Abstract: In view of the insufficient research on the mechanism of the current customer relationship’s impact on corporate risk-taking, the 2009-2018 Shanghai and Shenzhen A-share listed companies are used to study the impact of customer relationships on risk-taking from the perspective of customer heterogeneity. The study found that customer concentration and customer stability both significantly affect the company’s risk exposure. When further considering customer heterogeneity characteristics, we found that when the customer are listed companies, and located in higher marketization regions, the positive impact of customer relationship on corporate risk exposure is more significant.