常州大学学报（社会科学版）2025，Vol.26Issue(2)：50-61,12.DOI:10.3969/j.issn.2095-042X.2025.02.006
风险投资影响企业客户关系交易吗?
Does Venture Capital Affect Corporate Customer Relations Trading?
摘要
Abstract
Taking the enterprises listed on the Growth Enterprise Market(GEM)and the Small and Medium-sized Enterprise(SME)board from 2009 to 2021 as research samples,this study empirically examines the impact mechanism and economic consequences of venture capital involvement on corporate customer relationship transactions from two dimensions:customer stability and customer concentration.The study has found that venture capital intervention reduces customer stability and increases customer concentration.Its core mechanism is to reduce the investment of specific assets,improve the level of corporate governance,enhance the innovation ability of enterprises and provide more commercial credit to customers.As the degree of venture capital involvement increases,customer stability and concentration show a U-shaped relationship that first decreases and then increases.The analysis of economic consequences shows that venture capital intervention is conducive to reducing corporate financial risks and improving overall value of enterprises and supply chain efficiency.The research provides an implementable path for implementing the new development pattern strategy of"double circulation",building a safe,stable and controllable industrial chain and supply chain,and responding to external risks and challenges.关键词
风险投资介入/整合效应/风险效应/客户稳定性/客户集中度Key words
venture capital involvement/integration effect/risk effect/customer stability/customer concentration分类
经济学引用本文复制引用
徐虹,黄杰,林钟高..风险投资影响企业客户关系交易吗?[J].常州大学学报（社会科学版）,2025,26(2):50-61,12.基金项目
国家社会科学基金重点项目"信任嵌入视角下风险投资与企业创新的互动耦合机制研究"(19AJY006) （19AJY006）
国家社会科学基金重点项目"注册制变革诱致的权力配置变迁对企业信息披露的影响与监管研究"(24BJY202). （24BJY202）
