Purpose: High investment efficiency is a key dimension of high-quality enterprise development. As critical nodes embedded in supply chain networks, corporate investment behaviors are profoundly shaped by the structural characteristics of their supply chains. Concentrated supply chain configuration, as one of the core structural features, has not yet been systematically examined in terms of its impact on corporate investment efficiency and the underlying mechanisms, leaving an important research gap. Design/methodology/approach: Based on a sample of China’s A-share listed enterprises from 2007 to 2023, this study empirically examines the effect of concentrated supply chain configuration on corporate investment efficiency. Findings: First, concentrated supply chain configuration exerts a significant inhibitory effect on corporate investment efficiency, a conclusion that remains robust after a series of tests. Second, mechanism tests indicate that this influence operates primarily through three channels: exacerbating financing constraints, crowding out working capital, and deteriorating the information environment. Third, heterogeneity analysis shows that both supplier concentration and customer concentration inhibit investment efficiency, with the latter having a slightly stronger negative effect. The adverse impact is more pronounced in over-investing enterprises, non-state-owned enterprises, smaller firms, and those in growth or decline stages. Furthermore, regional factor market development, external market power, and internal control quality are found to effectively mitigate the negative effect of concentrated supply chain configuration on corporate investment efficiency. Originality: This study extends the research on determinants of corporate investment efficiency from a supply chain structure perspective, providing new theoretical insights and empirical evidence for understanding corporate investment behavior in China.

We examine the effect of the identification of high-tech enterprises on corporate innovation from the perspective of supplier relationship management. We use data from the Shanghai and Shenzhen A-share listed companies in China from 2007 to 2020 as samples and a time-varying difference-in-differences (DID) method. The results show that the identification of high-tech enterprises significantly promotes corporate innovation. The potential mechanism is that there is a sharp decline in the concentration of suppliers, the occupation of suppliers’ trade credit, and the inventory cost of enterprise after getting the identification of high-tech enterprises. Further analyses show that the enterprise identified as a high-tech enterprise tends to be more innovative due to the improvement of the supplier relationship management, leading to a better operating performance. Overall, our findings indicates a positive implementation effect of the policy of identification of high-tech enterprises. This paper not only contributes to the research about the economic consequences of the identification of high-tech enterprises from the perspective of supplier relationship management, but also enriches the existing literature on the effect of the supply relationship on corporate innovation, and supplier relationship management from the perspective of identification of high-tech enterprises. In summary, this study provides a theoretical basis and policy reference for the evaluation of the implementation effect of the policy of identification of high-tech enterprises, and the strengthening of supplier relationship management .

This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019. Our findings suggest that higher supplier concentration is associated with lower analyst forecast dispersion, which can be attributed to the increased attention it receives from analysts. Moreover, this effect is more pronounced when firms have less bargaining power and higher institutional ownership, indicating a greater reliance on the supply chain. Our study highlights the importance of disclosing supply chain information, which provides insight beyond traditional financial information.