联系我们

论文查询结果	返回搜索

论文编号：	12963
作者编号：	1120180949
上传时间：	2021/12/15 9:55:10
中文题目：	客户集中度与企业经营绩效——来自中国A股上市公司的经验证据
英文题目：	Research on Customer Concentration and Firm Operating Performance——An Empirical Research of Chinese A-share Listed
指导老师：	李桂华
中文关键字：	客户集中度；研发投资；管理层短视；关系资产专用性投资；竞争强度
英文关键字：	Customer concentration; R&D investment; Management myopia; Relationship-specific investment; Competitive intensity
中文摘要：	客户始终被认为是最重要的组织资产之一，管理和维护与主要客户的关系是企业实现竞争优势的关键。作为产业市场营销（B2B）领域的重要议题，供应商与客户关系始终是理论界和实践界广泛关注的焦点。随着价值链竞争的日益激烈，加强供应链间的合作关系被视为是企业生存和成功的关键。在经营实践中，大多数供应商企业面临着一个两难的选择：是向少数占主导地位的客户提供产品或服务，还是寻求更多样化的客户基础。客户关系管理的相关文献大多将供应商与客户关系概念化为交易伙伴间的二元关系并强调了个体关系强度对企业经营绩效影响的重要性，忽略了将客户群视为一个结构性的整体进行考量，而针对少数主要客户的资源分配可能会导致企业整体经营绩效的次优结果。因此，客户集中度的概念应运而生并用以表征企业对主要客户的依赖程度。作为衡量供应链关系的关键指标，已有研究探讨了客户集中度影响企业经济行为与财务决策的各个方面，但对于客户集中度“促进”抑或“阻碍”了企业经营绩效这一关键问题并未得出一致性的结论，更加缺少基于客户集中度作用于企业经营绩效的影响机制以及边界条件的深入探讨。研究客户集中度对企业经营绩效的影响有助于从需求侧角度揭示企业如何配置资源以实现利润最大化，并深化对供应链背景下的合作关系对企业行为决策以及绩效后果的理解。 在上述现实思考和理论研究紧迫性的双重推动下，本研究选取2008至2017年间中国沪深两市A股上市企业14557个年度观测值，采用定性与定量相结合的混合研究设计方法，基于结构性的视角探索和检验了客户集中度与企业经营绩效之间的关系及其内在机制与边界条件。本研究的主要结论包括：（1）客户集中度与企业经营绩效呈现负相关关系，即随着客户集中度的提高，企业经营绩效呈现下降趋势。这是由于主要客户强大的议价能力以及由此引发的运营风险，挤压了企业的利润空间；通过区分所有权性质，研究进一步发现，客户集中度对国有企业经营绩效的不良影响显著低于非国有企业，这是由于国有企业的非市场性租金以及政府的隐性担保作用缓解了客户集中度对企业经营绩效的负面影响。（2）明确了客户集中度作用于企业经营绩效的中介机制，即客户集中度通过抑制企业的研发投资影响了企业价值创造的能力，进而降低了企业经营绩效；同时，客户集中度通过加剧企业的融资约束进而限制了企业布局未来的能力，阻碍了企业的成长，并最终使其经营绩效遭受损失。（3）基于权变的视角，将个体（管理层短视）、组织（关系资产专用性投资）与环境（市场竞争强度）因素有机整合，共同纳入研究框架加以考察，全面且系统地揭示了微观、中观、宏观三种不同维度的边界机制下客户集中度对企业经营绩效的异质性影响，并进一步为中国企业积极开展客户关系管理以及相关资源配置提供了重要的实证素材与决策参考。本研究的创新主要体现在：第一，超越了供应链业务关系中二元分析框架，揭示了狭隘地关注供应商与客户个体关系强度的风险，强调将客户群视为一个整体的重要性。第二，揭露了与主要客户紧密关系的对企业经营绩效的负面影响，深化了中国情境下客户集中度“风险性”本质的理解，也为中国企业的客户关系管理与资源配置方式提供了理论指导与决策依据。第三，探讨和厘清了客户集中度影响企业经营绩效的作用机制与边界条件。最后，创新性地使用二手数据测量管理层短视，提升了这一关键变量测量的可操作性。
英文摘要：	Customers are always considered to be one of the most important organizational assets, and managing and maintaining the relationship with major customers is the key for enterprises to achieve competitive advantage. As an important issue in B2B field, supplier-customer relationship has always been the focus of theoretical and practical circles. With the specialization, modularization and dynamic competition of B2B market becoming increasingly fierce, strengthening the cooperative relationship between supply chains is regarded as the key to the survival and success of enterprises. In operational practice, most suppliers are faced with a dilemma: to provide products or services to a few dominant customers, or to seek a more diversified customer base. Most of the customer relationship management related literature to supplier-customer relationship concept into a binary relation between trading partners and emphasized the importance of the influence of individual relationship strength on operating performance, ignoring the customers as a whole structural consideration, and for a few major customer resource allocation may lead to suboptimal results operating performance of whole enterprise. The concept of customer concentration emerged, which represents the degree how enterprises rely on their major customers. As a key indicator to measure the relationship between supply chains, existing studies have explored the influence of customer concentration on various aspects of firm economic behavior and financial decisions, but there is no consensus on the key issue of whether customer concentration “promotes” or “hinders” firm operating performance. Moreover, there is a lack of in-depth discussion on the influence mechanism and boundary conditions based on customer concentration on firm operating performance. Research on the impact of customer concentration on suppliers’ operating