1 Introduction

Strategy is the combination of the goal that the company strives for and the way to achieve it[1], which relates to the survival and development of the enterprise. With the continuous change of the external environment, the concept of strategy is becoming more and more perfect, and more and more emphases are placed on response, competitiveness and risk. Different strategies will bring different risks to enterprises, and the existence of risks will restrict the development of enterprises. This also means that in the face of today’s rapidly changing environment, enterprises must choose the right strategy, in order to remain invincible.

In the process of economic development, each industry will form a set of traditional strategic models[2], the development of enterprises under this traditional strategic model will not have great ups and downs, maintaining the "golden mean" state. Of course, there will also be some enterprises carrying the banner of "revitalization" to make bold reform, gradually deviating from the traditional industry strategy, namely strategic deviance[3]. Strategic deviance may promote enterprises to grasp the competitive advantage to develop vigorously, improve performance, enhance enterprise value, and also may cause enterprises to decline and even fall into bankruptcy because they can not bear the huge risk. It is precisely because the strategic deviance will produce two different results to the enterprise value[4], we must pay attention to the extent to which the enterprise strategy deviates from the traditional industry strategy, in order to avoid the risk, and promote the enterprise value. And agriculture, as the primary industry of our country, has a very significant impact on people’s production and life. Only when agricultural enterprises have good development can the whole society be more quickly towards prosperity.

At present, scholars are generally concerned about the direct relationship between strategic deviance and enterprise value, and play less attention to indirect impact of the two, especially the impact on enterprise value through some kind of channels. The only research results suggest that there are three main transmission paths between strategic deviance and enterprise value: risk, information asymmetry and innovation input. Among them, the asymmetric information is mainly combined with business earnings management for study[5-6], the risk is focused on the information quality of the enterprise[7-9], and innovation input is to emphasize the improvement and enhancement of the original production system[10]. In fact, the transmission path of strategic deviance includes not only the above three ways, but also the customer relationship policy. As customer relationship management is a key link in the process of production and operation, if there is a great degree of deviation in the strategy, the enterprise customer policy will be adjusted accordingly, and such adjustment will inevitably affect the enterprise’s customer concentration. Generally speaking, customer concentration refers to the degree of concentration of key customers for an enterprise as a supplier. Existing research shows that customer concentration will affect the performance of the business[11-13], thereby affecting the value of the enterprise. Therefore, this paper speculates that strategic deviance will affect the customer concentration, and then affect the enterprise value.

In conclusion, this paper intends to study the impact of strategic deviance on enterprise value from the perspective of strategy, and to explore whether customer concentration in plays a mediating effect in it based on the customer concentration. The possible contributions of this article are: (i) It expands the relevant literature of the influencing factors of customer concentration, and conducts empirical research from the meso-level of strategy combined with micro-enterprises, which provides a new perspective for the research of customer concentration. (ii) It enriches strategic research. Nowadays, the study of strategic deviance is still in the preliminary stage, and the scope of the study has great limitations. This paper studies the mediating effect of customer concentration between the strategic deviance and enterprise value, and broadens the scope of the study. (iii) It provides some practical and feasible empirical evidence for agricultural enterprises to enhance their own value. The customer is the root of the enterprise, and it is necessary to optimize customer concentration through the adjustment of its own strategy to enhance the value of agricultural enterprises, which provides a new management idea for agricultural enterprises.

2 Theoretical analysis and research hypothesis

2.1 Strategic deviance and enterprise value Enterprise strategy is the overall planning of development of the enterprise, and also the basis for the enterprise to live. Under the impact of macro-economic environment, institutional environment and other factors, each industry will form a strategic model suitable for the development of the industry, and this strategic model is relatively conservative, once the enterprises adopt this traditional strategic model, the economy of enterprises will not be too volatile[14]. But this does not mean that all enterprises are willing to adopt the traditional strategic model. Once the enterprise has chosen the strategy which is different from the traditional strategy model, it forms the strategic deviance, and this deviance has two sides[3-4, 15].

