| SMEs are growing fast and are the backbone of domestic economic growth at present.Whether the investment of these companies is reasonable is crucial to the steady growth of China's economy.Since the market is imperfect,the investment scale of SMEs often has a certain gap compared with its optimal level,so it often appears to be under-investment or over-investment.Insufficient investment will cause the company to abandon some of the excellent projects that are positively profitable,which will constrain its long-term growth.Over-investment is the adoption of a project with a partial net present value less than zero,which causes the company's resources to be spent.Inefficient investment behavior will affect the good growth of SMEs and affect the growth of the domestic economy.Therefore,how to promote the investment efficiency of SMEs is a key issue that needs urgent attention.The existing literature shows that customer concentration has a significant effect on corporate performance,bank borrowing,capital structure,debt and equity financing costs.However,can the concentration of suppliers and customers influence the efficiency of the company's investment?What is its impact path and mechanism?There are very few scholars to discuss,and it needs to be analyzed in depth.Therefore,this paper explores the role of SME supply chain concentration on investment efficieney,and explores the intermediary mechanism of financing constraints.First of all,under the premise of concept definition,theoretical basis and related literature review,this paper discusses the mechanism of supply chain concentration on the investment efficiency of SMEs,and the intermediary role of financing constraints.Based on this,the research hypothesis of this paper is proposed.Secondly,using the data of 180 small and medium-sized enterprises in China from 2013 to 2017,the model was established and the hypothesis was tested by empirical methods.The empirical results show that:(1)In the whole sample,there is n o obvious relationship between supplier concentration and investment efficiency of SMEs;customer concentration has a significant negative effect on non-efficiency investment of SMEs,and there are some mediating effects in financing constraints.(2)In the under-investment sample,the concentration of suppliers has a significant negative impact on the investment of SMEs,but there is only a direct impact,and there is no intermediary effect in the financing constraints.The concentration of customers has a significant negative effect on the investment of SMEs,and there are some mediating effects in financing constraints.(3)In the over-investment sample,there is no obvious relationship between supplier concentration and over-investment of SMEs;customer concentration has a significant negative impact on SME over-investment,but only has direct impact,and financing constraints do not exist mediation effect in it.This means that the influence of supplier and customer concentration on the investment efficiency of SMEs is different.Supplier concentration has no obvious effect on the investment efficiency of SMEs,and SMEs usually show insufficient investment rather than over-investment,so the improvement of the supply chain concentration on the investment efficiency of SMEs is mainly achieved by the mitigation of the lack of investment in SMEs through the concentration of customers.This is mainly because the market is in the seller's market,and banks and investors are paying more attention to the downstream customers.Finally,based on this conclusion,the countermeasures and suggestions are proposed from four aspects:strengthening supply chain management,easing financing constraints,creating a good development environment and improving governance mechanisms. |
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