【摘要】 以2012—2022年企业及其客户均为沪深A股上市公司为研究对象，实证检验客户行业竞争地位对企业创新投入的影响。研究发现，行业竞争地位较高的客户促进了企业创新投入。机制检验表明，行业竞争地位较高的客户通过降低企业的融资约束以及减少对企业商业信用的占用提升了企业创新投入水平。进一步地，当企业的客户集中度与客户稳定度较低以及两者地理距离较近时，行业竞争地位较高的客户与企业创新投入的正向关系更显著。更多还原

【Abstract】 This study focuses on enterprises and their customers who are all listed companies in the Chinese stock market from2012 to 2022, to empirically test the impact of customers’ industry competitive position on the enterprises’ innovation investment.The research finds that customers with a higher industry competitive position the enterprises’ innovation investment. The mechanism test shows that customers with a higher industry competitive position enhance the enterprises’ innovation investment level by reducing the enterprises’ financing constraints decreasing the occupation of the enterprises’ commercial credit. Furthermore, when the customer concentration and customer stability of the enterprises are low and the geographical distance between them is close the positive relationship between customers with a higher industry competitive position and the enterprises’ innovation investment is more significant.更多还原