Will Stable Customer Relationship Promote Enterprise Technology Innovation?

Manufacturing is an important source of competitive advantage worldwide.Compared with the developed countries,the innovation of Chinese manufacturing enterprises has not yet played its due role in economic development.Improving enterprise innovation is an urgent and important task for Chinese manufacturing enterprises.In addition,China's accounting standards constantly strengthen enterprise disclosure information on customer.The relationship between enterprises and customers get more and more attention of the stakeholders.Good customer relationship can bring important influence to the operation and development of enterprises.Its impact on innovation also can't be ignored.Therefore,it is of great realistic significance to study the influence of stable customer relationship on technological innovation of manufacturing enterprises.This paper takes the a-share manufacturing listed enterprises in China during 2009-2016 as research samples and collects the data of customer relationship and enterprise innovation by hand to explore the influence of stable customer relationship on enterprise technology innovation.Then we discuss the intermediary role of enterprise competitive advantage between stable customer relationship and enterprise innovation.We further study the moderating effect of industry competition degree.Finally,we investigate the effect of enterprise heterogeneity.Through the empirical test,the conclusions are as follows.(1)Stable customer relationship significantly promotes enterprise technology innovation and enterprise competitive advantage is a partial mediator in it.(2)The degree of industry competition positively moderates the influence of stable customer relationship on enterprise competitive advantage.What's more,the results of the moderated mediation test show that the degree of industry competition positively moderates the first stage of the enterprise competitive advantage's intermediary role.(3)Compared with large enterprises,state-owned enterprises,mature enterprises and Non-capital intensive enterprises,the promoting role of stable customer relations on enterprise technology innovation is more pronounced in small enterprises,non-state-owned enterprises,young enterprises and capital-intensive enterprises.Compared with the existing literature,this paper takes the customer stability as the breakthrough point,which enriches the research of customer relationship impacting on innovation.Further research on the intermediary effect of enterprise competitive advantage not only enrich and deepen the influence mechanism of the stable customer relationship on enterprise innovation,but also help us better evaluate the economic effect of establishing stable customer relationship.In addition,research on the moderating effect of industry competition degree and the effect of enterprise heterogeneity help us further understand the innovative behavior of enterprises and have a realistic guiding significance for the establishment of enterprise customer relationship.