选取2012-2016年我国A股上市公司为样本,分别采用Logit、Tobit模型实证分析了客户关系对研发资本化的影响。研究结果表明,基于流动性风险和研发费用的税盾效应,客户集中度与研发资本化概率、比率均显著负相关；而且,客户集中度对研发资本化的抑制作用在竞争性行业以及民营控股、盈余门槛压力较小的公司更加明显。本文的经验证据对于理解客户关系对企业决策的影响,进一步完善研发投资相关政策应用具有一定的理论价值和参考意义。

By using samples of Chinese a-share listed companies during 2012-2016, with Logit and Tobit Model the paper tested how the customer concentration influences R D capitalization. The main findings of this research are as follows: Based on the liquidity risk and the shield effect from R D expense, the customer concentration is negatively correlated with the probability and the ratio of R D capitalization. Moreover, the customer concentration’s negative effect on R D capitalization is more obvious in competitive industry, private owned enterprise and the company with lower pressure of the earnings threshold. The empirical results of this paper have some theoretical value and reference significance to understand the influence of customer relationship on enterprise decision making and to improve the relevant policy application of R D investment.

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国家社会科学基金青年项目“新常态下我国系统性金融风险度量监测与协作型调控机制研究”(17CJY057)；教育部人文社会科学研究“内部控制缺陷披露、利益相关者感知与经济后果研究”(13YJA630085)；吉林省社会科学“吉林省企业研发支出资本化对工业经济绩效的影响研究”(2018B76)