This study empirically investigates the relationship between customer concentration and corporate risk-taking. We find that overall customer concentration significantly reduces corporate risk-taking. However, the relationship varies across different settings. Specifically, the negative relationship between customer-base concentration and corporate risk-taking is only significantly present in more marketized regions, more competitive industries, firms with lower market shares, less innovative and non-state-owned firms, and those without major governmental or state-owned-enterprise customers. Moreover, our panel threshold models indicate significant threshold effects. When customer-base concentration is below the first threshold (low concentration level), it is positively associated with corporate risk-taking. When customer-base concentration increases to above the second threshold, the association turns significantly negative, suggesting that a highly concentrated customer base prompts suppliers to take more precautionary measures and avoid excessive risk-taking. Overall, our findings suggest that the concentration of a supplier’s customer base significantly impacts its risk-taking behaviours.

本研究实证研究了客户集中度与企业风险承担之间的关系。我们发现整体客户集中度显着降低了企业的风险承担。但是，这种关系因不同的设置而异。具体而言，客户群集中度与企业风险承担之间的负相关关系仅在市场化程度更高的地区、竞争性更强的行业、市场份额较低的企业、创新性和非国有企业以及没有主要政府或政府机构的企业中显着存在。国有企业客户。此外，我们的面板阈值模型表明了显着的阈值效应。当客户群集中度低于第一阈值（低集中度水平）时，它与企业风险承担正相关。当客户群集中度增加到第二个阈值以上时，关联显着转为负值，表明客户群高度集中促使供应商采取更多的预防措施，避免过度冒险。总体而言，我们的研究结果表明，供应商客户群的集中度对其冒险行为有显着影响。