摘要：企业究竟应该追求集中还是分散的客户群以提高财务绩效?国内外对此问题的研究尚未达成共识。采用元分析方法，对发表于2012—2023年的101篇实证文献进行定量综合研究。将企业财务绩效划分为会计绩效和市场价值两个维度，结合资源依赖理论和信号理论，探究客户集中度对它们的差异化影响。研究结果表明，客户集中度与企业会计绩效显著负相关，但与市场价值显著正相关。企业的规模、年龄、产权性质和财务政策均显著地调节客户集中度对企业财务绩效的影响：在中小型企业、初创企业和民营企业中，客户集中度对企业会计绩效的抑制作用增强，同时其对市场价值的促进作用也增强；然而，在奉行稳健型财务政策的企业中，客户集中度对会计绩效的负面影响增强而其对市场价值的正面影响减弱。上述结论为企业有效管理客户结构和应对关键客户依赖提供了理论指导和实践启示。

Abstract: Should enterprises pursue a concentrated or dispersed customer base to improve financial performance? Domestic and international studies on this issue have not yet reached a consensus.To reconcile the inconsistent findings, this study employed meta-analysis to quantitatively review and analyze 101 empirical studies published from 2012 through 2023.By distinguishing firm financial performance into accounting performance and market value and drawing upon resource dependence theory and signaling theory, this research examines the differential impacts of customer concentration on the two dimensions of firm financial performance.The findings indicate that customer concentration is negatively associated with accounting performance but positively associated with market value.In addition, this research examines how firm size, firm age, ownership types, and financial policies moderate the impacts of customer concentration.The size, age, ownership type, and financial policy of firms all significantly moderate the effects of customer concentration.Specifically, in small and medium-sized enterprises, start-ups, and private enterprises, customer concentration plays a stronger role in inhibiting accounting performance while promoting market value; however, in enterprises with conservative financial policy, the negative impact of customer concentration on accounting performance strengthens, but its positive impact on market value weakens.The above conclusions provide theoretical guidance and practical insights for enterprises to effectively manage customer structure and respond to key customer dependence.