| Under the guidance of the Carbon Peaking and Carbon Neutrality goals,in the critical period of the national economic transformation from high-speed development to high-quality development,how to coordinate the relationship between ecological environment and economic growth,has attracted wide attention from all walks of life.The Chinese government regards green innovation as a fundamental way to ensure the harmonious coexistence of economic growth and environmental protection.In 2019,the National Development and Reform Commission and the Ministry of Science and Technology jointly issued "the Guiding Opinions on Building a Market-oriented Green Technology Innovation System",which clearly included green innovation into the highest programed document within the Party,and promoted the construction of ecological civilization through various environmental regulation means.Based on the height of China’s modernization drive,the Party’s 20 National Congress once again emphasized the importance and necessity of continuously promoting the high-end,intelligent and green development of the manufacturing industry.However,whether the green development concept proposed by the central government can be translated into policy dividends depends on the coping strategies of environmental polluters."The Guiding Opinions of The State Council on Accelerating the Establishment and improvement of the Green,Low-carbon and Circular Development Economic System" pointed out that ’in the green economic transformation,the leading role of the market,the main role of enterprises and the role of various market trading mechanisms should be given full play to inject strong impetus to green development’.With the rise of resource dependence theory,the research on the influencing factors of enterprise innovation strategy is no longer limited to the internal enterprises.Faced with the huge pressure of environmental governance and the concerns of various stakeholders,the ability to obtain heterogeneous resources through communication with the outside world will also deeply affect the green innovation behavior of enterprises.Collaborative cooperation among supply chain enterprises is an effective choice to give full play to the market-oriented role,explore the internal driving force of enterprise green innovation,and improve the efficiency of green innovation on both sides.To a certain extent,it can solve the problem of low initiative of enterprise green innovation due to the existence of double market failure.Since the Government Work Report of The State Council in 2020 proposed "six guarantees and six stability",the Central Economic Work Conference has repeatedly stressed that the stability and security of supply chain and industrial chain is an important cornerstone of economic development."Maintaining,stabilizing,consolidating and strengthening chains" has become the main task of unblocking the economic cycle and promoting high-quality economic development.In October 2022,the Top 20 report again highlighted the importance of enhancing supply chain resilience.As green low-carbon has become the common recognition of all sectors of society,industrial upgrading and technological progress in green transformation have also become important factors affecting the stability of supply chain.Green innovation is an effective way to build a globally competitive supply chain and promote China’s position in international supply chain cooperation.Based on this,it is expected that customers,as the key link between enterprises and the terminal market in the supply chain and the main source of enterprise income,will pay attention to and have a significant impact on the choice and implementation of green innovation strategy of enterprises.According to previous studies,customers may not only play a governance role in the production and operation activities of their suppliers,but also produce risk effects.How the specific customer relationship will affect the green innovation of enterprises is a question that needs to be examined.Therefore,based on China’s institutional background,this paper takes A-share listed companies in Shanghai and Shenzhen as the research object to discuss the influence of customer relationship on enterprises’ green innovation behavior and its action path.On this basis,it further studies the governance mechanism of customer relationship on enterprises’ green innovation.This paper follows the research paradigm from normative to empirical.Chapter 1 mainly introduces the background,significance,framework and innovation of the topic from the institutional background and development status of green innovation of enterprises;Chapter 2 reviews the literature on customer relationship and enterprise green innovation at home and abroad.Chapter 3 defines the concept and theoretical basis of customer relationship and enterprise green innovation,which lays a solid foundation for the follow-up research;Chapter 4 begins with empirical research.First,it theoretically analyzes the impact mechanism of customer concentration on enterprise green innovation,puts forward assumptions and conducts empirical tests;Chapter 5 is about the influence mechanism of customer stability on enterprise green innovation,puts forward hypothesis and conducts empirical test;Chapter 6 studies the governance mechanism of customer relationship influencing enterprise green innovation;Chapter 7 summarizes the research conclusions of the full text,and on this basis,puts forward policy suggestions,and points out the limitations of this study and the direction of future research.The main research conclusions of this paper are as follows:First of all,through a systematic study of the impact of customer concentration on green innovation and its mechanism,the study found that:(1)there was a significant negative correlation between customer concentration and the level and quality of green innovation of enterprises,that is,the higher the customer concentration,the lower the level and quality of green innovation of enterprises;(2)Further investigating the mechanism of customer concentration affecting the level and quality of green innovation of enterprises,it is found that the improvement of customer concentration reduces the quality of information disclosure to enterprises,thus reducing the cost of environmental violations and weakening the motivation of enterprises to carry out green innovation;At the same time,it increases the business risk of the enterprise and reduces the ability of the enterprise to provide various resources needed for green innovation continuously and stably.Therefore,customer concentration will inhibit the green innovation of the enterprise from both motivation and ability.