Empirical Analysis of Supplier Inefficient Investment at Customer Risks Based on Supply Chain Data

Table 1

Variable definition.

Variable	Variable definition
InvestEff	Investment efficiency = residual of Richardson regression
UnderInvest	Underinvestment = residual with Richardson regression being less than 0
OverInvest	Overinvestment = residual with Richardson regression being more than 0
khRisk	Customer risk = customer ROA volatility
Size	Supplier enterprise scale = natural logarithm of total assets
Lev	Supplier asset-liability ratio = liabilities/total assets
Cash	Holding amount of supplier’s monetary capital = monetary capitals/total assets
Age	Natural logarithm of supplier’s listing years
Ocf	Cash flow from supplier’s operating activities = net cash flow from operating activities/total assets
Tac	Supplier’s total asset turnover ratio = operating revenues/total assets
Share	Supplier equity balance degree = natural log of the sum of squares of shareholding ratios of the second to the tenth largest shareholders
ROA	Return rate of supplier’s total assets = net profits/total assets
CusConcen	Supplier customer concentration, and proportion of sales revenue of the largest customer in the total sales revenue
Gysnstata	Nature of property right of the supplier. The assignment will be 1 in case of being a state-owned enterprise or will be 0 if not
khSize	Customer enterprise scale = natural logarithm of total assets
khLev	Asset-liability ratio of customer enterprise = liabilities/total assets
khAge	Natural logarithm of customer enterprise’s listing years
khOcf	Cash flow from customer’s operating activities = net cash flow from operating activities/total assets
khnstata	Nature of property right of the customer. The assignment will be 1 in case of being a state-owned enterprise or will be 0 if not