摘要
构建稳定安全和合作共生的供应链关系,促使微观企业产能利用率提升,是我国推动供给侧结构性改革、重塑经济高质量发展新格局的关键举措。文章基于2008—2023年中国A股上市公司的研究样本,系统考察供应链持股对企业产能利用率的影响及其作用机制。研究发现,供应链持股能够显著提高企业产能利用率。机制分析表明,抑制过度投资、促进技术创新与降低供应链风险是其重要的作用途径。异质性分析表明,当经济周期性波动较大、地区制度环境较好、行业竞争程度较弱以及企业处于成长期时,供应链持股对企业产能利用率的优化作用更为明显。经济后果检验发现,供应链持股对企业产能利用率的提升作用能够进一步赋能企业韧性培育。文章为全面构建安全稳定的现代化供应链体系,进而化解产能过剩问题提供了参考。
At a critical juncture for comprehensively upgrading the modernization level of industrial and supply chains and advancing the economy toward high-quality development,it is crucial to strengthen collaboration among supply chain enterprises,establish stable,secure,and mutually beneficial supply chain relationships,and improve enterprise capacity utilization.This is a key measure for China to promote supply-side structural reform,build a modern industrial system,and reshape the landscape for high-quality economic growth.Drawing on a sample of China’s Ashare listed companies from 2008 to 2023,this paper systematically investigates the impact of supply chain shareholdings on firm-level capacity utilization and its underlying mechanisms.The findings reveal a significant positive relationship between supply chain shareholdings and capacity utilization,indicating that such shareholdings can substantially enhance enterprise efficiency in utilizing production capacity.Mechanism testing suggests that supply chain shareholdings exert this positive effect primarily by curbing overinvestment,fostering technological innovation,and mitigating supply chain risks.Heterogeneity analysis across macro-,meso-,and micro-level dimensions further demonstrates that this positive effect is more pronounced during periods of heightened economic volatility,in regions with more favorable institutional environments,in industries with lower competition intensity,and for enterprises in their growth stage.An assessment of the economic consequences shows that beyond improving capacity utilization,supply chain shareholdings contribute to enhancing enterprise resilience,thereby empowering enterprises to better withstand external shocks and sustain development.This paper offers valuable implications for constructing a secure and stable modern supply chain system and addressing the issue of excess capacity.
作者
石福安
邹颖
祁亚
Shi Fuan;Zou Ying;Qi Ya(School of Accounting,Capital University of Economics and Business,Beijing 100070,China;School of Management,Northwest Normal University,Gansu Lanzhou 730070,China)
出处
《上海财经大学学报(哲学社会科学版)》
北大核心
2025年第5期78-92,共15页
Journal of Shanghai University of Finance and Economics
基金
国家社会科学基金资助项目“杠杆监管对国有企业财务行为的影响机理研究”(20BGL072)
甘肃省哲学社会科学规划项目“甘肃省融入‘双循环’新发展格局的效果评价与实践路径研究”(2023YB010)
首都经济贸易大学研究生学术新人计划项目“‘三链’协同视域下新基建赋能企业韧性的机制与路径研究”(2024XSXR09)。
关键词
供应链持股
产能利用率
过度投资
技术创新
供应链风险
supply chain shareholdings
capacity utilization
overinvestment
technological innovation
supply chain risks
