分散还是集中：客户集中度与企业绩效

摘要/Abstract

摘要： 维护与主要客户的关系是企业获取竞争优势和高额利润的重要来源之一，然而针对少数主要客户的财务依赖与资源分配可能会导致企业整体绩效的次优结果。本文利用2008—2017年期间沪深两市A股上市企业相关数据，实证检验了客户集中度与企业绩效之间的关系及企业内、外部因素对两者关系的潜在作用机理。研究结果表明：客户集中度对企业绩效具有负向影响；关系资产专用性投资和行业竞争度均加剧了客户集中度对企业绩效的不利影响；通过将上市企业按照所有权性质划分为国有与非国有企业，研究进一步发现，客户集中度对非国有企业绩效的不良影响显著高于国有企业。研究结论为企业实施客户关系管理以及资源配置决策提供了理论杠杆和实践参考。

关键词: 客户集中度, 关系资产专用性投资, 行业竞争度, 企业绩效

Abstract: Maintaining the relationship with major customers is one of the important sources for firms to obtain competitive advantages and high profits. However, financial dependence and resource allocation for a few major customers may lead to suboptimal results for the overall performance of firms. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2017, this paper empirically tests the relationship between customer concentration and firm performance and the potential mechanism of internal and external factors on the relationship. The results show that customer concentration has a negative impact on firm performance; the relationship-specific investment and industry competition degree both aggravate the negative impact of customer concentration on firm performance; by dividing listed companies into state-owned companies and non-state-owned companies according to the ownership, the study further finds that the negative impact of customer concentration on the performance of non-state-owned enterprises is significantly higher than that of state-owned ones. The research results provide theoretical leverage and practical reference for firms to implement customer relation management and resource allocation decisions.

Key words: customer concentration, relationship-specific investment, industry competition degree, firm performance

赵珊, 李桂华. 分散还是集中：客户集中度与企业绩效[J]. 管理评论, 2023, 35(2): 294-305.

Zhao Shan, Li Guihua. To Disperse or to Concentrate: Customer Concentration and Firm Performance[J]. Management Review, 2023, 35(2): 294-305.

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