从企业商业关系网络视角,探讨客户关系对企业研发投资强度的影响。研究发现,客户集中度与企业研发投资强度呈现倒“U”型关系。进一步从企业的集团属性和地区金融发展水平研究发现,在非集团企业样本中,客户集中度与企业研发投资的倒“U”型关系依然存在,而在集团企业样本中,客户集中度与企业研发投资则显著负相关;同样地,在地区金融发展水平较高样本中,客户集中度与企业研发投资的倒“U”型关系依然存在,而在地区金融发展水平较低样本中,客户集中度与企业研发投资则显著负相关。研究表明企业的研发投资作为一种专用性资产投入,既具有在客户集中度方面的信号传递价值,还会在不同的融资约束情景下体现不同的投入强度,彰显其显著的环境调节功能,有助于企业多角度考量研发投资决策。 From the perspective of business relationship network, this paper explores the impact of customer relationship on the strength of R & D investment. The study found that the relationship between customer concentration and the strength of R & D investment shows “U” type relationship. Further study from the group attributes of enterprises and regional financial development found that in the sample of non-group companies, the “U” type relationship between customer concentration and enterprise R & D investment still exists. In the sample of group companies, the customer concentration In the same way, in the high level of financial development in the region, the “U” type relationship between customer concentration and enterprise R & D investment still exists. However, in the region where the level of financial development is relatively low , Customer concentration and corporate R & D investment is significantly negatively correlated. The research shows that R & D investment of enterprises, as a kind of special-purpose asset investment, not only has the signal transmission value in the aspect of customer concentration, but also shows different input intensity under different financing constraint scenarios, demonstrating significant environmental regulation function, Help enterprises to consider R & D investment decision from multiple perspectives.