Concentrated Supply Chain Configuration and Corporate Investment Efficiency

WEN Jun; WANG Na

Volume 41 Issue 2

Mar. 2026

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WEN Jun, WANG Na. Concentrated Supply Chain Configuration and Corporate Investment Efficiency[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(2): 102-117.

Citation:

WEN Jun, WANG Na. Concentrated Supply Chain Configuration and Corporate Investment Efficiency[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(2): 102-117.

WEN Jun, WANG Na. Concentrated Supply Chain Configuration and Corporate Investment Efficiency[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(2): 102-117.

Citation:

WEN Jun, WANG Na. Concentrated Supply Chain Configuration and Corporate Investment Efficiency[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(2): 102-117.

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Concentrated Supply Chain Configuration and Corporate Investment Efficiency

WEN Jun,
WANG Na

School of Economics and Finance, Xi'an Jiaotong University, Xi'an 710061, China

Received Date: 2025-09-01
Available Online: 2026-05-15
Publish Date: 2026-03-28

Abstract

Abstract

High investment efficiency is a core dimension of high-quality corporate development. As key players embedded in supply chain networks, corporate investment behaviors are profoundly influenced by concentrated supply chain configuration. Using a sample of A-share listed enterprises in China from 2007 to 2023, this study empirically investigates the impact of concentrated supply chain configuration on corporate investment efficiency and its underlying mechanisms. The findings show that concentrated supply chain configuration exerts a significant inhibitory effect on corporate investment efficiency, and this conclusion remains valid after a series of robustness checks. Mechanism tests reveal that the impact operates primarily through three channels: increasing operational risk, crowding out working capital, and deteriorating the information environment. Heterogeneity analysis indicates that both supplier concentration and customer concentration inhibit corporate investment efficiency, with the latter exerting a slightly stronger negative impact than the former. Furthermore, the negative effect of concentrated supply chain configuration on investment efficiency is more pronounced for over-investing enterprises, non-state-owned enterprises, small-scale enterprises, and enterprises in the growth and decline stages. Further analysis finds that three factors—the development level of regional factor markets, enterprise external market dominance, and enterprise internal control quality can effectively mitigate the negative impact of concentrated supply chain configuration on corporate investment efficiency. This study extends the research on the determinants of corporate investment efficiency from the perspective of supply chain structure, providing new theoretical explanations and empirical evidence for understanding the investment behavior of Chinese enterprises.
- concentrated supply chain configuration,
- corporate investment efficiency,
- operational risk,
- working capital,
- information environment

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References(40)

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