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As for whether the customer risk leads to the inefficient investment of suppliers, 776 suppliers and customers of Shanghai and Shenzhen A-shares from 2007 to 2017 are chosen as the supply chain data of listed companies, the relationship between customer risk and supplier enterprise investment efficiency is studied by manual sorting, and the moderating effect of the nature of supply chain relationship on customer risk and enterprise investment efficiency is taken into account. According to the research, the customer risk will reduce the investment efficiency of supplier enterprises, which is manifested as underinvestment. Based on further research, the relationship is more significant in supplier enterprises with a higher customer concentration and state-owned enterprises that are customers and suppliers. The research of this paper enriches the relevant literature on investment efficiency and the relationship between customer and supplier, provides a new perspective for studying investment efficiency and the empirical evidence for risk prevention behavior among enterprises, and has important practical significance for supplier enterprises to choose core customers and manage customer relations. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the impact of intellectual capital (IC) and its components on financial competitiveness and green innovation performance. The data are collected from renewable energy companies listed on the Shanghai and Shenzhen stock exchanges during 2013–2018. The modified Value Added Intellectual Coefficient (MVAIC) model is applied as a proxy for IC efficiency, an index system is constructed to systematically measure financial competitiveness, and green innovation performance is measured by the total number of green patents, the number of green invention patents, and the number of green noninvention patents. The empirical results show that IC has an inverted U-shaped relationship with financial competitiveness and no impact on green innovation performance. Regarding IC components, human capital (HC), structural capital, and relational capital positively affect financial competitiveness. HC has a negative impact on green patents, while innovation capital has a positive impact on green invention patents. Physical capital is the main driving force of green innovation performance. This study will help managers to reasonably manage their IC resources to strengthen financial competitiveness and achieve green development. [ABSTRACT FROM AUTHOR]

Government intervention and financial support are two major means to promote the independent innovation performance of enterprises in strategic emerging industries, and government intervention has induced crowding-out effects on financial support, which leads to the uncertainty of the dual incentive effect of government intervention and financial support on enterprises' independent innovation. The research object of this paper is 657 strategic emerging enterprises listed in Shanghai and Shenzhen. We empirically studied the impact of government intervention and financial support on the comprehensive efficiency of independent innovation of strategic emerging enterprises. The empirical study draws the following conclusions. Firstly, the comprehensive efficiency of independent innovation of enterprises is in the trend of continuous improvement and technical efficiency and scale efficiency are also increasing, but the technical efficiency is lower than the scale efficiency, which shows that the improvement of independent innovation efficiency mainly depends on the expansion of innovation scale. Secondly, both government intervention and financial support promote the comprehensive efficiency of independent innovation of strategic emerging industry enterprises, but the incentive effect of government intervention is more obvious. Thirdly, there is an inverted U-shaped relationship between government intervention and the comprehensive efficiency of independent innovation. Fourthly, the regression coefficient of the interaction between government intervention and financial support and the comprehensive efficiency of enterprise independent innovation is negative, which indicates that government intervention has an inhibitory effect on the effect of financial support on the overall efficiency of enterprise independent innovation. Finally, we put forward countermeasures and suggestions. [ABSTRACT FROM AUTHOR]