Companies may have stronger competitive advantages as a result of adopting a strategy that deviates from the industry. This competitive advantage not only leads to a significant increase in the market share of enterprises, but also promotes various aspects of enterprise supervision to be more perfect. This leads to the business boom, the enterprise’s management performance enhancement, the staff’s work efficiency enhancement, closer cooperation with the customer, the brand effect enhancement and obvious enterprise’s value enhancement[16-17], but it may cause the enterprise to fall into the bigger risk. The current situation faced by enterprises has not been experienced by the enterprises in the same industry, so it is impossible to emulate and they can only rely on their own to overcome. The existing resources of the enterprise may not meet the needs of the existing strategy of the enterprise[18]. At the same time, the experts and scholars of the industry only stay in the study of the traditional strategic model, so that the enterprises can not obtain any professional advice. And because of the strategic deviation of the enterprise, the stakeholders can not understand and evaluate the enterprise value according to their own ability level and existing knowledge[6], and gradually lose trust in the enterprise, which leads to the decline of the enterprise’s public trust, and affects the reputation and social image of the enterprise.

In the current economic globalization, the economic situation faced by enterprises is not optimistic, the competition between agricultural enterprises is very fierce, so the competitive advantage due to strategic deviance may not be enough to make up for the risk caused by the loss of enterprises. Therefore, according to the above analysis, this paper puts forward the following hypothesis:

H1 The bigger the strategic deviance of enterprise, the smaller the enterprise value.

权力就是责任，责任就要担当。要夺取全面建成小康社会的伟大胜利，离不开敢闯敢干，勇于试错的精神。但前提是，必须从实际出发，实事求是。假如不顾客观规律，不经科学论证，急功近利，盲目瞎干；或是一味追求所谓的政绩，大搞“面子工程”“形象工程”，那么，结果必然事与愿违，不仅不会对经济发展起到任何促进作用，还可能出现资源浪费、环境破坏、财政空耗等副作用。

他太累了，生死边缘几番徘徊，他的精神和体力都受到了极大的消耗，纵然他此刻强打精神，告诉自己不能睡，但意识还是在渐渐模糊。

H2 The greater the strategic deviance, the greater the customer concentration for enterprises.

tq=ρ1cc+ρicontrol+ε5

Theoretically, the higher the customer concentration, the closer the relationship between the enterprise and the customer[19], the enterprise can obtain the customer information in a timely and accurate manner, improve the understanding of customer needs and preferences, produce marketable products to meet customer needs, and improve customer satisfaction, in order to retain customers[37]. It can also help to stabilize the supply chain, save a large sales cost, management costs and other costs[21], while ensuring timely cash recovery, reducing environmental uncertainty and corporate risk[38-39], and enhancing the value of enterprises.

威廉·福克纳（1897-1962），美国二十世纪重要的小说家、“南方文学”派的创始人，也是整个西方最有影响的现代派小说家之一。

tq=α1ds+αicontrol+ε2

The existing research shows that the deviance of enterprise strategy will affect the enterprise value. According to the above analysis, the strategic deviance of the enterprise will affect the internal business decision-making, and the customer relationship is an important part of the internal business decision-making. Therefore, the enterprise will pay more attention to customer relationship management and maintenance, and adjust the relevant policies to retain key customers, which leads to the increase of customer concentration, and the increase of customer concentration has two sides to the enterprise value. In other words, customer concentration may be a mediator in the relationship between strategic deviance and enterprise value, and it may be a partial mediator. This is because strategy has an impact on all aspects of business management, customer is only a part of business management, customer concentration may be just one of the transmission paths. Therefore, this paper puts forward the following hypothesis:

3.2.2 Measurement of strategic deviance. At present, the most common method to measure the deviation degree between enterprise strategy and general industry strategy is to calculate the deviance degree of strategy[3, 7]. This paper mainly uses for reference the calculation method of Ye Kangtao etal.[6-7], which is adjusted according to China’s national conditions. The advertising and publicity inputs (sales costs/operating income), R & D inputs (net intangible assets/operating income), capital intensity (net fixed assets/number of employees), management expense inputs (management costs/operating income) and financial levers[(short-term borrowing + long-term borrowing + payable bonds)/equity book value] are calculated respectively. Then these six indices were subtracted from the average of this index in agriculture in the same year, respectively, and then divided by the standard deviation, and the absolute value is taken after normalization. And finally the six indices are averaged to obtain the strategic deviance ds.

