摘要
文章围绕党的二十大报告提出的“着力提升产业链供应链韧性和安全水平”“着力提高全要素生产率”相关精神,利用上市公司前五大客户数据考察了供应链客户稳定度能否对企业全要素生产率产生积极影响。研究结论如下:(1)较高的客户稳定度能够显著提升企业的全要素生产率水平。(2)机制分析表明,客户稳定度提升企业全要素生产率的三条作用路径分别是促进企业稳收降本和外部融资、提高存货管理效率和促进创新。(3)异质性检验结果显示,与国有企业、资本密集型和劳动密集型企业、行业竞争程度低的企业以及客户地理距离近的企业相比,在非国有企业、技术密集型企业、行业竞争程度高的企业以及客户地理距离远的企业中,客户稳定度对全要素生产率的提升作用更大。(4)经济后果检验表明,较高的客户稳定度可以通过改善企业全要素生产率继而进一步提升企业价值。文章不但拓展了既有企业全要素生产率影响因素、客户稳定度经济后果的相关理论研究,而且所取得的一系列结论对供应链管理理论、资源基础理论以及大客户管理理论等方面的研究视角和分析框架做出了必要的补充,同时也为如何在以国内大循环为主体的新发展格局背景下,通过增强供应链韧性和稳定性来促进经济高质量发展提供了有价值的理论依据和大样本的经验证据。
The improvement of total factor productivity(TFP)can promote the transformation of economic growth mode from the increase in the number of production factors to the improvement of efficiency and benefit,which is,from“extensive”growth to“intensive”growth,so as to achieve sustainable and high-quality economic growth.Micro firms are the foundation of macro economy,so the increase of macroeconomic output efficiency ultimately depends on the improvement of TFP of mi‐cro firms.From this point of view,it is very necessary and urgent to study the factors that affect the TFP of firms.Focusing on the spirit of“striving to raise total factor productivity”and“striving to promote the resilience and safety level of the industrial and supply chains”proposed in the report of the 20th National Congress of the Communist Party of China,this paper exam‐ines whether supply chain customer stability can have a positive impact on TFP of firm.The research results show that:(1)Higher customer stability can significantly improve the TFP level of firm.(2)The mechanism analysis shows that the three effective paths for customer stability to improve TFP of firm are to promote income increase,cost reduction,and external financing increase,improve inventory management efficiency,and promote innovation.(3)Heterogeneity analysis shows that compared with state-owned firms,firms in capital intensive industries and labor inten‐sive industries,firms with low degree of industry competition,and firms near customers,customer stability has a stronger im‐pact on the improvement of TFP among non-state firms,firms in technology intensive industries,firms with high degree of in‐dustry competition,and firms far from customers.(4)Economic consequence testing shows that higher customer stability can further enhance firm value by improving TFP.This paper not only expands the existing theoretical studies on the influencing factors of TFP and the economic conse‐quences of customer stability,but also makes necessary supplements to the research perspectives and analysis frameworks of supply chain management theory,resource-based theory and key account management theory.At the same time,it also pro‐vides valuable theoretical basis and large sample empirical evidence for how to promote high-quality economic development by enhancing supply chain resilience and stability in the context of the new development pattern with domestic large circula‐tion as the main body.
作者
张勇
侯路遥
Zhang Yong;Hou Luyao
出处
《南方经济》
CSSCI
北大核心
2024年第6期98-119,共22页
South China Journal of Economics
基金
国家社会科学基金一般项目“绿色金融改革创新驱动工业企业绿色转型的效应评估及政策优化研究”(22BJY190)资助。
关键词
客户稳定度
全要素生产率
机制检验
异质性分析
经济后果检验
Customer Stability
Total Factor Productivity
Mechanism Test
Heterogeneity Analysis
Economic Consequence Test
