Customer Concentration、Debt Financing And Enterprise Innovation

At present,China firmly implements the innovation-driven development strategy and actively promotes the construction of an innovative country.As an important part of the market economy,enterprises’ innovation level is one of the key factors that affect the construction of our innovation system.The current market environment is complex and changeable,and market demands are becoming more and more diversified.Enterprises begin to shift the focus of the selection of trading objects to a few core trading objects,and build an overall competitive advantage in the supply chain by building an inter-enterprise network with customers.In the context of the company’s active development of supply chain relationships,will the intimate relationship between the company and its customers affect the company’s innovation? Then,due to the large amount of capital required for innovation activities and the long R&D cycle,enterprises generally have financing constraints in innovation activities,and customer concentration will affect the debt financing of the company.So whether debt financing is the customer concentration affects the innovation investment of the enterprise Action path? In addition,are there any differences in the above-mentioned relationships in different debt maturity structures? These issues are well worth discussing.Through combing and summarizing the relevant domestic and foreign literatures,it is found that previous researches have focused on the binary relationship between customer concentration,financing constraints and enterprise innovation.In the study of the economic consequences of customer concentration,more attention is paid to financing constraints and enterprise performance.Among the influencing factors of enterprise innovation,the focus is mostly on financing constraints,enterprise governance and institutional environment.As for the research on therelationship between customer concentration and enterprise innovation,domestic and foreign scholars have a shorter research time and the conclusions are not consistent.Based on the previous research,this paper integrates the inter-enterprise network theory,transaction cost theory,intra-enterprise growth theory and information asymmetry theory to build a theoretical framework of customer concentration,debt financing and enterprise innovation,and expands the customer concentration research on economic consequences and factors influencing enterprise innovation,explores the intermediary role of debt financing in the relationship between customer concentration and innovation input,and breaks down by debt maturity to further investigate customer concentration and promote enterprise innovation through debt financing The mechanism of input has enriched relevant literature and provided new ideas for enterprises to carry out innovative activities.This study uses the 2008-2017 Shanghai and Shenzhen A-share listed companies as a research sample to construct an empirical model and discuss the impact of customer concentration on enterprise innovation and its mechanism.The study found that:(1)There is a significant positive correlation between customer concentration and innovation output,which indicates that the presence of large customers will effectively promote the enterprise’s innovation output;(2)There is a significant positive correlation between customer concentration and innovation investment,and debt financing is an intermediary factor between them.It shows that the existence of large customers is conducive to enterprises to obtain more debt financing,alleviating the financing constraints that enterprises are subject to,and thus increasing innovation investment;(3)Compared with long-term debt financing,short-term debt financing has played a stronger intermediary effect;(4)In further research,it is found that the increase in innovation input willalso promote innovation output,and the funds brought by higher customer concentration may be mainly Land is used for investment in fixed assets,which is then converted into innovative output.Finally,according to the analysis results,the corresponding policy recommendations are proposed from the government and enterprise levels.This research expands the research scope of enterprise innovation,and provides some supplements to the mechanism of customer concentration affecting enterprise innovation,and provides management suggestions for enterprises in the supply chain to carry out innovation activities under the new normal,which is conducive to the implementation of China’s innovation-driven development strategy.