摘要
本文立足供应商企业,基于中国沪深A股非金融类上市公司2007~2018年披露的上市核心客户信息,理论分析与实证检验客户金融资产投资对其研发投入的影响,以考察客户金融化行为的供应链经济后果。研究发现,客户企业金融资产投资对企业研发投入具有显著的正向影响,且随着企业的客户依赖度与商业信用规模的增加而呈现递减的趋势,表明企业认为客户金融化行为是出于预防储备的“蓄水池”动机,有助于降低企业感知的客户经营风险,促进其研发投入增加。基于中国制度背景的进一步分析发现,客户为国有控股以及客户所处地区市场化程度较高时,上述关系表现得较弱,表明该促进效应还要受到客户国有产权性质与所在地区市场化程度的干预。
Based on the supplier enterprises,based on the listed core customer information disclosed by A-share non-financial listed companies in Shanghai and Shenzhen from 2007 to 2018,this paper makes a theoretical analysis and empirical study of the impact of customer financial asset investment on their R&D investment,in order to investigate the supply chain economic consequences of customers.financialization behavior.It is found that the financial asset investment of the customer enterprise has a significant positive impact on the R&D investment of the supplier enterprise,and it shows a decreasing trend with the increase of the customer dependence and the scale of commercial credit of the supplier enterprise,which indicates that the supplier enterprise believes that the customers.financialization behavior is motivated by the“reservoir”of reserve prevention,which helps to reduce the perceived customer management style of the enterprise Insurance,to promote the increase of its R&D investment.Based on the further analysis of China's institutional background,it is found that when the client is state-owned holding and the market-oriented degree of the region where the client is located is high,the above relationship is weak,which indicates that the promotion effect should be interfered by the nature of the client.s state-owned property rights and the market-oriented degree of the region where the client is located.
作者
王勇
刘向东
Wang Yong;Liu Xiangdong(School of Economics and Management,China University of Petroleum,Qingdao 266580,China)
出处
《工业技术经济》
北大核心
2021年第1期75-84,共10页
Journal of Industrial Technological Economics
基金
山东省社会科学规划研究项目“非正式制度视角下客户关系对企业创新的驱动力研究”(项目编号:19BYSJ42)
中央高校基本科研业务费专项资金项目“政府规制、供应链关系与企业环境治理投入”(项目编号:20CX04006B)。
关键词
金融化行为
研发投入
供应链关系
产权性质
市场化程度
“蓄水池”
动机
financialization behavior
R&D investment
supply chain relationship
property right attribute
marketization process
reservoir motor
