关键词: 全要素生产率, 供应商客户, 技术创新, 资本配置效率  ,

Abstract: Using the data of Chinese listed companies from 2009 to 2020 as the research sample，this paper explores the spillover effect of customers' total factor productivity on supplier companies from the perspective of embedded supply chainIt is found that customers have productivity spillover effects on firms through the supply chain pathThis effect mainly works by optimizing the resource allocation efficiency of enterprises rather than promoting technological innovationFurther analysis finds that the spillover effect of customer productivity is more pronounced in enterprises with low customer concentration and high level of regional marketization and nonstateowned enterprisesThe research helps enrich and promote the connotation of supply chain theory and industrial organization theory，and provides microevidence for highquality and sustainable economic development

Key words: total factor productivity, supplier and customers, technological innovation, capital allocation efficiency