H4 Customer concentration plays a partial mediating role between strategic deviance and enterprise value.

3 Research design

3.1 Selection of samples and data sources Taking the data of A-share agricultural listed companies from 2011 to 2016 as the sample, after excluding ST, PT and other companies with incomplete data, 334 samples are obtained, including 34 samples in 2011, 58 samples in 2012, 61 samples in 2013, 50 samples in 2014, 65 samples in 2015, and 66 samples in 2016. To control the impact of extreme values, all variables are winsorized at the level of 1%-99%. The data in this paper mainly come from CSMAR database, and Stata software is used for data processing.

（1）渗漏现象严重影响工程质量，会使工程的经济效益大打折扣，在房屋建设当中，进行防渗漏施工能够有效解决房屋出现的渗漏问题，减小渗漏问题的出现量，以此来提高工程质量，也有效的保障了房屋后期的使用，随着经济的不断发展，科学技术不断提高，房屋结构也越来越复杂，对于房屋质量的要求也越来越高，所以做好防渗漏施工技术的难度也不断的增强，防渗漏施工技术在工程质量评估中起到的作用也越来越大，所以做好防渗漏施工，不断提高防渗漏施工技术是非常有必要的。

3.2 Definition of variables

3.2.1 Measurement of enterprise value. This paper uses Tobin’s Q to measure the enterprise value, enterprise value=enterprise market value/total assets.

在小麦播种时期，可以使用经济化种植管理方法，从而有效提高小麦抗病性和抗倒伏性，从而有效提高产量，使用此种播种方法，控制播种量在五千克到九千克之间，可以节约种植成本。种植小麦位置需要阳光充足，地势平坦，雨水充足，非常适合小麦种植。在小麦播种期间，应该对土地进行规整，保证土地优渥，并且根据环境情况进行播种，以保证实时控制积温。

3.2.3 Measurement of customer concentration. There are two main ways to measure the customer concentration: the proportion of the top five customers’ operating income to total operating income and the Herfindahl index of the proportion of the top five customers’ sales. In this paper, the proportion of the top five customers’ operating income to total operating income (cc) is used for empirical study, and the Herfindahl index (hhi) of the proportion of the top five customers’ sales is used to verify in the robustness test.

3.2.4 Control variables. This paper mainly controls the enterprise scale, equity concentration and so on, the control variables are detailed in Table 1.

柳冠中和李乐山是中国工业设计界两名德高望重的前辈，对工业设计的普及和发展做出了巨大的贡献，但长期以来，人们习惯于对两人进行单独的研究，并未对他们的设计思想进行横向比较分析。实际上，柳冠中和李乐山看似独立的设计思想中有许多共性，即“和而不同”。对柳冠中和李乐山设计思想进行比较研究，可以让人们深入全面地了解他们的设计思想以及两人对中国工业设计所做的伟大贡献。

Table 1 Definition of variables

VariabletypeVariableabbreviationVariablenameCalculationstepsExplainedvariabletqTobinsQMarketvalue/totalassetsExplanatoryvariabledsStrategicdeviancedegreeTomeasurethedegreeofdeviationbetweenenterprisestrategyandgeneralindustrystrategyccCustomerconcentrationTheproportionofthetopfivecustomersoperatingincometototaloperatingincomeControlvariablelevFinancialleversTotalliabilities/totalassetszsEquityconcentrationindex1(%)1%ofequityconcentrationindexbmBook⁃to⁃marketvalueratioNetassets/totalenterprisemarketvaluelbInterestcoverageratio(Netprofit+incometaxexpense+financialexpense)/financialexpensegrownGrowthGrowthrateofmainbusinessrevenueinthepastthreeyearssizeEnterprisesizeLn(totalassets)

3.3 Model design In order to test the relationship among strategic deviance, customer concentration and enterprise value, this paper builds the following model by using the mediating effect test method of Wen Zhonglin and Ye Baojuan for reference[42]:

H3 The higher the customer concentration, the smaller the enterprise value.

