By selecting the data of A-share manufacturing listed companies in China from 2010 to 2017, this paper first studies the direct impact of supplier concentration on company value, and the conclusion shows that supplier concentration has a negative impact on company value.Then, in the further study, it explores moderating effect of corporate governance related factors and financing constraints on the relationship between supplier concentration and company value. The empirical results show that the nature of property rights and the independence of the board of directors will have an impact on the relationship between the supplier concentration and company value. The connection between shareholders and executive compensation incentive have a negative moderating effect on the relationship between supplier concentration and company value. At the same time, the smaller the financing constraints faced by the corporations, the weaker the negative effect of supplier concentration on the company value. Finally,the paper uses the multiple mediation models to explore the mechanism of supplier concentration. This paper enriches the literatures related to supplier management and company value management.