本研究目的為探討重大客戶與公司投資效率之關聯性。以2009至2013年台灣上市櫃公司為樣本進行迴歸分析檢驗顧客集中度越高是否會抑制公司投資偏離預期投資水準的可能性。隨著供應商及顧客關係成熟，供應商的財務績效、營運效率、資訊交流程度以及關係性專屬投資程度都逐步上升，因此雙方轉換為互相依存關係，重大客戶進而有動機與能力影響供應商之決策。本研究發現，公司的顧客集中程度越高，投資偏離程度越低，公司的投資效率越高。此外，本研究亦檢驗公司治理機制對此關係的調和效果，實證結果顯示，良好公司治理機制在此關係中扮演調節作用的角色。亦即是，客戶集中程度高的公司在有良好公司治理機制時，投資效率會更加提升。這些結果指出，連結重大客戶以及公司投資效率的機制有助於降低造成投資無效率的市場摩擦。

This study provides evidence of documenting major customers’ incentives as well as capability in monitoring supplier firms’ investment efficiency and the moderating role of corporate governance. Following the method of Biddle et al. (2009), I use the ordinary least square (OLS) regression to analyze the effects of customer-based concentration in reducing over-and under-investment and find that firms with major customers deviate less from predicted investment levels and the deviations are much lower with the increasing level of corporate governance mechanisms. These results suggest that one mechanism linking major customer and investment efficiency is a reduction of market frictions such as interest conflicts and agency problems which contribute to firms’ investment inefficiency.

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