共同机构所有权与客户集中度OA北大核心CHSSCDCSSCICSTPCD

High customer concentration increases the operational risk and the likelihood of supply chain disruptions,which is obviously detrimental to the construction of the"domestic and international dual circulation"development paradigm.This paper theoretically and empirically analyzes the effects of common institutional ownership(CIO)on firms'customer concentration,using the data of Chinese listed firms from 2007 to 2021.The paper finds that CIO reduces excessive customer concentration by enhancing firms'bargaining power and information transparency,and the higher the association degree and the greater the number of alliances,the more significant the reduction effect.Further analysis reveals that CIO only exerts a synergistic supervisory effect to intervene in a firm's customer concentration when the firm's major customers experience performance decline or poor management,and this effect is more significant among companies located in the Western region and for non-high-tech companies.This paper provides policy insights for reducing enterprises'dependence on single major customers and strengthening the role of relevant government departments in optimizing the management of enterprise customer resource allocation.