全国统一大市场建设能够降低企业对大客户的依赖吗？

张 楠　王生年

（石河子大学）

内容提要：全国统一大市场建设旨在解决制约经济循环发展的瓶颈，打破市场壁垒、推动市场一体化，促进生产要素的跨区域流动。本文以2004—2022年中国沪深A股上市公司为样本，研究全国统一大市场建设对企业大客户依赖的影响。研究发现，全国统一大市场建设能够降低企业对大客户的依赖，且这种影响在地方国有企业和规模较大的民营企业中更为明显。机制检验发现，全国统一大市场建设通过提高行业竞争程度、企业创新能力及信息披露质量，降低了大客户依赖。异质性分析发现，在营商环境较差、客户议价能力较高以及关系维护成本较高的企业中，该影响更为明显。经济后果研究表明，全国统一大市场建设通过降低企业对大客户的依赖减少了商业信用供给，提高了经营业绩。本文从供应链关系管理的视角，探究了全国统一大市场建设的政策效果，丰富了大客户依赖治理问题的研究，对持续推进全国统一大市场建设提供了学理支持。

关键词：全国统一大市场建设；大客户依赖；行业竞争；创新能力；信息披露

作者简介：张楠，石河子大学经济与管理学院博士研究生，石河子，832003；王生年，石河子大学经济与管理学院/公司治理与管理创新研究中心教授、博士生导师，通信作者。

基金项目：国家自然科学基金地区科学基金项目“企业数字化转型与审计师风险决策：影响、机制与后果”（72262028）；国家社会科学基金重大项目“构筑国有和民营企业高质量协同发展新格局新机制研究”（24&ZD083）

引用格式：张楠,王生年.全国统一大市场建设能够降低企业对大客户的依赖吗?[J].经济与管理研究,2025,46(5):89-106.

Can the Construction of A Unified National Market Reduce Enterprises' Large Customer Dependence?

ZHANG Nan, WANG Shengnian

(Shihezi University, Shihezi 832003)

Abstract: The key for enterprises to solving the problem of large customer dependence is to expand new customer groups, realize the information interaction between the existing market and the new market, and then achieve the optimal customer structure. The path to achieve this ideal situation is to break market segmentation. The construction of a unified national market aims to solve the key bottlenecks restricting the economic cycle. By breaking down market barriers, promoting market integration, and facilitating the cross-regional flow of production factors, it may provide policy guidance for enterprises to reduce their dependence on large customers.

This paper takes A-share listed companies in Shanghai and Shenzhen from 2004 to 2022 as research samples to explore the impact of the construction of a unified national market on large customer dependence. The findings reveal that the construction of a unified national market can inhibit the dependence of enterprises on large customers, mainly by improving the degree of industrial competition, enterprise innovation capacity, and information disclosure quality. Heterogeneity analysis shows that this inhibitory impact is more significant in regions with a poor business environment, in cases where customers have high bargaining power, when the cost of relationship maintenance is high, and in local state-owned enterprises and large-scale private enterprises. The analysis of economic consequences indicates that the construction of a unified national market reduces the supply of commercial credit and improves business performance by reducing the dependence of enterprises on large customers.

Based on the above findings, this paper puts forward the following suggestions. On the one hand, government departments should implement the relevant rules for the construction of a unified national market, deepen market integration, and facilitate the high-quality development of enterprises. On the other hand, enterprises should seize the opportunity of the construction of a unified national market, continuously improve their core competitiveness, promote cross-regional cooperation in the supply chain, and achieve a good cycle of relationships between customers and enterprises, and between enterprises and capital markets.

The research contributions are as follows. First, from the perspective of supply chain relationship management, this paper provides theoretical support for China’s ongoing efforts to construct a unified market. Second, from the perspective of deepening market integration, this paper enriches the relevant literature on the governance of large customer dependence and provides empirical evidence for how to solve the dilemma associated with large customer dependence. Finally, this paper expands the theoretical framework of research on large customer dependence by exploring paths, heterogeneity impacts, and economic consequences between the construction of a unified national market and large customer dependence.

Keywords: construction of a unified national market; large customer dependence; industrial competition; innovation capacity; information disclosure

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