客户关系型交易与企业价值——“协同增益”还是“风险溢出”
Customer Relationship Transactions and Enterprise Value—“Synergy Gain” or “Risk Spillover”

构建与核心客户群体的稳固关系，是企业赢得市场竞争优势及实现丰厚利润回报的关键途径之一。但过度聚焦于少数关键客户的财务依赖与资源倾斜配置，可能会引发企业整体运营效能的次优化现。本文选取2014至2023年间A股制造业企业的数据作为实证样本，深入剖析客户关系型交易模式如何动态作用于企业价值。研究揭示，客户关系型交易与企业价值之间展现出一种独特的“倒U型”关系模式，且该关系在非国有企业与市场化程度较低地区的企业中更明显。进一步地，本文发现财务柔性负向调节客户关系型交易与企业价值之间“倒U型”效应。
Building a stable relationship with the core customer base is one of the key ways for enterprises to gain a competitive advantage in the market and achieve substantial profit returns. However, excessive focus on the financial dependence and resource allocation of a few key customers may lead to suboptimal overall operational efficiency of the enterprise. This article selects data from A-share manufacturing enterprises between 2014 and 2023 as empirical samples to deeply analyze how customer relationship trading models dynamically affect enterprise value. Research has revealed a unique “inverted U-shaped” relationship pattern between customer relationship transactions and enterprise value, which is more pronounced in non-state-owned enterprises and enterprises in regions with lower levels of marketization. Furthermore, this article finds that financial flexibility negatively moderates the “inverted U-shaped” effect between customer relationship transactions and enterprise value.