But from a practical point of view, the current market is extremely unbalanced between supply and demand, leading to a weak position of the enterprise as a supplier in front of customers. In order to retain key customers, enterprises are forced to or actively put themselves in a weak position of bargaining power, which also means that if there is high customer concentration, enterprises have to make concessions in the negotiations to achieve cooperation. At the same time, in order to stabilize the customer relationship, the enterprise will also make exclusive investment[40], and the enterprise will invest a large amount of money in the early stage to purchase specific assets and conduct special R & D and so on, which makes the cash flow of the enterprise slow, and increases enterprise risk[41]. The loss of key customers can lead to unrecoverable investments with significant losses and adverse social impacts. When the cost is controlled, the profit of the enterprise will be reduced and the enterprise value will be reduced. According to the analysis, the following hypothesis is put forward:

(1)

cc=β1ds+βicontrol+ε3

(2)

tq=γ1ds+γ2cc+γicontrol+ε4

大斑病、小斑病是玉米种植中最为常见的两种病害，主要病害部位是叶鞘和苞叶，在病情严重的时候，果穗也会被波及，最初病斑呈现水浸状，之后会逐渐变成青灰色，接着会呈现褐色，直至玉米植株枯死。针对这种病害，可以选择抗病性强的玉米品种，及时消除越冬病菌，减少发病几率。

(3)

Domestic and foreign scholars mainly focus on the studies of impact of customer concentration on various aspects of enterprises, such as cost and income[21-23], accounting conservatism[24], cash holdings decision[25-28], innovation[29-31], corporate tax avoidance[32-34], earnings management and earnings forecasting[35-36]. From the existing research results, customer concentration will affect the business performance, financial behavior and accounting behavior, leading to changes in the enterprise value; whether the impact on the enterprise value is positive or negative, there are two possibilities.

(4)

The model (1) is used to test whether there is a significant relationship between enterprise strategic deviance (ds) and enterprise value (tq), that is, to verify H1a and H1b, and if is significant, the model (2) will be used for test. The model (2) verifies the relationship between the degree of customer concentration (cc) and the strategic deviance (ds) of the enterprise, that is, H2 is verified, and if β1 is significant, the model (3) will be used for test. If both γand γ2 are significant in the test results of model (3), it indicates that the degree of customer concentration (cc) plays a partial mediating effect, and H4 is verified. If γ1 is not significant in the test results, but γ2 is significant, then it plays a full mediating effect. The model (4) is used to examine the relationship between customer concentration (cc) and enterprise value (tq), that is, H3a and H3b are verified.

普通高中教育的一个基本目的是促进学生发展学习的内部动力，激励学生为满足自身需要去学习，探究式教学所花时间相对较长，而学生目前学习任务较重，因此每一内容都探究是不现实的，我们也没有必要将所有的内容都设计成探究性内容。

4 Empirical analysis

4.1 Descriptive analysis The results of descriptive analysis are shown in Table 2, from which we can see that the average enterprise value (tq) is 19.520, and the variance is 19.758, showing that the value of agribusiness is quite different. The average strategic deviance (ds) is 0.420, the median is 0.348 8, the variance is 0.264, while the average customer concentration (cc) is 0.276, and the variance is 0.187, suggesting that the strategic deviation and the customer concentration of enterprises in the same industry are obviously different, and because the average of the strategic deviance (ds) is greater than the median, the strategic deviance of more than half of the enterprises is large. Similarly, there are also great deviances in the size of enterprises, financial levers, and so on, so this paper takes them as control variables to control.

4.2 Correlation analysis Table 3 shows the results of correlation analysis, from which we can see that the enterprise value (tq) is significantly positively correlated with firm growth (grown) and financial leverage (lev), and negatively correlated with enterprise strategic deviance (ds), customer concentration (cc), interest coverage ratio (lb), book-to-market value ratio (bm), equity concentration index 1 (%) (zs), enterprise size (size), which is basically consistent with our hypothesis. The degree of customer concentration (cc) has also a significant positive correlation with the deviance of enterprise strategy (ds), and the degree of customer concentration (cc) has a significant negative correlation with enterprise value (tq), which provides a partial data support for further explaining that the degree of customer concentration has a partial mediating effect between the deviance of enterprise strategy and enterprise value.

