顧客集中度與投資行為

Abstract

過去文獻認為顧客集中度越高意味著企業受制於買方力量以及面臨著較高的營運風險。本研究從企業投資決策層面探討顧客集中度對企業之影響。本文採用Multinomial logistic regression與Ordinary least squares兩種迴歸方式檢測企業之顧客集中度與企業投資行為之關聯性。本研究發現顧客集中度越高，企業投資行為會有兩種情況，即企業過度投資之可能性越大與投資不足之可能性越大。此外，當企業所處的產業競爭程度越高時，顧客集中度與企業過度投資之正向關聯性越顯著；當企業的關係專屬性投資越高，顧客集中度與企業投資不足之正向關聯性越顯著。最後，本研究採用傾向分數配對分析與不同顧客集中度之衡量方式亦得到一致性之結論。本研究結果指出顧客集中度顯著影響企業的投資政策。

According to prior works finding, high level of customer concentration implies that customer exercise buyer power on firm and that firm have higher business risk. This study investigates the effect of customer concentration on firm using investment decision perspective. I adopt multinomial logistic regression and ordinary least squares regression to examine the association between customer concentration and investment behavior. I find that firms with higher customer concentration are more likely to over-invest, and this result magnifies when firms are in competitive industry. I also find that firms with higher customer concentration are more likely to under-invest, and this result intensifies when firms invest more relationship-specific investment. My results are also robust to accounting for endogeneity concerns using a propensity score matching sample and alternative measure of customer concentration. Overall, my findings suggest that customer concentration significantly impact its investment policy.