Abstract：This paper takes Zhongguancun high-tech listed company as the research object.Based on the innovation characteristics of high-tech companies,it empirically tests the impact of big customers characteristics on innovation.The study finds that as the company's dependence on large customers increased,the “winner effect”highlighted, “market illusion”led to a significant decline in the company's willingness to innovate,innovation input and innovation output.Further research confirms that the difference in the voice of the big customers has a corrective effect on the above-mentioned influence relationship.When the big customers have the active voice,the company's innovation momentum has increased.The research results show that the existence of big customers has become a safe haven for high-tech companies,leading to the company's innovation slack,but this impact will be restricted by the voice of the big customers.
刘亭立, 李萌萌. 高科技上市公司的大客户:创新的动力来源还是安逸的避风港[J]. 中国科技论坛, 2020(2): 91-98.
Liu Tingli, Li Mengmeng. Big Customers of High-tech Listed Companies:Source of Innovation or A Comfortable Haven. , 2020(2): 91-98.
[1]李玲.产品市场竞争与企业创新关系实证研究——来自深市上市公司的证据[J].科技进步与对策,2014,31 (19):96-102. [2]刘放,杨筝,杨曦.制度环境、税收激励与企业创新投入[J].管理评论,2016,28 (2):61-73. [3]卢锐.企业创新投资与高管薪酬业绩敏感性[J].会计研究,2014 (10):36-42,96. [4]张越艳,李显君,孟祥莺,等.汽车行业高管薪酬对企业创新能力的影响研究[J].管理评论,2017,29 (6):106-117. [5]易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015,18 (6):101-112. [6]朱磊,韩雪,王春燕.股权结构、管理者过度自信与企业创新绩效——来自中国A股高科技企业的经验证据[J].软科学,2016,30 (12):100-103,108. [7]HIPPEL E V.The sources of innovation[M].New York:Oxford University Press,1988. [8]INDERST R,WEY C.Countervailing power and dynamic efficiency[J].Journal of the European economic association,2011 (4):702-720. [9]DHALIWAL D,JUDD J S,SERFLING M,et al.Customer concentration risk and the cost of equity capital[J].Journal of accounting and economics,2016,61 (1):23-48. [10]吴祖光,万迪昉,康华.客户集中度、企业规模与研发投入强度——来自创业板上市公司的经验证据[J].研究与发展管理,2017,29 (5):43-53. [11]宛晴,程小可,武传德.客户集中与企业技术创新——来自我国A股上市公司的实证分析[J].科学决策,2017 (10):22-48. [12]李姝,翟士运,古朴.大客户关系如何影响企业技术创新[J].科学学研究,2018,36 (7):1314-1324. [13]孟庆玺,白俊,施文.客户集中度与企业技术创新:助力抑或阻碍——基于客户个体特征的研究[J].南开管理评论,2018,21 (4):62-73. [14]LERNER J,WULF J.Innovation and incentives:evidence from corporate R＆D[J].Review of economics and statistics,2007,89 (4):634-644. [15]毛其淋,许家云.政府补贴对企业新产品创新的影响——基于补贴强度 “适度区间”的视角[J].中国工业经济,2015 (6):94-107. [16]王迪,刘祖基,赵泽朋.供应链关系与银行借款——基于供应商/客户集中度的分析[J].会计研究,2016 (10):42-49,96. [17]江伟,底璐璐,彭晨.客户集中度影响银行长期贷款吗——来自中国上市公司的经验证据[J].南开管理评论,2017,20 (2):71-80. [18]TITMAN S.The effect of capital structure on a firm's liquidation decision[J].Journal of financial economics,1984,13 (1):137-151. [19]陈峻,王雄元,彭旋.环境不确定性、客户集中度与权益资本成本[J].会计研究,2015 (11):76-82. [20]GOSMAN M,KELLY T,OLSSON P,et al.The profitability and pricing of major customers[J].Review of accounting studies,2004 (9):117-139. [21]陈正林.客户集中、行业竞争与商业信用[J].会计研究,2017 (11):79-85,97. [22]DANIELA FABBRI,LEORA F KLAPPER.Bargaining power and trade credit[J].Journal of corporate finance,2016 (41):66-80. [23]张新民,王珏,祝继高.市场地位、商业信用与企业经营性融资[J].会计研究,2012 (8):58-65,97. [24]黄磊,李巍.代工模式下关系专用性投资对自有品牌战略的影响:客户关系的视角[J].预测,2014,33 (4):21-27. [25]DYER J H,SINGH H.The relational view:cooperative strategy and sources of interorganizational competitive advantage[J].Academy of management review,1998,23 (4):660-679. [26]ITZKOWITZ J.Customers and cash:how relationships affect suppliers,cash holdings[J].Journal of finance,2015 (19):159-180. [27]张志宏,陈峻.客户集中度对企业现金持有水平的影响——基于A股制造业上市公司的市政分析[J].财贸研究,2015 (19):159-180. [28]陈正林.客户集中、政府干预与公司风险[J].会计研究,2016 (11):23-29. [29]HOLMSTROM B.Agency costs and innovation[J].Journal of economic behavior and organization,1989,12 (3):305-327. [30]BATES T W,KAHLE K M,STULZ R M.Why do us firms hold so much more cash than they used to[J].Journal of finance,2009,64 (5):1985-2021. [31]MALHERBE F.Self-fulfilling liquidity dry-ups[J].Journal of finance,2014,69 (2):947-970. [32]BOLTON P,SCHARFSTEIN D S.A theory of predation based on agency problems in financial contracting[J].American economic review,1990,80 (1):93-106. [33]CORNAGGIA J,MAO Y F,TIAN X,et al.Does banking competition affect innovation[J].Journal of financial economics,2015,115 (1):189-209. [34]黎文靖,郑曼妮.实质性创新还是策略性创新——宏观产业政策对微观企业创新的影响[J].经济研究,2016 (4):60-73. [35]张亚峰,刘海波,陈光华,等.专利是一个好的创新测量指标吗[J].外国经济与管理,2018,40 (6):3-16.
2020, 
