供应链传染的视角

英文题名：Will Customer Risk Affect Enterprise Innovation Investment?Based on the Perspective of Supply Chain Contagion

作者：刘晨[1];王俊秋[1];花贵如[1]

机构：[1]华东理工大学商学院,上海200237

年份：2022

卷号：44

期号：9

起止页码：169

中文期刊名：经济管理

外文期刊名：Business and Management Journal ( BMJ )

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;社科基金资助期刊;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：教育部人文社会科学研究规划基金项目“金融生态环境、网络关系与供应链融资研究”(18YJA63003)。

语种：中文

中文关键词：客户风险;供应链传染;创新投入;竞争地位

外文关键词：customer risk;supply chain contagion;innovation input;competitive position

摘要：创新是提升产业链供应链稳定性和竞争力的重要途径,在供应链传染效应情境下,客户风险是否会影响企业的创新投入?基于2007—2020年沪深A股上市公司的企业-客户关系数据,本文实证检验了客户风险对企业创新投入的影响、作用机制和经济后果。研究结果表明,客户风险与企业创新投入显著正相关,即客户风险越大,企业创新投入越多,并且当企业融资约束越低、客户相对议价能力越强、地区市场化程度越高以及企业高管具有研发背景时,以上正相关关系越显著。机制检验表明,客户风险具有供应链传染效应,会导致企业业绩下滑、经营风险增加,促使企业增加创新投入。经济后果检验表明,创新投入有助于企业增加创新产出、改善市场竞争地位、降低对大客户依赖,有效缓解客户风险带来的负面冲击。本文研究为企业决策层防范客户风险、增强供应链自主可控能力提供了经验证据,同时也为政府职能部门在稳定优化供应链方面提供了新的思路。
China economy is in the critical period of structural transformation and growth shift.Supply chain instability,weakness,insecurity and other issues are particularly prominent.How to ensure supply chain stability,reshape new competitive advantages and achieve stable growth of the national economy is an urgent problem to be solved at present.In view of the close economic relationship between customers and enterprises,customer risks have contagion effect on the supply chain,which brings great challenges to the security and stability of the industrial chain and supply chain.Innovation is an important way to improve the stability and competitiveness of Chinese industrial chain and supply chain.In the context of supply chain contagion of customer risks,how enterprises make innovation investment decisions needs to be tested.Based on the vendor-customer relationship data of Shanghai and Shenzhen A-share listed companies from 2007 to 2020,this paper empirically examines the impact,mechanism and economic consequences of customer risk on enterprise innovation input.The results show that customer risk has a significant positive correlation with enterprise innovation investment,that is,the greater the customer risk,the more the enterprise innovation input.The positive correlation is more significant when the financing constraint is lower,the relative bargaining power of the customer is higher,the degree of regional marketization is higher and the corporate executives have R&D backgrounds.The mechanism test shows that customer risk has supply chain contagion effect,which will lead to a decline of enterprise performance and an increase in operational risks,promoting enterprises to increase innovation input.The economic consequences test shows that innovation input can help enterprises increase innovation output,improve market competitive position,reduce dependence on big customers,and effectively alleviate the negative impact of customer risk.The possible marginal contributions are as follows:(1)Regarding the supply chain contagion effect of customer risk,existing literature mainly discusses the influence of quantitative information such as customer earnings or unexpected risk events on the stock price and debt financing of enterprises.A few literatures have examined firms'response strategies to customer risk contagion effect from the perspective of cash holding decision and firm investment.Different from previous literature,this paper,based on quantitative and qualitative risks of customers,reveals enterprises'countermeasures under the contagion effect of customer risk from the perspective of R&D investment,expanding existing research on the contagion effect of supply chain.(2)As for the influencing factors of enterprise innovation,existing literatures mainly focus on the influence of macro institutional policy level and micro enterprise characteristics on enterprise innovation input based on the resource dependence of innovation activities.Recently,a few literatures have studied the impact of customer concentration on enterprise innovation input from the perspective of supply chain,but no unanimous conclusions have been drawn.In this paper,the influence of customer risk on enterprise innovation input is studied by using the three dimensional data of enterprise-year-customer,and the relevant literature of influencing factors of enterprise innovation input is expanded.(3)This study has important policy implications.The conclusion of this paper shows that when faced with customer risk,enterprises will increase innovation output,improve market competitive position and reduce dependence on big customers through innovation input,in order to alleviate the supply chain contagion effect of customer risk from the root.This not only reveals the efforts made by micro enterprises to improve the stability and competitiveness of the industrial chain and supply chain,but also provides a new idea for the government functional departments to stabilize the industrial chain and supply chain.To be specific,in order to further optimize and stabilize the supply chain,government departments can increase R&D support,improve intellectual property protection measures,and guide enterprises to expand customer markets through innovation activities.