The Research on the Influence of Customer Geographic Distance on Corporate Innovation Input and Output

PDF(1141 KB)

Journal of Central University of Finance & Economics ›› 2021, Vol. 0 ›› Issue (5) : 118-128.

LIU Jing, LI Xiao-yan, YAN Hua-hong

Author information +

History +

Abstract

Customer demand is an important factor affecting corporate innovation.Customers in different regions often have different demands due to geographic variation.In order to meet different needs,there are objectively differences in input and output.In addition,corporate innovation input and output are affected by different demands due to different geographic distances of customers.Taking Chinese A-share listed companies from 2007 to 2018 as samples,we use python to obtain the top five customers' geographic locations,and we exploit both OLS model and Poisson model to empirically analyze the impact of customer geographic distance on corporate R&D investment and innovation output.In addition,we subdivide innovation into substantive innovation and strategic innovation to explore the role of customer geographic distance in corporate innovation output.Results show that the farther the customers are,the more the innovation input is,but the less the innovation output is.Regardless of the substantive innovation or strategic innovation,customer geographic distance always has adverse consequences.Further,we find that the negative correlation between customer geographic distance and corporate innovation output only appears in companies with high degree of financial constraint,poor quality of internal control and low index of its province's legal environment.This study investigates the relationship between customer and corporate innovation from the perspective of geographic distance,which could enrich the research on corporate innovation based on customer concentration and cultural diversity.Besides,findings of this paper might shed light on customer management and corporate innovation strategies.

Key words

Customers' geographic distance / Innovation input / Innovation output / Customer management

Cite this article

EndNote

Ris (Procite)

Bibtex

Download Citations

LIU Jing, LI Xiao-yan, YAN Hua-hong. The Research on the Influence of Customer Geographic Distance on Corporate Innovation Input and Output[J]. Journal of Central University of Finance & Economics, 2021, 0(5): 118-128

