The Impact of Supply Chain Concentration on Firm Value - Based on the Mediating Effect of Green Technology Innovation

Wenfang Liu; Ying Zhang

doi:10.63313/EBM.9011

Authors

Wenfang Liu Faculty of Economics and Management, Guangxi University of Science and Technology, LiuZhou, China Author
Ying Zhang Faculty of Economics and Management, Guangxi University of Science and Technology, LiuZhou, China Author

DOI:

https://doi.org/10.63313/EBM.9011

Keywords:

Supply chain concentration, Green technology innovation, Firm value, Mediation effect

Abstract

This paper constructs a fixed-effects panel model based on data from listed companies in heavy pollution industries in Shanghai and Shenzhen A-shares from 2013 to 2023, and empirically analyzes the impact of supply chain concen-tration on enterprise value and the intermediary role of green technology in-novation. The results show that, on the one hand, supply chain concentration significantly suppresses enterprise value, possibly due to the increased inter-nalization costs of environmental risks caused by excessive control over up-stream and downstream activities. On the other hand, green technology innova-tion plays a partial intermediary role between supply chain concentration and enterprise value, reducing costs through technological spillover and collabora-tive R&D, alleviating the negative impact of concentration on enterprise value. Heterogeneity analysis reveals that non-state-owned enterprises are more sig-nificantly affected by supply chain concentration, while equity-independent firms face greater negative impacts, and non-equity-independent firms experi-ence smaller and insignificant effects. When optimizing supply chain concen-tration, companies should balance concentration with investment in green in-novation to enhance long-term competitiveness and sustainability

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