This paper selects China's A-share listed companies in the manufacturing industry from 2017 to 2022 as a research sample to explore the relationship between customer structure and enterprise R&D investment. It is found that customer concentration has a significant negative impact on the R&D investment of manufacturing enterprises, and the mediating effect of enterprise financing constraints is significant; the main customers of enterprises with innovative traits can promote the R&D investment of enterprises, and the moderating effect of customer innovative traits is significant.

中文翻译：

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客户结构与研发投入：基于创新特质


本文选取2017年至2022年我国A股制造业上市公司作为研究样本，探讨客户结构与企业研发投入的关系。研究发现，客户集中度对制造企业的研发投入存在显着的负向影响，且企业融资约束的中介作用显着；具有创新特质的企业主要客户能够促进企业的研发投入，且客户创新特质的调节作用显着。