References

[1] Schloetzer J D.Process Integration and Information Sharing in Supply Chains[J].The Accounting Review,2012,87(3):1005-1032.
[2] Hippel E V.Lead Users:An Important Source of Novel Product Concepts[J].Management Science,1986,32(7):791-805.
[3] Cowan R,Jonard N,Zimmermann J B.Bilateral Collaboration and the Emergence of Innovation Networks[J].Management Science,2007,53(7):1051-1067.
[4] 徐可,何桢,王瑞.供应链关系质量与企业创新价值链——知识螺旋和供应链整合的作用[J].南开管理评论,2015(1):108-117.
[5] Lettl C.User Involvement Competence for Radical Innovation[J].Journal of Engineering and Technology Management,2007,24(1/2):53-75.
[6] 孟庆玺,白俊,施文.客户集中度与企业技术创新:助力抑或阻碍——基于客户个体特征的研究[J].南开管理评论,2018(4):62-73.
[7] 江伟,底璐璐,胡玉明.改进型创新抑或突破型创新——基于客户集中度的视角[J].金融研究,2019(7):155-173.
[8] 王雄元,高开娟.客户关系与企业成本粘性:敲竹杠还是合作[J].南开管理评论,2017(1):132-142.
[9] 李丹,王丹.供应链客户信息对公司信息环境的影响研究——基于股价同步性的分析[J].金融研究,2016(12):191-206.
[10] Brown J R,Martinsson G,Petersen B C.Law,Stock Markets,and Innovation[J].The Journal of Finance,2013,68(4):1517-1549.
[11] Ayyagari M,Demirgüç-Kunt A,Maksimovic V.Firm Innovation in Emerging Markets:The Role of Finance,Governance,and Competition[J].Journal of Financial and Quantitative Analysis,2011,46(6):1545-1580.
[12] Bernile G,Bhagwat V,Yonker S.Board Diversity,Firm Risk,and Corporate Policies[J].Journal of Financial Economics,2018,127(3):588-612.
[13] Luong H,Moshirian F,Nguyen L,et al.How Do Foreign Institutional Investors Enhance Firm Innovation?[J].Journal of Financial and Quantitative Analysis,2017,52(4):1449-1490.
[14] 刘静,王克敏.同群效应与公司研发——来自中国的证据[J].经济理论与经济管理,2018(1):21-32.
[15] 邓向荣,冯学良,李仲武.网络关注度对企业创新激励效应的影响机制研究——基于中国A股上市公司数据的实证分析[J].中央财经大学学报,2020(9):93-106.
[16] 郭玥.政府创新补助的信号传递机制与企业创新[J].中国工业经济,2018(9):98-116.
[17] Atanassov J,Liu X.Can Corporate Income Tax Cuts Stimulate Innovation?[J].Journal of Financial and Quantitative Analysis,2020,55(5):1415-1465.
[18] Kong L.Government Spending and Corporate Innovation[J].Management Science,2020,66(4):1584-1604.
[19] Bodas Freitas I M,Marques R A,Silva E M P.University-industry Collaboration and Innovation in Emergent and Mature Industries in New Industrialized Countries[J].Research Policy,2013,42(2):443-453.
[20] 刘斐然,胡立君,范小群.产学研合作对企业创新质量的影响研究[J].经济管理,2020,42(10):120-136.
[21] Hippel E V.The Sources of Innovation[M].Oxford:Oxford University Press,1988.
[22] 李随成,姜银浩.供应商参与新产品开发对企业自主创新能力的影响研究[J].南开管理评论,2009(6):11-18.
[23] 于茂荐,孙元欣.供应商创新能力、知识距离与企业创新能力——来自上市公司的经验证据[J].科学学与科学技术管理,2017(10):82-91.
[24] 毕晓方,邢晓辉,姜宝强.客户型文化促进了企业创新吗?——来自中国制造业上市公司的经验证据[J].会计研究,2020(2):166-178.
[25] 赵向阳,李海,孙川.中国区域文化地图:“大一统”抑或“多元化”?[J].管理世界,2015(2):101-119,187-188.
[26] 潘越,肖金利,戴亦一.文化多样性与企业创新:基于方言视角的研究[J].金融研究,2017(10):146-161.
[27] Petersen M A,Rajan R G.Does Distance Still Matter? The Information Revolution in Small Business Lending[J].The Journal of Finance,2002,57(6):2533-2570.
[28] Hausman J,Hall B H,Griliches Z.Econometric Models for Count Data with an Application to the Patents-R&D Relationship[J].Econometrica,1984,52(4):909-938.
[29] 冒佩华,周亚虹,黄鑫,夏正青.从专利产出分析人力资本在企业研发活动中的作用——以上海市大中型工业企业为例证[J].财经研究,2011(12):118-128.
[30] 张艳辉,李宗伟,陈林.研发资金投入对企业技术创新绩效的影响研究[J].中央财经大学学报,2012(11):63-67.
[31] Florida R.The Rise of the Creative Class[J].Washington Monthly,2002,35(5):593-596.
[32] Qian H,Stough R R.The Effect of Social Diversity on Regional Innovation:Measures and Empirical Evidence[J].International Journal of Foresight and Innovation Policy,2011,7(1/3):142-157.
[33] Hippel E V.Democratizing Innovation:The Evolving Phenomenon of User Innovation[J].Journal für Betriebswirtschaft,2005,55(1):63-78.
[34] Chu Y,Tian X,Wang W.Corporate Innovation Along the Supply Chain[J].Management Science,2019,65(6):2445-2466.
[35] Manso G.Motivating Innovation[J].Journal of Finance,2011,66(5):1823-1860.
[36] Lim M K,Mak H Y,Shen Z J M.Agility and Proximity Considerations in Supply Chain Design[J].Management Science,2017,63(4):1026-1041.
[37] 王桂军,卢潇潇.“一带一路”倡议可以促进中国企业创新吗?[J].财经研究,2019(1):19-34.
[38] Tian X,Wang T Y.Tolerance for Failure and Corporate Innovation[J].Review of Financial Studies,2014,27(1):211-255.
[39] 顾夏铭,陈勇民,潘士远.经济政策不确定性与创新——基于我国上市公司的实证分析[J].经济研究,2018(2):109-123.
[40] 黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016(4):60-73.
[41] 刘文军.审计师的地理位置与审计定价策略[J].财经研究,2014(9):121-132.
[42] 唐斯圆,李丹.上市公司供应链地理距离与审计费用[J].审计研究,2019(1):72-80.
[43] 李溪,郑馨,张建琦.制造企业的业绩困境会促进创新吗——基于期望落差维度拓展的分析[J].中国工业经济,2018(8):174-192.
[44] 罗宏,秦际栋.国有股权参股对家族企业创新投入的影响[J].中国工业经济,2019(7):174-192.
[45] 鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013(1):4-16.
[46] Hadlock C J,Pierce J R.New Evidence on Measuring Financial Constraints:Moving Beyond the KZ Index[J].Review of Financial Studies,2010,23(5):1909-1940.
[47] 许瑜,冯均科.内部控制、高管激励与创新绩效——基于内部控制有效性的实证研究[J].软科学,2017(2):79-82.
[48] 纪晓丽.市场化进程、法制环境与技术创新[J].科研管理,2011(5):8-16.
[49] 王艳,李善民.社会信任是否会提升企业并购绩效?[J].管理世界,2017(12):125-140.
[50] 王小鲁,樊纲,胡李鹏.中国分省份市场化指数报告[M].北京:社会科学文献出版社,2019.