Research on the Path of Supply Chain Concentration Influencing Non-Efficiency Investment of Enterprises

Abstract

This paper selects relevant panel data of A-share listed enterprises from 2009 to 2021 to empirically test the impact of supply chain concentration on enterprises' inefficient investment, and deeply analyzes the specific impact mechanism. The research shows that the concentration of supply chain aggravates the overinvestment and underinvestment of enterprises, resulting in inefficient investment of enterprises. This conclusion is still valid after endogenous test and robustness test. Mechanism analysis shows that in the case of excessive investment, supply chain concentration exacerbates corporate financialization, reduces asset specificity, and leads to inefficient investment by enterprises; In the case of insufficient investment, supply chain concentration weakens corporate governance and reduces inventory turnover, leading to inefficient investment for enterprises. This inspires enterprises to increase their corporate governance capabilities, improve supply chain efficiency, promote rational asset allocation, and improve investment efficiency