The Influence Of Supply Chain Concentration Degree And Enterprise Financing Constraint

When enterprises conduct financing activities,they will be affected by various financial indicators and operating environment.With the deepening of economic globalization,the improvement of supply chain concentration will play a key role in the financing constraints of enterprises.Existing literature mainly focused on the high concentration of supply chain will brings to the enterprise's financial risk and management risk,but this paper argues that the high concentration will also bring positive effect of information for the enterprise to alleviate the financing constraints,mainly includes the high concentration of attention can enhance the level of information disclosure of enterprise,the reputation of high quality supply chain transmission effect and high concentration under the stable cooperation relations,the operation stability of the signals to reduce the degree of information asymmetry.Therefore,this paper studies the relationship between supply chain concentration index and financing constraint level of enterprises and the role of information effect.For collating and summarizing the existing literature,this paper first explores the influence of supply chain concentration with the enterprise existing research results,found that supply chain concentration has positive effect and negative effect to the enterprise,positive effect mainly includes the stability of the supply chain for the enterprise conduction good signal,for enterprise to bring the information effect,negative effect refers to the financial risk and operational risk.Therefore,the following research ideas are proposed in this paper: firstly,the concentration between supply chain concentration and information effect is studied to explore whether there is a positive effect to alleviate information asymmetry;Secondly,based on the model,the sensitivity of cash-study of supply chain concentration and the impact of financing constraints,explore the effect and the effect of the information under the joint action of the risk,the capital market reaction degree of financing constraints,and further evidence that the financing constraint mechanism of the effect in the concentration of supply chain information,significant role;Finally,this paper considers that the influence of supply chain relations and financing constraints may have different effects on enterprises through information transparency,enterprise property rights,and enterprise size heterogeneity.Therefore,this paper discusses samples in groups.Based on the data of Chinese listed companies from 2014 to 2018 and the fixed effects panel model,this paper studies the above hypotheses.The results show that: first,the supply chain concentration can alleviate the degree of information asymmetry and produce positive information effect;Secondly,supply chain concentration will lead to financing constraints,mainly because the negative risk effect of supply chain concentration in China's capital market is greater than the positive information effect,but the information effect can still significantly alleviate the external financing constraints of enterprises.Thirdly,information effect still plays a significant role in the mechanism that supply chain concentration degree affects financing constraint.Fourth,the influence mechanism of supply chain concentration on enterprise financing constraints only exists in private enterprises with high enterprise information transparency,and the influence mechanism of small-scale enterprises is more significant than that of large-scale enterprises.The implications of the above conclusions are as follows: first,enterprises should pay more attention to the concentration degree of supply chain and construct reasonable concentration index.When the marginal negative effect equals the marginal positive effect,enterprises can reach the minimum financing constraint level.Second,it provides some reference advice for financial institutions to improve the enterprise risk assessment system from the perspective of supply chain concentration.Third,the government and regulatory agencies to strengthen the enterprise supply chain information disclosure recommendations.