(3)In addition,in the further study,this paper found that when the level of regional social trust is high,the enterprises belong to the heavily polluting industry,and the geographical proximity of customers is high,the negative impact of customer concentration on enterprises’ green innovation is mitigated.Second,through the empirical test of the relationship and mechanism between customer stability and enterprise green innovation,the study found that:(1)there is a significant positive"U" relationship between customer stability and enterprise green innovation,that is,when customer stability is at a low level,customer stability inhibits enterprise green innovation,but with the continuous improvement of customer stability,after exceeding a certain threshold,Customer stability is reflected in promoting green innovation of enterprises.(2)The higher the sales proportion of stable customers and the closer the transaction relationship between enterprises and stable customers,the more significant the impact of customer stability on the level and quality of green innovation of enterprises.(3)Further investigation of the mechanism of customer stability affecting enterprise green innovation shows that when customer stability is low,with the increase of stability,enterprise financing constraints are intensified.When the stability is increased beyond a certain threshold,the increase of customer stability can slow down enterprise financing constraints and ensure the sustainable and stable resource demand for enterprise green innovation,Thus,the level of green innovation and the quality of green innovation of enterprises show a positive U-shaped relationship.(4)In the further difference test,this paper finds that the positive U-shaped relationship between customer stability and green innovation is more significant when the level of regional social trust is low,the enterprise belongs to the heavily polluting industry,and the geographical proximity of the customer is low.Through the research on the governance mechanism of the impact of customer relationship on enterprise green innovation,we found that:(1)Short selling mechanism and external independent audit system can play a regulatory role,effectively and effectively restrain the risk effect of big customers,and alleviate the negative impact of customer relationship characteristics on corporate green innovation.(2)The effectiveness of internal control and good corporate internal governance mechanism can alleviate the adverse impact of customer relationship on corporate green innovation.In the research proposition of customer relationship and enterprise green innovation,the innovation of this paper lies in:First,from the perspective of topic selection,the existing research on the influencing factors of enterprise green innovation mainly focuses on the impact of environmental regulation on organizational homogeneity,but cannot explain why the green innovation behavior among enterprises shows a large difference.As the connection between the enterprise and the terminal market,customers have more consumer demand information that can help enterprises implement innovative technologies,and are also the main source of enterprise income.Therefore,in the context of China’s economic transformation with the goal of "carbon peaking" and "carbon neutralization",with the increasing concern of all sectors of society for environmental issues and the rise of green consumption wave,it has become a very important academic proposition with Chinese characteristics to study the influencing factors of enterprise green innovation from the perspective of customer relations.However,the existing literature pays less attention to how customer relations affect enterprise green innovation.Based on the motivation and capability of enterprise green innovation,this paper theoretically analyzes and empirically tests the influence of customer relationship characteristics on enterprise green innovation and its action path,which enriches the research on the economic consequences of customer relationship and the influencing factors of enterprise green innovation.Second,in terms of the representation dimension of customer relationship,most of the existing researches on customer relationship characteristics focus on the horizontal dimension of customer concentration,which studies its impact on enterprise accounting behavior,financial decision-making,production and operation,but few literatures focus on the vertical dimension of customer relationship-the economic consequences of customer stability.Through literature review,we found that although some studies focused on the impact of customer stability on enterprise accounting information and its market reaction,they did not pay enough attention to how customer stability affects enterprise business decision-making and its mechanism.This paper takes enterprise green innovation as the starting point,and elaborates how customer concentration and customer stability affect enterprise behavior decision-making,as well as its internal logic,which expands the research boundary of stakeholder theory.Third,in terms of the structure of the research content,most of the existing studies have discussed the governance role of external governance elements and internal governance elements in the corporate behavior.Unfortunately,so far,the domestic literature has rarely discussed whether the governance mechanism plays a role in the contractual relationship between the enterprise and customers and what role it plays,And the existing research results based on western mature capital markets may not be applicable to China in the economic transition period.Based on this,this paper selects two aspects:external governance and internal governance to analyze their governance role in the impact of customer relations on enterprise green innovation.From the perspective of supply chain relations,it enriches the relevant literature on corporate governance,and provides useful thinking for the government and relevant departments on how to formulate appropriate governance mechanisms,enhance the expectation of enterprise stability,and further explore the impact of customer relations on enterprise behavior. |
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