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

This paper constructs a fixed-effects panel model based on data from listed com-panies 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 inter-mediary role between supply chain concentration and enterprise value, reducing costs through technological spillover and collabora-tive R&D, alleviating the neg-ative 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