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。

Environment Uncertainty,Customer Concentration and Investment Efficiency

Based on the impact mechanism of implicit contractual relationship between large customers and enterprises on the conductivity of the specialized investment of enterprises , from the perspective of customer concentration , this paper investi-gates the mechanism and effect of the influence of large customers on enterprises'investment efficiency under environmental uncertainty constraint.The empirical result shows that customer concentration has a “selective” asymmetric effect on enterprises'inefficiency investment.Specifically , customer concentration significantly increases overinvestment , but does not lead to underinvestment.Further analysis shows that the environmental uncertainty is a regulatory factor in the relationship be -tween customer concentration and investment efficiency , and the relationship is significant and robust when environmental un-certainty is lower.Otherwise the relationship is no longer significant.