摘要
随着全球经济格局的变化和国际竞争的加剧,提升供应链的安全性与效率已成为增强国家经济竞争力的关键因素.本文基于2011-2021年A股上市公司CVC(corporate venture capital)投资数据及其前五大供应商和客户信息,构建了一个供应商-客户-年度观测样本集,从供应链信息溢出的角度出发,深入探讨客户CVC对长鞭效应的影响及其机制.研究发现,客户CVC能够通过提高信息透明度、可靠性和协同性,有效缓解供需长鞭效应.异质性分析表明,在供应商数据要素利用水平较低和环境不确定性较高的情况下,客户CVC的信息溢出效应更为显著.进一步研究发现,焦点企业CVC在多级供应链网络中同样存在信息溢出效应,可以缓解供应链网络的整体长鞭效应;且从经济后果来看,CVC对长鞭效应的缓解会进一步提升供应链的全要素生产率.本文为理解CVC通过信息溢出效应改善供应链运营效率、促进产业链协同发展提供了新的视角.
With the change of global economic pattern and the intensification of international competition,improving the security and efficiency of supply chain has become a key factor to enhance the competitiveness of national economy.Based on the CVC(corporate venture capital)investment data of A-share listed companies and the information of their top five suppliers and customers from 2011 to 2021,this paper constructs a sample set of supplier-customer-annual observations,and discusses the influence of customer CVC on the bullwhip effect and its mechanism from the perspective of supply chain information spillover.The study finds that customer CVC can effectively mitigate the supply-demand bullwhip effect by improving information transparency,reliability and synergy.Heterogeneity analysis shows that the information spillover effect of customer CVC is more significant when the supplier’s data element utilization level is low and the environmental uncertainty is high.Further research finds that the information spillover effect of focus firm CVC also exists in the multilevel supply chain network,which can mitigate the overall bullwhip effect of the supply chain network;and from the perspective of economic consequences,the mitigation of bullwhip effect by CVC can further enhance the total factor productivity of the supply chain.This paper provides a new perspective to understand how CVC improves the operational efficiency of supply chain and promotes the synergistic development of industrial chain through information spillover effect.
作者
孙兰兰
张轩轩
SUN Lanlan;ZHANG Xuanxuan(College of Economics and Management,Qingdao University of Science and Technology,Qingdao 266061,China)
出处
《系统工程理论与实践》
北大核心
2025年第10期3387-3407,共21页
Systems Engineering-Theory & Practice
基金
教育部人文社会科学研究青年基金(24YJC630185)
山东省自然科学基金(ZR2022QG020)
山东省重点研发计划(软科学项目)青年项目(2024RKY0304)。
关键词
供应链网络
信息溢出效应
公司创业投资(CVC)
长鞭效应
supply chain network
information spillover effect
corporate venture capital(CVC)
bullwhip effect
