Study Of The Influence Of Supply Chain Concentration On The Financial Performance Of Food Manufacturing Listed Companies

Under the development of economic integration and network economy,the reliance of enterprises on external suppliers and customers is gradually increasing.However,the current macroeconomic development in China is characterized by cyclical oscillations,increasing the risk of changes in the business operating environment and uncertainty in transactions,which all impact the stability of the supply chain strip.Thus,it is very important to study how companies can choose and maintain a close relationship with upstream suppliers and downstream customers in order to better help them gain more profits in the competitive market.From the two levels of mechanism analysis and empirical test,this paper explores the relationship between supply chain concentration ratio and financial performance of listed food manufacturing companies in China.Firstly,through literature review,the two main keywords of this study,namely supply chain concentration ratio and financial performance,are identified,so as to clarify the direction and content of the research;Secondly,the present situation of supply chain concentration and financial performance of Chinese food manufacturing listed companies is summarized.On this precondition,based on the understanding of supply chain management theory,transaction cost theory,bargaining power theory and information transfer theory,the mechanism of supply chain concentration on financial performance is analyzed at three levels:upstream supplier concentration,downstream customer concentration and overall supply chain concentration.The mediating roles of R&D investment and commercial credit financing in the relationship between supply chain concentration and financial performance are further analyzed,whereby research hypotheses are proposed;Finally,the data of food manufacturing companies listed on A-shares in Shanghai and Shenzhen markets in China from 2012 to 2021 were selected as the research sample,and the benchmark regression test,mediating effect test,heterogeneity test and analysis of the empirical results were conducted empirically.Meanwhile,in order to make the empirical results more convincing,a comprehensive and multi-level robustness test was conducted on the empirical results using the method of replacing core variables and lagging behind one period of variables.The main conclusions of this article are:(1)Supplier concentration has a positive effect on the financial performance of listed food manufacturing companies,and this positive effect is more significant among companies with higher competitive market position and state-owned enterprises;(2)Customer concentration has a negative effect on the financial performance of listed food manufacturing companies,and this negative effect is more significant among companies with lower competitive market position and private enterprises;(3)The overall concentration ratio of the supply chain has a negative impact on the financial performance of listed food manufacturing companies,and this negative impact is more significant in enterprises with low market competition status and non-state-owned enterprises;(4)R&D investment and commercial credit financing have a mesomeric effect in the impact of supply chain concentration ratio on the financial performance of listed food manufacturing companies.