Research On The Influence Of Supply Chain Concentration Of Agricultural Listed Companies On Company Performance

In 2019,the spirit of the No.1 Document of the Central Committee once again emphasized that "it is necessary to increase the agricultural modernization construction system,strengthen the construction of new agricultural management entities,and require agricultural capital to further support the development of agricultural industries." Agricultural listed companies are important development forces to promote the development of agricultural modernization and industrialization.The improvement of the performance of agricultural listed companies plays an important role in the development of agricultural industry,and is also an inevitable requirement for structural reform of rural supply side and rural revitalization.There are many factors affecting the performance of agricultural listed companies.There are many factors affecting the performance of agricultural listed companies.The supply chain can not only affect the performance of agricultural listed companies through cooperation among enterprises,but also affect the performance of listed agricultural companies through factors such as bargaining power and relationship risk.Supply chain concentration is undoubtedly a key variable to examine the impact of supply chain on the performance of agricultural listed companies.At present,domestic and foreign research has not reached a unified understanding of the impact of supply chain concentration on company performance.At the same time,more attention is paid to the impact of supply chain concentration on the performance of manufacturing industry companies.It is quite rare to use agricultural listed companies as research objects.Based on this,this paper takes agricultural listed companies as the research object,further explores the impact of supply chain concentration on the performance of agricultural listed companies,and analyzes the mechanism of supply chain concentration on the performance of agricultural listed companies and conducts empirical tests.On the one hand,this research enriches the relevant research content of supply chain management,On the other hand,agricultural listed companies find accurate entry points and directions in the processing of supply chain partnerships,and provide theoretical support and policy recommendations for the improvement of agricultural listed companies' performance.In order to better comprehensively examine the impact of supply chain concentration on the performance of agricultural listed companies,the paper uses Wind database statistics and DEA model to examine their impact on the performance of agricultural listed companies from two dimensions: supplier concentration and customer concentration.Firstly,based on the definition of supply chain,supply chain concentration and company performance related concepts,combined with transaction cost theory and resource-based theory,this paper analyzes the impact mechanism of agricultural listed company's supply chain concentration on company performance,and puts forward the research hypothesis.Secondly,it analyzes the current situation of the concentration of supply chain of agricultural listed companies,and examines the concentration of supply chain of agricultural listed companies from both the overall and individual aspects,and determines the dependence of agricultural listed companies on suppliers or customers.Thirdly,taking fixed assets,intangible assets,incumbent and main business costs as input variables,operating income and net profit as output variables,using DEA model to measure the performance of agricultural listed companies,and examining the performance of agricultural listed companies.Finally,the Tobit model is used to empirically analyze the impact of the concentration of supply chain of agricultural listed companies on company performance.The explanatory variables are the performance of agricultural listed companies measured in the previous paper.The explanatory variables are divided into supplier concentration and customer concentration,and further selection of finance.Leverage,firm size,and length of listing are used as control variables.The conclusions of this paper: First,in the past three years,the performance of China's agricultural listed companies has shown an obvious upward trend,but the overall level needs to be further improved.The average performance of the company's performance is 0.7594.The lack of technical efficiency and scale efficiency is the main aspects that affect the performance improvement of listed agricultural companies.Second,the influence of supplier concentration of agricultural listed companies on company performance is not significant.The p-value of regression results is 0.617 and the coefficient is-0.0677.Third,customer concentration has a significant positive impact on firm performance.The p-value of the regression results is 0.037,passed the test at a significant level of 5%,and the coefficient is 0.2935.Based on the above conclusions,the policy recommendations are as follows: Appropriately control supplier concentration,maintain its own bargaining power,reduce dependence on major suppliers,and curb supplier's seller power;Consolidate downstream customer relationships,enhance customer concentration,maintain a stable customer base,conduct multi-frequency transactions with fewer customers,and enhance information sharing with downstream customers;Improve supply chain partnership management and develop rules and systems for supply chain partnership management;The government should support the healthy development of supply chain partnerships of listed agricultural companies from the policy level,increase management and supervision,build a fair and transparent supply chain competitive environment,increase the cost of default transactions,and promote the construction of supply chain partner credit system.