客户集中度与企业成本粘性—基于关系专用型投资的中介效应研究

Customer Concentration and Enterprise Cost Stickiness—Research Based on the Mediating Effect of Relationship Specific Investment

摘要: 本文以2011~2016年沪深A股制造业上市公司为研究样本，考察了客户集中度对企业成本粘性的影响及其中介机制。研究表明，我国上市公司存在明显的成本粘性现象，且客户集中度越大则企业的成本粘性越强。进一步对内在机制进行探讨发现，关系专用性投资在客户集中度影响成本粘性的过程中发挥了中介传导作用。本文不仅从客户关系角度探讨了企业成本粘性的成因关系，还揭示了客户集中度影响企业成本粘性的内在运作机制，丰富和发展了客户集中度因素以及企业成本粘性成因方面的文献。

Abstract: Based on 2011~2016 years’ sample of Shanghai and Shenzhen A-share manufacturing companies, this paper examines the impact of customer concentration on corporate cost stickiness and its intermediary mechanism. The research shows that there is obvious cost stickiness in China’s listed companies, and the greater the customer concentration, the stronger the cost stickiness of enterprises. Further study of the internal mechanism reveals that the relationship specific investment has played an intermediary role in the process of customer concentration affecting cost stickiness. This paper not only discusses the genetic relationship of the cost stickiness of the enterprise from the customer relationship perspective, but also reveals the internal operating mechanism of the customer concentration, which enriches and develops the literature on the factors of customer concentration and the cause of the enterprise cost stickiness.