客户集中度与会计信息可比性——基于倒U型关系的解释

实现客户集中度与会计信息质量的统筹兼顾对于优化稳定产业链供应链具有重要意义。本文以2007—2020年沪深A股上市公司为研究样本，立足于客户角色动态转变的视角，探析客户集中度对会计信息可比性的动态影响与作用机制。结果表明，客户集中度与会计信息可比性之间表现为先扬后抑的倒U型关系，阈值前客户集中度发挥“圈外监督”效应，促进会计信息可比性增加；阈值后客户集中度呈现“圈内协同”效应，降低会计信息可比性。基于供应商管理层策略性行为视角的中介效应检验发现，信息不对称程度和财务杠杆水平是客户集中度影响会计信息可比性的重要途径。     

客户集中度只会加剧债务融资成本吗?——来自我国上市公司的经验证据

供应链隐性契约以及客户集中度的变化会影响企业的融资成本。本文以2007-2017年沪深A股非金融业上市公司为样本,探究了客户集中度与债务融资成本之间的关系。结果显示:随着客户集中度的升高债务融资成本先升高后降低,即二者之间存在一种倒U型的非线性关系,这种关系仅在地区法治化水平较低和行业垄断程度较低的情况下存在,而在行业垄断程度高的情况下二者之间呈现出一种U型的关系。在进一步区分了国有企业和民营企业后,回归结果显示,这种倒U型关系仅存在于国有企业中,在民营企业中二者呈现出一种显著的正相关关系。本研究为处于不同情境下的企业如何通过有效管理供应链关系以降低债务融资成本提供了合理化建议。     

供应链集中度对企业财务绩效的影响——基于多案例研究

供应链关系如何管理、如何对企业发展产生积极影响是当前关系网络日益紧密、企业之间竞争转向供应链之间竞争的运营环境下供应链关系管理的核心问题。本文从供应链上游供应商集中度和下游客户集中度两个维度，与企业财务绩效结合，考虑供应链集中度对企业经营成果的影响，以具代表性的4家同类型制造企业为研究对象，基于实践案例分析阐释供应商集中度和客户集中度在企业财务绩效的变化过程中，如何导致不同企业不同阶段的财务绩效出现差异。研究得出供应链集中度与企业财务绩效之间的具体影响关系，同时，形成四项供应链关系与企业发展之间的管理启示，应是相关行业更有效管理供应链关系结构的重要参考。     

客户集中度、企业-客户关系与营业收入

客户集中度、企业-客户关系暗含企业与客户之间的力量博弈以及战略合作,而连接双方的纽带是供应商销售给客户的商品,因而,收入成为客户特征对企业最直接的影响的中介变量。本文以手工收集的制造业上市公司2007-2011年前五大客户具体数据,首次研究客户特征对企业收入的影响,从而为企业-客户关系对企业的影响提供了直接的证据。本文的研究表明：客户集中度对企业营业收入水平存在正“U”型效应;当客户集中度低于某一阈值会降低客户收入水平,高于这一阈值则提高其收入水平;企业与客户之间的战略合作关系可以帮助企业提高其收入水平。     

客户关系与企业研发投资决策

从企业商业关系网络视角, 探讨客户关系对企业研发投资强度的影响. 研究发现, 客户集中度与企业研发投资强度呈现倒 "U" 型关系. 进一步从企业的集团属性和地区金融发展水平研究发现, 在非集团企业样本中, 客户集中度与企业研发投资的倒"U" 型关系依然存在, 而在集团企业样本中, 客户集中度与企业研发投资则显著负相关;同样地, 在地区金融发展水平较高样本中, 客户集中度与企业研发投资的倒 "U" 型关系依然存在, 而在地区金融发展水平较低样本中, 客户集中度与企业研发投资则显著负相关. 研究表明企业的研发投资作为一种专用性资产投入, 既具有在客户集中度方面的信号传递价值, 还会在不同的融资约束情景下体现不同的投入强度, 彰显其显著的环境调节功能, 有助于企业多角度考量研发投资决策.     

