摘要
在国际环境不确定性和突发事件扰动的双重挑战下,确保供应链安全稳定已成为各国共同的挑战。文章从微观层面考察了企业“走出去”对其供应链稳定性的影响,发现“走出去”显著提高了上市公司供应链稳定性。机制检验表明,“走出去”虽然增加了企业经营成本,并因此降低供应链稳定性,但仍可通过增强企业技术水平促进其供应链稳定性提升;企业OFDI扩展边际对供应链稳定性的提升效果显著高于OFDI集约边际。异质性研究表明,企业“走出去”更有利于提升其下游环节供应链稳定性,其正向作用也同时反映在工业企业尤其是劳动密集型行业企业中,两结论互相印证。进一步地,尽管企业“走出去”在一定程度上造成其供应链向外转移,但主要体现在企业客户的国际化,并未造成产业空心化。文章不仅为找准中国提升产业链供应链稳定性的发力点提供了思路,而且对加快构建“双循环”新发展格局具有参考意义。
Amidst the dual challenges of intermational uncertainty and disruptive unforeseen events,ensuring the security and stability of supply chains has become a shared global challenge.This study examines the impact of corporate"going global"(Outward Foreign Direct Investment-OFDI)on supply chain stability from a micro-level perspective.The findings reveal that"going global"significantly enhances the supply chain stability of listed companies.Mechanism tests indicate that while OFDI increases operational costs,thereby negatively impacting supply chain stability,this effect is outweighed by its positive contribution through enhancing the firm's technological capabilities.Decomposing OFDI into its intensive margin and extensive margin shows that the extensive margin has a significantly stronger effect on improving supply chain stability than the intensive margin.Furthermore,segmenting the supply chain into upstream and downstream links demonstrates that"going global"is more conducive to enhancing stability in the firm's downstream supply chain links.Concurrently,the positive effect of OFDI on supply chain stability is primarily observed in industrial enterprises,particularly those in labor-intensive industries;the enhancement of downstream supply chain stability is identified as the key explanation for this phenomenon.Finally,while"going global"contributes to a certain degree of outward shift in China's industrial and supply chains,this shift is predominantly manifested in the intemationalization of clients during the OFDI process and therefore does not lead to industrial"hollowing-out".This research not only provides insights for identifying strategic focal points to enhance the stability of China's industrial and supply chains but also holds significance for accelerating the construction of the new development paradigm of"dual circulation".
作者
郭娟娟
杨俊
GUO Juanjuan;YANG Jun
出处
《世界经济研究》
北大核心
2025年第7期76-90,M0003,共16页
World Economy Studies
基金
国家社会科学基金一般项目“中国制造业外迁动因、影响及对策研究”(项目编号:21BJL114)
上海社会科学院2025年度院重大系列课题“扩大高水平对外开放与中国自贸试验区体制机制创新研究”的资助。
