【摘要】 企业数字化转型是中国发展数字经济中的重要一环，在很大程度上推动了数字经济与实体经济实现融合发展，进而使中国在新一轮国际竞争中获得重要优势。采用2011—2021年沪深两市A股上市公司的数据，对数字化转型和客户集中度的关系及其中的渠道机制进行实证检验。研究结果表明，随着企业数字化转型程度的提升，客户集中度会显著降低，在这一过程中，数字化转型会提高企业进行高质量信息披露的能力和动力，从而缓解过于集中的客户资源给企业带来的压力。此外，对于销售费用率和盈余管理程度较高、全要素生产率和分析师关注度较低的企业以及非国有企业来说，进行数字化转型能够更加显著地为企业吸引客源，减少客户集中度。同时，相对于数字经济发展还较为落后的省份，处于数字经济发展水平较高地区的企业，更有可能通过进行数字化转型显著降低对大客户的依赖程度。最后，研究发现数字化转型降低客户集中度后，可以进一步提高企业市场地位。更多还原

【Abstract】 Digital transformation is an important part of digital economic development in China. It largely promotes the integration of digital economy and the real economy, and gives China important advantages in the new round of international competition. Using the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2021, the relationship between the digital transformation and customer concentration, as well as their channel mechanisms, was empirically tested. The results show that with the improvement of the degree of enterprise digital transformation, customer concentration will be significantly reduced. In this process, digital transformation enhances the ability of enterprises to improve the ability and motivation to disclose high-quality information. The improvement in information disclosure quality will further alleviate the pressure brought by overly concentrated customer resources on the enterprise. In addition, for enterprises with high sales expense ratio and earnings management, low total factor productivity and analysts’ attention, and non-state-owned enterprises,digital transformation can attract more customers and reduce customer concentration. At the same time, compared with the provinces where the development of digital economy is still relatively backward, enterprises in areas with high development level of digital economy are more likely to significantly reduce their dependence on large customers through digital transformation. Finally, it is found that digital transformation can improve the market position after reducing customer concentration.更多还原