电子机械行业客户集中度和成本粘性的关系研究

文章研究客户集中度是否对我国电子机械行业企业的成本粘性存在影响,实证研究结果表明,在电子机械企业中,随着客户集中度的提高,成本粘性先变弱再变强,两者之间的关系为U型关系,这为电子机械行业的成本管理提供一定的借鉴意义。     

供应商、客户集中度与企业信用融资体系的关联度

目的:研究供应商与客户集中度对企业信用融资的影响。结果显示:企业随着供应商与客户集中度的提升而降低信用融资比率,供应链集中度越高越不利于企业利用信用融资来降低整体融资成本。本文为企业有效调控供应链集中度,与供应商和客户保持良好的关系,从而借助融资渠道降低融资成本,提供一定的参考。     

基于股权集中度的我国上市公司绩效多角化研究

关于我国上市公司股权集中度与公司绩效之间的关系,已有的文献中所得出的结论并不统一。基于此,考察了我国2008年制造业上市公司的股权集中度与公司绩效的关系。实证结果表明:股权集中度和公司绩效之间并没有显著的U型或倒U型关系,而是呈现明显的正相关关系。并且本文进一步剖析了股权集中度,研究发现:第一股东为法人股东的公司,其绩效明显优于第一股东为国有股东的公司;绝对控股的公司,其绩效要优于相对控股和分散持股的公司。     

探究异质性企业金融化与创新绩效的关系

企业金融化的问题关系到我国实体经济的振兴与发展。本文对企业金融化与创新绩效之间的关系进行研究,进一步将样本分为高新技术行业与制造业行业,国有企业与非国有企业做异质性分析。结果如下:(1)沪深上市企业金融化程度与创新绩效呈倒U型关系;(2)不同企业金融化程度与创新绩效呈倒U型关系,其中高新技术行业企业相比制造业企业、国有企业相比非国有企业程度更深。     

联盟组合中资源多样性的"双刃剑"效应——以产品市场势力为中介

越来越多企业通过构建多样性联盟组合获取外部丰富的互补性资源,以提升绩效.现有研究仅着眼于直接关系,使得如何发挥联盟组合多样性的价值以促进最终绩效,成为一个待解谜团.聚焦联盟组合资源多样性的绩效影响,考察产品市场势力是否在其中发挥中介作用,运用创业板278家上市公司的面板数据进行实证检验发现,联盟组合资源多样性与企业绩效呈倒U型关系,产品市场势力在二者之间扮演中介角色.研究补充了联盟组合多样性与企业绩效之间影响机制的探索,并为企业在联盟实践中充分挖掘联盟组合多样性的潜在价值提供了有益指引.     

Does high supply chain integration enhance customer response speed?

The capability of customer response speed is commonly employed by firms that wish to strengthen their relationship with customers in order to maintain a high level of service in a hypercompetitive environment of rapidly changing technology. Improved customer response speed also helps manufacturers respond more rapidly to satisfy customer needs. However, does high level of supply chain integration with customers have positive impact on customer response speed? This study proposes a conceptual model to examine antecedents to better firm performance, with customer response speed as a mediator. The conceptual model was empirically tested using data collected from 809 manufacturing companies in the Greater China Region. The results show that the nature of the relationship between customer integration and customer response speed may vary substantially from one area to another. Also, customer response speed mediates between customer integration and firm performance in China and Taiwan.     

供应链集中度与企业创新——基于中国制造业上市公司的实证研究

信息技术革命和国际垂直分工深刻地改变了全球制造业的生产格局和竞争基础，传统的企业间竞争正逐渐演化为供应链间的竞争。对2011-2018年A股制造业上市公司的实证分析发现：供应商集中度负向影响企业创新，但这一效应在市场地位较高的企业中得到弱化；客户集中度与企业创新则呈显著正相关，且在市场地位较高的企业中得到强化。研究还发现，融资约束缓解是供应链集中度影响企业创新活动的作用渠道。研究对于供应链与创新活动之间的关系做出了文献贡献，并对创新驱动发展战略下企业根据自身市场地位权变性地从事创新活动提供了实践指导。     

Entrepreneurial orientation and firm performance in non-profit service organizations: contingent effect of market orientation

Prior research indicates that an inverted U-shaped relationship exists between entrepreneurial orientation (EO) and firm performance. This study argues that the inverted U-shaped relationship may depend on the level of market orientation (MO). A moderated hierarchical regression based on a sample of 307 non-profit service organizations reveals that an inverted U-shaped relationship exists between each sub-dimension of EO and performance. However, these relationships do not exist for each sub-dimension of MO. When both market intelligence generation and responsiveness are high, the relationship between innovativeness and performance will be in a linear form. Under the condition of high-market intelligence responsiveness, the higher proactiveness will lead to a higher performance level. These findings will better our understanding of the relationship between EO and firm performance.     

How does R&D internationalization in multinational firms affect their innovative performance? The moderating role of international collaboration in the energy industry

This paper examines the effects of the degree and geographic diversification of a firm’s R&D internationalization on its innovative performance. We use an unbalanced panel dataset of 401 observations from 110 multinational firms operating in the energy industry over a period of six years to support the argument that both the degree and the geographic diversification of a firm’s R&D internationalization have an inverted U-shaped relationship with a firm’s innovative performance. Our results also show that collaboration among R&D units located in different countries moderates this relationship by reducing both the positive effects and the challenges of the degree of R&D internationalization. This paper extends the emerging innovation focus in the headquarters–subsidiary literature by contributing to our understanding of the implications of the international R&D activities of firms and supports the utilization of social exchange theory in order to identify the moderating influence of the collaboration among a firm’s R&D units located in different countries.     

