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.

Customer Relationship And R&D Investment Decisions

From the perspective of enterprises'business relationship network, this paper discusses the influence of cus-tomer relationship on enterprises'R&D investment intensity.The results show that the relationship between customer concen-tration and R&D investment takes on an inverted-U shape.Further study of the effect of business group affiliation and local fi-nancial development on the relationship between customer concentration and R&D investment finds that this inverted-U shape still exists in non-group-affiliated firms, but the relationship between customer concentration and R&D investment takes on negative correlation in group-affiliated firms.Similarly, this inverted-U shape still exists in regions with a higher level of finan-cial development, but the relationship takes on negative correlation in regions with a lower level of financial development.Our study also shows that as a kind of specific asset investment, enterprise's R&D investment not only demonstrates its value of sig-nal transfer in terms of customer concentration, but also reflects different intensity in different financing constraints scenarios, highlighting its significant moderating effect.We hope these findings can help enterprises consider R&D investment decisions from multiple perspectives.