2.2 Strategic deviance, customer concentration and enterprise value If the enterprise strategy greatly deviates from the same industry, the policy measures taken by the enterprise for the whole development will be different from those by the traditional strategic model enterprises of the same industry. The policy of the enterprise involves the product development, the production, the sale, the financing and so on. In today’s society of excess capacity and extreme imbalance between supply and demand, the maintenance of customer relationship has become a very important factor restricting the development of enterprises. Therefore, once the enterprise’s strategic deviation degree is big, the enterprise certainly will pay more attention to the customer relationship management, and will take the corresponding measures, such as offering rebate to customers[19], increasing exclusive investment including purchasing specific equipment for key customers, employing professional staff, and so on[20] to keep key customers, so as to enhance the stability of key customers and increase the degree of customer concentration. Therefore, this paper puts forward following theoretical hypothesis:

Table 2 Results of descriptive analysis

VariablesObsMinMaxMidMeanStd．Dev．tq3343．076182．30014．35519．52019．758ds3340．1261．8700．34880．4200．264cc3340．00560．75250．22320．2760．187lb334-258．6271．72．36031．55551．550bm334-0．01481．5460．34990．4150．295zs334069．9723．371924．62017．490grown334-0．4713．0210．09340．1560．428size33419．3725．2521．814121．9301．212lev3340．94112．802．03872．6972．015

Table 3 Results of correlation analysis

tqdscclbbmzsgrownsizelevtq1ds-0．0300∗(0．0797)1cc-0．0861∗∗∗(0．000)0．0880∗∗∗(0．000)1lb-0．0332∗(0．0518)-0．0235(0．168)0．00370(0．829)1bm-0．5645∗∗∗(0．000)-0．0639∗∗∗(0．0002)-0．2167∗∗∗(0．000)0．00460(0．789)1zs-0．1178∗∗∗(0．000)0．00610(0．721)-0．0975∗∗∗(0．000)-0．0118(0．488)0．2648∗∗∗(0．000)1grown0．1015∗∗∗(0．000)-0．00160(0．925)0．0200(0．242)0．0297∗(0．0815)-0．0809∗∗∗(0．000)-0．0823∗∗∗(0．000)1size-0．4680∗∗∗(0．000)-0．0259(0．130)-0．2621∗∗∗(0．000)-0．0002(0．000)0．5576∗∗∗(0．000)0．2710∗∗∗(0．000)0．0461∗∗∗(0．007)1

(To be continued)

(Continued)

tqdscclbbmzsgrownsizelevlev0．3855∗∗∗(0．000)0．0576∗∗∗(0．001)0．0798∗∗∗(0．000)-0．1096∗∗∗(0．000)-0．1136∗∗∗(0．000)-0．1140∗∗∗(0．000)0．00380(0．823)-0．3155∗∗∗(0．000)1

Note: *, ** and *** indicate significant levels of 10%, 5% and 1%, respectively.

4.3 Regression results and analysis Table 4 shows the regression results of strategic deviance, customer concentration and enterprise value. As can be seen from Table 4, according to the results of model (1), under the condition of controlling the same industry and other conditions, there is a significant negative correlation between the enterprise value (tq) and the strategic deviance (ds) under the significant level of 5%, and the coefficient is -214.04, which shows that the greater the strategic deviance of agribusiness, the smaller the value of enterprise, then H1 is valid. From the regression results of the model (2), it is found that the explained variable is customer concentration (cc), the explanatory variable is strategic deviance (ds), under the control of the same other variables, the strategic deviance (ds) has a significant positive relationship with the customer concentration (cc), and the coefficient is 0.049, which shows that the greater the strategic deviance of agribusiness, the greater the customer concentration, validating the hypothesis H2. Finally, look at the model (3), in the regression results, the coefficient before the strategic deviance (ds) is -198.11, and the coefficient before the customer concentration (cc) is-326.988, and both of them are significant at the level of 5%, which shows that the customer concentration plays a partial mediating effect between the strategic deviance and the enterprise value, that is to say, the hypothesis H4 is tenable.

