摘要
基于社会网络理论视角,运用2007—2016年中国A股信息技术行业上市公司的微观数据,研究创新实践情境中客户集中度与公司业绩的关系。实证结果表明:创新活动的存在会削弱甚至消除客户集中度对公司业绩的影响,时间滞后的因果分析也支持该结论。此次研究从社会网络的视角深刻揭示了创新活动作为调节变量的内在作用机理,找到了影响客户集中度与公司业绩关系的边界条件,为理解客户集中度与公司业绩的关系提供了新的理论视角,同时对证券市场投资者的公司估值具有启示作用。
At present,there are still divergent opinions on the relationship between customer concentration and company performance in academic circles.This paper puts this relationship into innovation practice and analyzes it from the perspective of social network theory.An empirical study on the micro-data of Chinese A-share information technology listed companies from 2007 to 2016 shows that innovative activities can weaken or even eliminate the influence of customer concentration on the firm performance.Causal analysis of lead-lag also supports this conclusion.This paper reveals internal mechanism of innovation as moderator from the perspective of social network,finds boundary conditions which influence the relationship between customer-base concentration and firm performance,and provides a new perspective for understanding this relationship,which has enlightenment to stock market valuation for investors.
作者
殷枫
王贝
刘春林
YIN Feng(School of Accounting,Shanghai University of Foreign Trade and Economics,Shanghai 201620,China)
出处
《河海大学学报（哲学社会科学版）》
CSSCI
北大核心
2019年第5期51-57,106-107,共9页
Journal of Hohai University：Philosophy and Social Sciences
基金
教育部人文社会科学研究青年基金项目(16YJC790126)
关键词
客户集中度
社会网络
创新活动
公司业绩
customer-base concentration
social network
innovative activity
firm performance
