客户风险投资的供应链溢出效应OA北大核心CHSSCDCSSCICSTPCD

Using supply chain data of China's listed companies,this study employs a perspective of supply chain spillover effect,to empirically investigate the impacts of corporate customers'venture capital(VC)on their upstream companies'ambidex-trous innovation.Results show that corporate customers'VC has a supply chain spillover effect,significantly enhancing the ambi-dextrous innovation level of upstream enterprises.The mechanisms involve corporate learning mechanisms and market demand re-sponse mechanisms.Meanwhile,common shareholders and customer concentration plays a significant and positive moderating role in the relationship.Additional analyses suggest that the main effects are stronger when enterprises have healthy customer relation-ships and weak financing constraints.Moreover,the spillover effect has a stronger effect on exploratory innovation,when enterpri-ses are in the high-tech industries.This paper provides theoretical foundations and policy implications for new pathways to enhance enterprises'ambidextrous innovation.