customer concentration and corporate digital innovation

We selected A-share listed companies on the Shanghai and Shenzhen stock exchanges in the period 2015–2022 as the initial sample. We sourced patent data from the State Intellectual Property Office of China and obtained customer concentration and corporate financial data from the CSMAR financial database. We applied the following exclusion criteria: (1) financial sector companies, including banks, securities, and insurance, due to the special nature of the sector’s accounting treatment; (2) companies in digital technology-intensive industries, such as information transmission, software, and information technology services; (3) companies with special treatment status; and (4) companies with missing financial data. We ultimately obtained 19,985 firm-year observations. To mitigate outliers’ influence, continuous variables were winsorized at the 1% level at both tails.

本研究选取2015-2022年沪深两市A股上市公司作为初始样本。专利数据源自中国国家知识产权局，客户集中度与企业财务数据取自CSMAR金融数据库。本研究设置如下剔除标准：（1）金融行业企业，包括银行、证券、保险类公司，鉴于该行业会计处理具有特殊性；（2）数字技术密集型行业企业，如信息传输、软件和信息技术服务业；（3）处于特别处理状态的公司；（4）存在财务数据缺失的公司。最终共得到19985个公司年度观测值。为缓解异常值的干扰，对连续变量在双侧1%分位处进行缩尾（winsorize）处理。