管理评论 ›› 2023, Vol. 35 ›› Issue (2): 126-134,192.

• 创新与创业管理 • 上一篇    下一篇

关联方大客户交易影响企业技术创新吗?——基于沪深A股上市公司的证据

方健   

  1. 河南大学商学院, 开封 475004
  • 收稿日期:2021-01-21 出版日期:2023-02-28 发布日期:2023-03-27
  • 作者简介:方健,河南大学商学院教授,硕士生导师,博士。
  • 基金资助:
    河南省哲学社会科学规划项目(2019BJJ022)。

Does the Transactions of Related Large Customers Affect Technological Innovation?——Evidence from A-share Listed Companies

Fang Jian   

  1. School of Business, Henan University, Kaifeng 475004
  • Received:2021-01-21 Online:2023-02-28 Published:2023-03-27

摘要: 关联方交易作为企业间特有的一种交易形式,对企业的财务、运营及管理等均产生影响,但目前基于供应链风险管理视角,探究关联方大客户交易影响企业技术创新内在机理略显不足。以2016—2017年沪深A股上市公司数据为例,研究发现,关联方大客户交易与企业技术创新投入正相关,与技术创新产出呈倒U型关系。由于真实盈余管理在关联方大客户交易与技术创新产出之间发挥中介作用,当关联方大客户交易额较大时,企业增加技术创新投入并没有提高相应的技术创新产出。进一步,融资约束抑制关联方大客户交易对技术创新产出的有利影响,内部控制则减轻关联方大客户交易对技术创新投入的不利影响。异质性检验证实,国有性质、成立时间长以及竞争程度较高行业等企业的关联方大客户交易与其技术创新活动更相关。

关键词: 关联方大客户, 技术创新, 融资约束, 内部控制, 真实盈余管理

Abstract: Being a special type of transactions, related party transaction is a key factor that affects the management of enterprises. Few researches take the perspective of supply chain risk management to explore the inherent mechanism of how the transactions of related large customers impact the technological innovation of enterprises. Based on the analysis of A-share listed companies from 2016 to 2017, this study finds that the transaction of related large customers not only have a positive relationship with the input of technological innovation but also have an inverse-U shaped relationship with the output of technological innovation. Because the real earnings management plays a mediating role between the transactions of related large customers and the output of technological innovation, a larger input into technological innovation does not lead to a larger output from technological innovation when the related large customers are much bigger than other customers. Financing constraints restrain the impact of related large customer transactions on the output of technological innovation. Internal controls alleviate the impact of related large customer transactions on the input of technological innovation. There is a significant positive relationship between the transactions of related large customers and the technological innovation in stated-owned enterprises, older enterprises and less competitive enterprises.

Key words: related large customer, technological innovation, financing restriction, internal controls, real earnings management