Supply Chain Concentration,Financial Redundancy And Enterprises’ Technology Innovation

"Only innovators are strong,only innovators win,only innovators are prosperous ",General Secretary Xi Jinping repeatedly emphasized the importance of innovation for the country and enterprises in the meeting.The important role of technological innovation in social and economic development is self-evident,especially in the plight of China ’s economic slowdown in recent years,insufficient growth momentum,the increasingly prominent problems of resource and environmental constraints and the rapid rise in the cost of various factors.Innovation-driven industrial transformation and upgrading has become the consensus of all sectors of society.Since the introduction of Schumpeter’s innovation theory,many scholars have conducted in-depth research on technological innovation theory and formed rich academic achievements.As a broader enterprise structure model,the supply chain includes all related upstream and downstream node enterprises and these "node enterprise" characteristics have an important impact on enterprise technological innovation.When the concentration of the supply chain is high,the supplier has strong bargaining power,which may interrupt the supply or require the company to pay higher procurement costs for this.When the customer concentration is high,there may be "knock-off" behavior,which is depressed the sales price of an enterprise’s product may increase the difficulty of the enterprise’s payment recovery.The "double squeeze" between suppliers and customers has led to tight funding for enterprises,resulting in financing constraints and inhibiting technological innovation.Financial redundancy refers to the financial resources that an enterprise has in excess of existing needs.Activating financial redundancy is conducive to easing financing constraints and promoting technological innovation.This research deepened the relevant theories of supply chain,financial redundancy,technological innovation and expanded the perspective of enhancing the enterprise’s technological innovation capability.Based on technology innovation theory,bargaining power theory,stakeholder theory,and relationship-specific investment theory,this paper uses empirical analysis research methods to select relevant data of A-share listed companies from 2008 to 2018 to study the concentration of supply chains on enterprises.The impact of technological innovation and the moderating role of financial redundancy on the relationship between supply chain concentration and technological innovation.The research results show that there is a significant negative correlation between enterprise supplier / customer concentration and enterprise technological innovation intensity.The sample is grouped according to the nature of the enterprise,and it is found that the negative effect of non-state-owned enterprises on the technological innovation of the enterprise relative to the concentration of supplier/customer concentration of state-owned enterprises is more obvious.Adding the adjustment variable of financial redundancy,it is found that financial redundancy can alleviate the inhibitory effect of supplier/customer concentration on corporate innovation.Based on the above research results,this paper proposes that enterprises should establish new cooperation and sharing relationships with suppliers / customers and reduce their dependence;actively promote the relationship between banks and enterprises;The government can increase subsidies for enterprise technology investment;promote financial market reform and develop diversified financing channels.The results of this paper are intended to provide theoretical and empirical guidance on how enterprises can strengthen the intensity of technological innovation by adjusting supply chain concentration and financial redundancy.