Research On The Effect Of Supply Chain Concentration On The Management Of Corporate Working Capital

With the rapid development of information technology,enterprises have to face more intense global competition.The single-play model was not applicable and establishing a long-term cooperation with the supply chain upstream and downstream is the key to consolidating the dominant position.Although establishing a close cooperation relationship can promote supply chain collaboration and information sharing,over-concentration of supplier and customer relationships can increase business risk.Management and turnover decided determine the profitability and development of the company,and the liquidity is related to the survival of the company.In recent years,the phenomenon of bankruptcy has been seen repeatedly by strong customers and suppliers who have defaulted on accounts payable.In this context,it is of great realistic significance to pay attention to the impact of supply chain concentration on capital operations.In the past,supply chain management scholars rarely examined how partnerships affect corporate performance from the point of view of capital flow,and there is controversy in the academic community about how supply chain concentration affects the management of corporate operating funds.In terms of research methods,existing studies mostly use questionnaires to study the impact of supply chain partnerships on business performance,and lack empirical research based on a large number of research samples.This paper adopts the empirical analysis method of second-hand data to study the three main contents of the effect of supply chain concentration on the operation of capital management,the effect of product market competition on the regulation of the relationship between them,and the effect of working capital management on company performance.This paper takes the listed companies of a-share manufacturing industry in Shanghai and shenzhen as samples from 2009 to 2015,and constructs A multivariate linear regression model to test the hypotheses,and uses stata12.0 for statistical analysis.The empirical results show that(1)there is a negative correlation between supplier concentration and the payable turnover period and inventory turnover period.The higher the concentration of suppliers,the shorter the payable turnover period that customers receive from suppliers and the faster inventory turnover.(2)There is asignificant positive relationship between customer concentration and receivables turnover period and negative correlation with inventory turnover period.(3)Stronger market competition can strengthen the negative influence of supplier concentration on the turnover period of accounts payable,weaken the negative influence of customer concentration on the turnover period of accounts receivable and enhance the positive influence of supply chain concentration on the inventory turnover period.(4)There was a negative correlation between accounts payable,accounts receivable,inventory,cash flow period and performance.Shortening of accounts receivables,inventory and cash flow periods and timely payments will help improve the overall level of operating capital management and thus promote performance.This article through literature research and empirical results analysis for companies how to adjust the supplier and customer concentration to improve corporate capital operation and management efficiency,and how to use market competition intensity to regulate the relationship between them,and put forward reasonable scientific policy recommendations,but also enriched Literature research in supply chain management and capital operations management.