Customer Concentration And Financing Behavior Of Enterprise Supply Chain

"The real competition is no longer the competition between the enterprise and the enterprise,but the competition between the supply chain." In the new market environment,the supply chain will replace the enterprise to become the main body of the market competition,and the integration between the upstream and downstream enterprises determines the overall performance of the supply chain,and gradually becomes an important factor affecting the business decision.Supply chain integrates the material flow,service flow,information flow and capital flow in the production process,not only improves the production efficiency,but also provides a new idea for the enterprise financing problem,and the enterprise can combine its own financial management activities with the supply chain,and the financial innovation product of Supply Chain Finance is born.On October 25,2017,the People's Bank of China revised the measures for Registration of Pledge of accounts Receivable,mainly from the aspects of increasing the "transfer registration" of accounts receivable,perfecting the definition of accounts receivable,adjusting the registration period and so on.Increase the legal feasibility of accounts receivable pledge and the effectiveness of supervision.In recent years,many scholars at home and abroad have paid more attention to the research results in the field of supply chain finance,which mainly focus on the financing cost,stock price fluctuation,information transmission and business performance of upstream and downstream enterprises.However,there is little special concern about the supply chain relationship,a kind of social capital that is important to enterprises.Supply chain relationship is a cooperative relationship based on product transaction established by enterprises and their upstream and downstream partners through daily production and management activities.This paper will study the effect of supply chain relationship on enterprise supply chain financing from the perspective of customer concentration.This paper first discusses the concept of supply chain financing and its evolution process,and then analyzes the mode of supply chain financing business and the main target customer groups.The theoretical basis of customer concentration and supply chain financing behavior is discussed through theoretical analysis.Secondly,taking the company listed on the main board of the Shanghai and Shenzhen Stock Exchange as the research sample,reflecting the enterpriseundefineds supply chain financing behavior with the accounts receivable pledge financing situation,and the supplier /customer concentration ratio reflecting the sample enterprise supply chain relationship stability.Using statistical description analysis and fixed effect regression analysis of non-equilibrium panel,the following conclusions are drawn:(1)the increase of customer concentration can not only bring higher stability of production and management to enterprises,but also increase the cost of sales and reduce the efficiency of capital utilization because of the decline of bargaining power.So,The relationship between customer concentration degree and enterprise supply chain financing behavior is characterized by "inverted U type".(2)the relationship between customer concentration degree and enterprise supply chain financing behavior is mainly mediated by bargaining power.(3)The relationship between customer concentration and enterprise supply chain financing behavior has heterogeneity in different industries.In the more competitive industry,the negative impact of customer concentration is obvious.This paper focuses on the relationship between customer concentration and supply chain financing.The theory in the field of supply chain finance,represented by pledge financing of accounts receivable,is supplemented to a certain extent,and the mechanism and path of the interaction between the two are studied with bargaining power as the intermediary variable.It provides some theoretical guidance for credit decision making of financial institutions and supply chain management behavior of manufacturing enterprises.