本文以中國市場的上海、深圳交易所上市公司作為研究對象，探討供應商集中度對存貨管理的影響。我們採用存貨周轉率、存貨持有以及存貨減損這三個指標來衡量存貨管理的績效。為了去除公司特質的影響，我們引入了差分模型。除此之外，我們還進行了橫斷面分析以檢測市場力量是否會調整供應商集中度與存貨管理之間的關係。經過實證測試，我們發現供應商集中度越高，存貨周轉率越高而存貨持有越低。而且，市場力量會削弱供應商集中度與存貨管理之間的關係。最後，我們檢測了供應商集中度與存貨減損的關係並發現它們負相關。總而言之，實證結果表明供應商集中度有利於存貨管理。

This study investigates the linkages between supplier concentration and inventory management. We firstly explore the associations between supplier concentration, inventory turnover, and inventory holding. We find that firms with higher supplier concentrations are associated with higher inventory turnover and lower magnitude of inventory holding. To be precise, we add industry-adjusted terms and find similar evidence. Eliminating the impact of firm characteristics, we introduce a change model. In addition, we do a cross-section analysis to test whether market power will moderate the relation between supplier concentration and inventory management. We find that market power weakens the positive effect of supplier concentration on inventory management. In addition, we investigate the relation between supplier concentration and inventory impairment and find a negative association between them. Collectively, our research supports the hypothesis posting that supplier concentration has a significant and positive effect on inventory management.

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