中文摘要：

以高端制造业上市公司为样本,探讨供应商、客户集中度对企业绩效的影响。通过对总资产回报率进行杜邦分解,发现供应商、客户集中度是通过议价能力、交易成本、信用支付、资产利用效率4种内在机制来影响企业绩效。供应链间博弈关系所造成的议价能力和信用支付会给企业绩效带来负面影响;而供应链间合作关系所造成的交易成本降低以及资产利用效率提高,则会给企业绩效带来正面影响。实证结果表明,供应商集中度与毛利率、管理费用率显著负相关,与总资产周转率显著正相关;而客户集中度与销售费用率呈显著负相关,与财务费用率、总资产周转率呈显著正相关。客户集中度与企业绩效显著正相关,而供应商集中度对企业整体绩效影响不明显。

英文摘要：

Sampling from A-stock market listed companies in high-end manufacturing industries; this empirical study focuses on the effects of supplier and customer concentration on the firm performance. We use Du Pont analysis to decompose these effects into four factors,i. e.,bargaining power,transaction cost,financial expense,and total asset turnover. The regression analysis shows that,high degree of supplier concentration enhances the bargaining power of suppliers,resulting in a lower gross profit margin. However it also leads to lower transaction cost and better total asset turnover,which are positive to the firm performance. The effects of customer concentration are controversial as well. High degree of customer concentration increases financial expense,but effectively reduces transaction costs and increases total asset turnover. Overall,the firm performance is positively correlated with the customer concentration. But it is not significantly correlated with the supplier concentration.