| Under the background of resource dependence theory,with the continuous expansion and improvement of supply chain,enterprises and scholars are more and more aware of the importance of customer relationship.The core enterprises have a continuous game in the process of dealing with the customer relationship,on the one hand,enterprises through the establishment of good relations with customers,obtain quality customer resources,according to feedback demand changes and other information timely adjustment of marketing strategy and strategic planning,to maintain their own competitive advantage.On the other hand,however,the establishment of a long-term and stable cooperative relationship with fewer customers will also increase the risk of their own supply chain.With the improvement of customer concentration,enterprises will gradually form a dependence on the resources of large customers,resulting in the weakening of bargaining power of enterprises relative to customers.At the same time,once the partnership breaks down,it will trigger a series of crises,such as the loss of customer resources,the obstruction of distribution channels and so on,which will have a major impact on the core enterprises.Therefore,in the context of the supply chain,the degree and direction of the impact of customer concentration on corporate financial performance and the mechanism of action need to be discussed in depth.This paper combines relevant domestic and foreign literatures,and based on transaction cost theory,resource dependence theory,game theory and Porter five-force model and other related theories,through the construction of multiple regression models to conduct detailed discussions and empirical tests on the topic.Selecting Shanghai and Shenzhen A-share listed companies from 2015 to 2020 as samples,and path analysis is introduced to explore the mechanism of customer concentration on corporate financial performance.On the basis of the full sample empirical test,the manufacturing enterprises and non-manufacturing enterprises are divided into groups,and the differences between the two are analyzed concretely.The results show that:(1)customer concentration has a negative impact on corporate financial performance,that is,with the increase of customer concentration,the economic result brought to the company is "competition over cooperation";(2)compared with non-manufacturing enterprises,the relationship between customer concentration and enterprise financial performance is more significant in manufacturing enterprises;(3)commercial credit management has an intermediary effect on the relationship between customer concentration and enterprise financial performance,which exists in manufacturing enterprises,but does not exist in non-manufacturing enterprises.The transmission mechanism of commercial credit management is mainly expounded from two aspects:the turnover period of commercial credit and the scale of commercial credit financing.In the process of deeply exploring the intermediary effect,it provides the direction for core enterprises to broaden the chain thinking of supply chain and make full use of the stakeholder relationship with upstream and downstream enterprises in order to improve their own financing ability and financial performance level. |
