Influence Of Supplier Concentration On Investment Inefficiency Of Small And Medium-sized Enterprises Under Financing Intermediary Effect

In China’s imperfect market economy system,small and medium-sized enterprises in China face more serious financing constraints than other enterprises due to various reasons,thus limiting the development and investment of enterprises to a certain extent.The concentration of suppliers considers the commercial credit financing of large suppliers from the perspective of supply chain,which provides a new research direction for the financing and financing of small and medium-sized enterprises in China.This paper selects the relevant data of China’s small and medium-sized board listed companies from 2005 to 2020 as the research sample,defines variables and establishes models,and uses statistical analysis software Stata15.0 to conduct descriptive statistics,correlation statistics,structural equation analysis and robustness analysis.The experimental results show that:(1)There is a significant inverted "U" relationship between supplier concentration and enterprise investment inefficiency and overinvestment.(2)Financing constraints have a partial intermediary effect on the inverted "U" relationship between supplier concentration and enterprise investment inefficiency.(3)Commercial credit financing plays a complete intermediary role in the inverted "U" relationship between supplier concentration and investment inefficiency.(4)Bank credit financing plays a part of intermediary role in the inverted "U" relationship between supplier concentration and investment inefficiency.(5)A higher level of marketization can alleviate the inverted "U" relationship between supplier concentration and enterprise investment inefficiency and over-investment.Based on the above experimental results,this paper puts forward the following suggestions: weigh the effective range of supplier concentration;Establish a perfect credit management system;Weigh the effective scope of supplier concentration;Promote information sharing with suppliers;Centralized suppliers according to local conditions;Formulate supply chain management direction and optimize supply chain management according to enterprise development strategy;Improve the supervision mechanism of enterprises and reduce the agency cost;Optimize the allocation of enterprise resources;Optimizing the financing environment of small and medium-sized enterprises;Improve financial services for small and medium-sized enterprises;Establish and improve relevant policies and regulations.In short,supplier concentration is a "double-edged sword" for small and medium-sized enterprises.Enterprises and governments should fully measure the benefits between supplier concentration,financing constraints and investment inefficiency.