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Enterprise's R&D and Innovation Management

Supply Chain Concentration and Innovation Performance of Equipment Manufacturing Enterprises: An Empirical Research Under Digital Tansformation 

Tu Jun, Liu Yongmin 

(School of Management,Wuhan Textile University, Wuhan 430200, China)

Abstract: Under the background of economic globalization, the relationship between supply chain concentration and enterprise innovation performance has become increasingly prominent. Based on the concentration effect of suppliers and customers, the relationship between supply chain concentration and enterprise innovation performance is analyzed in depth with listed com⁃ panies in the equipment manufacturing industry from 2008 to 2021 as a research sample, and by constructing a model of supply chain concentration-enterprise innovation performance, this pa⁃ paer aims to explore the relationship between supply chain concentration and enterprise innova⁃ tion performance, as well as the relationship between enterprise digital transformation and the improvement of enterprise innovation performance through adjusting the relationship between upstream and downstream suppliers and customers. An econometric model is built on panel data using STATA version 16.0, and the moderating effect of enterprise digital transformation is em⁃ pirically examined through two-way fixed-effects regression, and the mechanism effects of com⁃ mercial credit financing and property rights heterogeneity are further explored. The empirical study shows that supply chain concentration both helps and hinders firms' innovation perfor⁃ mance. It is found that there is an inverted U-shaped relationship between customer concentra⁃ tion and the innovation performance of equipment manufacturing enterprises, and the digital transformation of enterprises can not significantly regulate the impact of customer concentration on the innovation performance of enterprises; and there is also an inverted U-shaped relation⁃ ship between supplier concentration and the innovation performance of enterprises, the digital transformation of enterprises can negatively regulate the inverted U-shaped relationship signifi⁃ cantly between supplier concentration and the innovation of enterprises. Further analysis reveals that commercial credit financing between equipment manufacturing enterprises and suppliers is negatively related to supplier concentration, and there is also a negative relationship between commercial credit financing and innovation output, which proves that commercial credit financing cannot alleviate the financial pressure for enterprise R&D investment, and at the same time, there is a negative correlation between the commercial credit financing between enterprises and suppliers and enterprise innovation performance; the grouping study by property rights heteroge⁃ neity shows that there is a significant inverted U-shaped relationship between non-state-owned enterprises compared to state-owned enterprises and large customers, while the relationship with large supplier enterprises is not significant, the empirical evidence shows that under the conditions of China's market economy configuration, the innovation performance of state-owned equipment manufacturing enterprises has a stronger economic relationship with large suppliers and large customers, and there is a significant inverted U-shape relationship between the inno⁃ vative performance of equipment manufacturing enterprises of non-state-owned nature and the top 5 customers, but the relationship with the top 5 suppliers is not significant, and there is no significant effect of property rights heterogeneity on the impact of supplier concentration and en⁃ terprise innovation performance. Finally, the empirical analysis expands the research boundaries of supply chain concentration and digital transformation on enterprise innovation, and provides empirical support for optimizing the supply chain industrial structure of equipment manufactur⁃ ing industry to improve enterprise innovation performance. 

Key words: supply chain concentration; enterprise innovation performance; enterprise digital transformation