Impact of Traditional Chinese Culture on Business-to-Business Relationship Marketing and Service Firm Performance

ABSTRACT

Purpose: This work addresses the mixed findings in relationship marketing studies regarding the importance of traditional culture-level (i.e., interpersonal) relationships on service firm outcomes.

Methodology/approach: This article leverages customer relationship marketing (CRM) theory to advance a framework for understanding the causal relationship between the Chinese cultural worldview and relationship marketing in order to better predict firm performance.

Findings: The author suggests that five major Chinese cultural characteristics—iren-qing, wa-pao, mianzi, chaxu-geju, and collectivism—can qualify the business-to-business (B-to-B) relationship building process and impact the effectiveness of interpersonal and/or group relationships on service firm outcomes.

Research implications: The study’s framework suggests that Chinese cultural characteristics, universal concepts manifest in the activities of Chinese society and organizations, have a positive effect on customer relationship marketing. Chinese culture characteristics can be used to generate excellent relationships with customers and thus create a consumer preference for certain companies and drive service marketing repurchase.

Originality/value/contribution: This study’s theoretical framework (a) distinguishes between Chinese cultural characteristic and relationship marketing relationships; (b) suggests that Chinese cultural characteristics and customer relationship marketing have a positive and substantial effect on service firm performance and that Chinese cultural characteristics are related to customer relationship marketing in their effect on service firm performance; and (c) provides managerially relevant guidelines for strategic sales planning.     

Deconstructing B2B,co-creation and service deployment in East Asia: evidence from Taiwan and PRC manufacturers

Academia and governments have been advocating service deployment as an upgrading strategy for manufacturers for some time now. Existing research findings show that customer co-creation may be a key to service strategy success. However, prior studies have focused on relatively resource-rich and advanced Western contexts. This research examined co-creation’s role on service deployment performance and the conditions that encourage co-creation in the manufacturing business-to-business context of Taiwan and the PRC. The results indicate that co-creation fully mediates the relationship between a firm’s service deployment and customer-perceived value. Additionally, a firm’s product-service significance, capability specificity, supply chain mode and customer-perceived environmental turbulence may significantly influence co-creation.     

创新还是寻租？业绩期望落差对企业风险承担行为的影响

基于企业行为理论和参照点理论，探讨了业绩期望落差与企业创新性行为和寻租性行为之间的动态关系，并且考察了CEO权力和独立董事监督的调节作用。利用2013-2018年沪深A股制造业非国有上市公司的数据进行分析，结果发现：当期望参照点占主导地位时，随着业绩落差的增加，企业的长期风险承担意愿增强、短期风险承担意愿减弱，但当生存参照点起主导作用时，企业的长期风险承担意愿减弱，而短期风险承担意愿增强，因此业绩期望落差与创新性行为呈先增加后减少的倒U型关系，而与寻租性行为呈先减少后增加的U型关系。进一步研究发现，CEO权力弱化了业绩期望落差与寻租性行为的U型关系，独立董事监督强化了业绩期望落差与创新性行为的倒U型关系。研究深化了对业绩落差状态下企业风险承担行为的理解，丰富了企业行为理论的研究成果，对企业管理实践也有重要启示。     

The impact of customer relationship management capability on innovation and performance advantages: testing a mediated model

Abstract

Customer relationship management (CRM) and innovation are widely considered to be valuable capabilities associated with competitive advantage. However, there is a lack of research demonstrating how they work together to produce performance advantages. This research investigates the mediating role of innovation between CRM and performance. The authors examine the direct impact of both CRM and innovation on firm performance. Moreover, they investigate the role of innovation as a mediating mechanism to explain the effect of CRM on performance. The authors use structural equation modelling to test the relationships among these constructs. The results support the direct impact of CRM and innovation on performance. Also, the findings indicate that the indirect effect of CRM on firm performance through innovation is significant. These results reinforce the view that developing close relationships with customers enhances a firm's ability to innovate.     

环境不确定性、客户集中度与投资效率

基于大客户与企业间隐喻契约关系对企业专用性投资的传导性影响机理,从客户集中度研究视角切入,考察了环境不确定性约束条件下大客户对企业投资效率的影响机制与后果。研究发现,客户集中度对企业非效率投资存在“选择性”不对称影响,显著加剧了企业投资过度,却未导致企业投资不足;进一步分析表明,环境不确定程度是两者关系的调节性因素,不确定性较低时两者关系显著且稳健,不确定性较高时两者间不再具有显著关系。