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为有源头活水来:顾客-公司关系对企业创新的影响研究
Innovative living water comes from its source: A study about customer-company relationships and corporate innovation
创新是企业发展的核心动力。尽管满足顾客需求是企业创新成功的关键这一观点被广泛认同,但对于顾客如何影响企业创新仍缺乏深入研究。基于此,本文从顾客关系视角出发,将顾客数据与企业数据进行匹配,运用2015—2022年A股上市企业数据,实证考察了顾客-公司关系对企业创新的影响及其作用机制。研究发现:(1)顾客-公司关系通过提升预期市场回报、降低创新风险以及缓解融资约束显著促进了企业创新。(2)异质性分析显示其在高客户依赖企业、国有企业、高新技术行业以及高知识产权保护地区的作用效果更好。(3)进一步分析关系的“有效性”问题,发现顾客-公司关系在与企业创新能力的协同作用下可转化为企业创新的推动力,协同效应总体上具有促进作用,动态边际效应呈先上升、后下降、再上升的趋势。研究结论为企业以需求为导向,运用好顾客关系这一不竭的源泉,实现高质量创新提供了重要参考。
Innovation is the core driving force behind corporate development. Although the notion that “meeting customer needs is the key to successful corporate innovation” is widely accepted, there remains a lack of in-depth research on how customers influence corporate innovation. To address this gap, this paper examined the impact of customer-firm relationships on corporate innovation and its underlying mechanisms using data from A-share listed companies in China from 2015 to 2022. The study matched customer data with company data and employed empirical analysis to explore this relationship. The findings were as follows: (1) Customer-company relationships significantly promote corporate innovation by increasing expected market returns, reducing innovation risks, and alleviating financing constraints. (2) Heterogeneity analysis reveals that the effect is stronger in firms with high customer dependency, state-owned enterprises, high-tech industries, and regions with strong intellectual property protection. (3) Further investigation into the “effectiveness” of the relationship shows that customer-company relationships can be sustainably transformed into a driving force for corporate innovation when they interact with the firm’s innovation capabilities. The overall synergistic effect is positive, and the dynamic marginal effect follows a trend of first increasing, then decreasing, and finally increasing again. The conclusions of this study will provide important insights for company to be demand-oriented and leverage the inexhaustible resource of customer relationships to achieve high-quality innovation.
顾客-公司关系 / 企业创新 / 预期市场回报 / 创新风险 / 融资约束
customer-company relationships / corporate innovation / expected market return / innovation risk / financing constraint
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Based on related literature, hypotheses about influence of CVC and the potential defense mechanisms of new ventures were developed, and empirically tested by patent application data of listed firms from Shenzhen Growth Enterprise Market from year 2009 to 2020. The results indicate that: ①there is a significant negative correlation between CVC and new ventures’ technological innovation performance; ②there is a significant U-shape curvilinear relationship between CVC shareholding ratios and new ventures’ technological innovation performance; ③business relevance between investors and new ventures do not moderate the relationship between CVC shareholding ratios and new ventures’ technological innovation performance, while firm age and intensity of intellectual property protection have moderation effects on the above relationship.
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Innovation and risk are inseparable. In fact, literature on innovation management often recommends that innovation-oriented firms must actively monitor, evaluate, analyze and treat future events in order to mitigate risks whenever possible. This approach is particularly important in emergent economies characterized by unstructured national innovation systems and constant economic and market instability. However, there has been no systematic effort to identify and categorize risks that potentially impact businesses based on innovation. Thus, we propose an interpretative framework of risk events with potential financial impact in innovation-oriented firms constructed and tested by means of a mixed studies review. The risk events were identified through a comprehensive systematic search and review of the published literature on risk and innovation. From the 115 works that were analyzed, it was possible to identify nine categories of risk events frequently associated with innovation-oriented businesses that may generate financial impacts. The proposed interpretative framework was tested in an empirical study with 13 innovation-oriented firms located in six Brazilian technological parks. Results from the empirical study suggest that managers found the proposed interpretative framework complete and comprehensive. Moreover, the empirical study signaled which risk events are more relevant for the Brazilian context. The proposed framework is a first necessary step for future development of ERM models applicable in innovation-intensive contexts.
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