performance is helpful to reveal how supplier allocates resources to maximize profits from the perspective of demand side, and to deepen the understanding of the impact of cooperative relationship on firms’ behavior decisions and performance consequences in the context of supply chain. Driven by the realistic thinking and the urgency of theoretical research, this study selects 14557 annual observation of A-share listed firms in Shanghai and Shenzhen stock markets from 2008 to 2017, and uses a mixed research design method combining qualitative and quantitative analysis. Based on the structural perspective, the relationship between customer concentration and firm operating performance, its underlying mechanism and boundary conditions are explored and tested. The main conclusions of this study include: (1) customer concentration has a significant negative correlation with firm operating performance, that is, as customer concentration increases, the level of firm operating performance shows a downward trend. This is due to the major customers’ strong bargaining power and the resulting operational risks, squeezing firms’ profit margin; by distinguishing the nature of ownership, the study further finds that the negative impact of customer concentration on operating performance of state-owned enterprises is significantly lower than that of non-state-owned enterprises. That is because the non-market rent of state-owned enterprises and the implicit guarantee function of the government mitigate the negative impact of customer concentration on firm operating performance. (2) The underlying mechanism of the effect of customer concentration on firm operating performance is clarified, that is, customer concentration affects firms’ ability to create value by inhibiting firm R&D investment, and then reduces firm operating performance. Meanwhile, customer concentration limits the firms’ ability to lay out the future by intensifying firms’ financing constraints, and ultimately hindering firm growth as well as its operating performance. (3) Based on the contingency perspective, this study integrates individual factor (management myopia), organizational factor (relationship-specific investment) and environmental factor (competitive intensity) into the research framework, and reveals the heterogeneous impact of customer concentration on firm operating performance under the boundary mechanism of three different dimensions of micro, meso and macro comprehensively and systematically, which is further provides important empirical material and decision-making reference for Chinese enterprises to actively carry out customer relationship management and relevant resource allocation. The innovation of this study is mainly reflected in the following aspects: First, it goes beyond the binary analysis framework of the supply chain business relationship, reveals the risks of narrowly focusing on the strength of the relationship between suppliers and customers, and emphasizes the importance of treating the customer base as a whole. Second, it reveals the negative impact of close relationship with major customers on firm operating performance, deepens the understanding of the "risk" nature of customer concentration in the context of China, and also provides theoretical guidance and decision-making basis for Chinese enterprises in customer relationship management and resource allocation. Third, the paper discusses and clarifies the mechanism and boundary conditions of customer concentration affecting business performance. Finally, innovative use of secondary data to measure management myopia improves the operability of this key variable.
查看全文：	预览  下载(下载需要进行登录)