关于继续盘问制度的法律性质，学界对此有不同的观点。有学者认为，继续盘问作为警察的一种行政调查权，是一种行政强制措施；［1］也有学者认为，继续盘问措施具有行政性和刑事性的双重法律性质。［2］

Table 4 Strategic deviance, customer concentration and enterprise value

Step1Model(1)Explainedvariable：tqStep2Model(2)Explainedvariable：ccStep3Model(3)Explainedvariable：tqds-214．040∗∗(-2．28)ds0．049∗∗(2．14)ds-198．111∗∗(-2．17)bm-1414．136∗∗∗(-13．39)bm-0．066∗∗∗(-2．82)cc-326．988∗∗(-2．42)zs5．899∗∗∗(4．48)zs-0．0003(-0．83)bm-1435．576∗∗∗(-13．62)grown179．894∗∗∗(4．71)grown0．0096(0．94)zs5．815∗∗∗(4．44)size-121．573∗∗∗(-4．55)size-0．0317∗∗∗(-4．90)grown183．030∗∗∗(-4．94)lev145．3776∗∗∗(10．79)lev-0．00032(-0．09)size-131．952∗∗∗(-4．94)cons4503．433∗∗∗(8．07)cons0．9638∗∗∗(6．94)lev145．2736∗∗∗(11．12)N334N334cons4818．568∗∗∗(8．52)R20．466R20．0865N334F158．94F7．67R20．4697F153．28

Note: The figures in brackets are the t-test values; *, **, *** indicate a significant level of 10%, 5%, 1%, respectively. The same as below.

According to the model (4), the regression results of customer concentration and enterprise value are obtained (Table 5). From the results, we can see that the regression coefficient of enterprise value (tq) and customer concentration (cc) is -347.131, which is significant at the level of 5%, indicating that the higher the customer concentration, the smaller the enterprise value, that is to say, the hypothesis H3 is proved.

Table 5 Regression results of the relationship between customer concentration and agricultural enterprise value

Explainedvariable：tqcc-347．131∗∗(-2．51)grown183．329∗∗∗(4．84)

(To be continued)

(Continued)

Explainedvariable：tqbm-1413．416∗∗∗(-13．44)size-134．724∗∗∗(-5．03)zs5．805∗∗∗(4．42)lev143．657∗∗∗(10．97)cons4813．995∗∗∗(8．44)N334R20．4670F167．84

4.4 Robustness test

4.4.1 Changing the measurement method of customer concentration. As there are two measurement methods of customer concentration, the previous section has adopted customer concentration (cc), namely the proportion of the top five customers’ operating income to the total operating income for regression. In order to make the conclusion of the study more robust, the Herfindahl index (hhi) of the sales proportion of the top five customers is used to test the robustness. The results of the robustness tests are shown in Table 6 and Table 7.

Table 6 Robustness test of strategic deviance, customer concentration (hhi) and enterprise value

Step1Model(1)Explainedvariable：tqStep2Model(2)Explainedvariable：hhiStep3Model(3)Explainedvariable：tqds-214．040∗∗(-2．28)ds240．155∗∗∗(2．74)ds-175．2715∗(-1．96)bm-1414．136∗∗∗(-13．39)bm434．068∗∗∗(4．43)hhi-0．161∗∗(-6．75)zs5．899∗∗∗(4．48)zs4．703∗∗∗(3．37)bm-1484．207∗∗∗(-15．19)grown179．894∗∗∗(4．71)grown37．780(0．90)zs5．140∗∗∗(4．25)size-121．573∗∗∗(-4．55)size-56．330∗∗(-2．27)grown173．795∗∗∗(4．62)lev145．3776∗∗∗(10．79)lev19．809(1．48)size-112．480∗∗∗(-4．41)cons4503．433∗∗∗(8．07)cons245．08∗∗∗(4．69)lev142．180∗∗∗(11．03)N334N334cons4103．88∗∗∗(7．62)R20．466R20．0274N334F158．94F4．29R20．492F194．04

