Based on the logical chain of “network working capital management (hereinafter, NWCM) → supply chain concentration (hereinafter, SCC) → corporate performance”, this study empirically and quantitatively explored the relationship between NWCM and corporate performance and the mediating effect of the SCC. Enterprise heterogeneity was considered. Specifically, we selected 312 companies listed on both the Shanghai and Shenzhen Exchanges from 2012 to 2022; these companies applied supply chain finance with the assistance of web crawling and textual analysis technology. The fixed effect panel regression model and the mediating model embedded with interaction terms were used in the empirical analysis. The empirical results showed that corporate performance had an inverted U-shaped relationship with NWCM, and the vertex was 1.123%. When the NWCM was less than the vertex, corporate performance was positively related to NWCM, and a negative relationship existed between them when NWCM was greater than the vertex. Moreover, the heterogeneity results showed differences among companies of different scales and with different ownership styles, and the mediating effect of SCC was negative, weakening the inverted U-shaped relationship between NWCM and corporate performance. The results of difference testing, instrumental variables analysis and Hausman-Taylor tests supported the robustness of the above conclusions.

本研究基于“网络营运资金管理（以下简称NWCM）→供应链集中度（以下简称SCC）→企业绩效”的逻辑链，实证定量地探讨了NWCM与企业绩效的关系以及SCC的中介作用。 。考虑了企业异质性。具体来说，我们选取​​了2012年至2022年在沪深交易所上市的312家公司；这些公司借助网络爬虫和文本分析技术应用供应链金融。实证分析采用固定效应面板回归模型和嵌入交互项的中介模型。实证结果表明，企业绩效与NWCM呈倒U型关系，顶点为1.123%。当NWCM小于顶点时，企业绩效与NWCM呈正相关；当NWCM大于顶点时，企业绩效与NWCM呈负相关。此外，异质性结果显示不同规模、不同所有制类型的公司之间存在差异，且SCC的中介作用为负，削弱了NWCM与公司绩效之间的倒U型关系。差异检验、工具变量分析和Hausman-Taylor检验的结果支持了上述结论的稳健性。