Table 7 Robustness test of the relationship between customer concentration and agricultural enterprise value

Explainedvariable：tqhhi-0．165∗∗∗(-6．79)grown173．774∗∗∗(4．64)bm-1464．734∗∗∗(-15．04)size-114．197∗∗∗(-4．46)zs5．121∗∗∗(4．22)lev140．694∗∗∗(10．90)cons4075．133∗∗∗(7．45)N334R20．4893F215．06

From the table, we can see that the regression results of Huffindale index (hhi) of customer concentration are basically the same as the regression results of customer concentration (cc).

4.4.2 Changing the measurement method of strategic deviance. Using the research methods of Tang etal.[3] and Ye Kangtao etal.[7] for reference, the advertising and publicity inputs calculated by sales costs and the R & D inputs calculated by the net intangible assets are excluded, because the two have big problems, and they cannot very accurately indicate the cost of advertising and publicity inputs and R & D inputs. According to the previous method, the remaining four dimensions are recalculated to obtain the new strategic deviance (nds), which is then re-introduced into the validation hypothesis. Through the correlation analysis between the four-dimensional strategic deviance (nds) and the six-dimensional strategic deviance (ds), it is found that the correlation coefficient is 0.816 2, and is significant at the level of 1%. The test results of the four-dimensional strategy variance (nds) brought into the model are consistent with the six-dimensional results, and the regression results are shown in Table 8.

Table 8 Robustness test of strategic deviance (nds), customer concentration and agricultural enterprise value

Step1Model(1)Explainedvariable：tqStep2Model(2)Explainedvariable：ccStep3Model(3)Explainedvariable：tqds-397．60∗∗∗(-4．44)ds0．049∗∗(2．14)ds-375．446∗∗∗(-4．34)bm-1403．798∗∗∗(-13．44)bm-0．066∗∗∗(-2．82)cc-281．076∗∗(-2．16)zs5．957∗∗∗(4．58)zs-0．001(-0．83)bm-1423．015∗∗∗(-13．67)grown181．220∗∗∗(4．80)grown0．096(0．94)zs5．882∗∗∗(4．54)

(To be continued)

(Continued)

Step1Model(1)Explainedvariable：tqStep2Model(2)Explainedvariable：ccStep3Model(3)Explainedvariable：tqsize-117．783∗∗∗(-4．47)size-0．032∗∗∗(-4．90)grown183．841∗∗∗(4．88)lev142．818∗∗∗(10．92)lev-0．001(-0．09)size-126．897∗∗∗(-4．81)cons4467．554∗∗∗(8．11)cons0．964∗∗∗(6．94)lev142．885∗∗∗(11．23)N334N334cons4740．656∗∗∗(7．62)R20．475R20．087N334F162．46F7．67R20．477F154．14

5 Conclusions

Based on the samples of A-share agricultural listed companies from 2011 to 2016, this paper discusses the relationship among strategic deviance, customer concentration and enterprise value. It is found that the greater the extent to which the agribusiness strategy deviates from the traditional strategic model of industry, the higher the customer concentration of enterprises, but due to the poor bargaining power of the enterprise in negotiating with the customers and increasing exclusive investment to maintain the customer relationship, the enterprise value is reduced.

有一种有趣的自然现象叫飞蛾扑火。事实上，科学家制造的帕克太阳探测器，就是一只宇宙飞蛾，但它飞向太阳的扑火行动，却不是要去自取灭亡，而是带着科学使命，去研究太阳的深层秘密……

The enterprise strategy is the "lighthouse" for the business development, once the degree of strategic deviation is high, the risk faced by the enterprise will be high, so the managers of agricultural enterprises must be more careful to determine the enterprise’s own strategy. It is necessary to make decisions according to the environment of the enterprise and the existing resources and conditions of the enterprise, pay attention to the impact of the strategic adjustment on the customer relationship, and take appropriate measures to avoid the problems caused by the high customer concentration, so as to effectively enhance the enterprise value.

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