摘要
依托供应链区位布局异地投资是全国统一大市场建设的重要路径。基于2002—2023年中国上市企业数据,考察供应链协同下异地投资对企业资源配置效率的影响。研究发现,供应链协同下异地投资能够显著提升企业的资源配置效率,作用路径为增强供应链风险感知能力、提升供需匹配度和减少关系专用性资产投资。异质性分析显示,该效应在低营运效率、高信息披露质量、高供应商和客户集中度以及生产与销售效率更高的企业更为显著。进一步研究发现,企业采用投资设立子公司与跨行业投资模式才能实现资源配置优势。
Cross-regional investment guided by supply chain location strategies is vital to building a national unified market.Using data from Chinese listed companies from 2002 to 2023,this study examined the impact of cross-regional investment under supply chain collaboration on corporate resource allocation efficiency.The findings revealed that such investment significantly enhanced firms'resource allocation efficiency,primarily through three channels:improving the perception and management of supply chain risks,coordinating supply and demand to achieve better fit,and reducing specialized asset investments.Heterogeneity analyses showed that this effect was more pronounced among firms with lower operational efficiency,higher information disclosure quality,higher supplier and customer concentration,and higher production and sales efficiency.Further analysis indicated that resource allocation advantage was available only if firms chose to invest subsidiaries by investment and adopt the pattern of cross-industry investment.
作者
刘宇桦
倪一宁
马野青
LIU Yu-hua;NI Yi-ning;MA Ye-qing(Business School,Nanjing University,Nanjing 210093;World Economic Researeh Center,Nanjing University,Ea Nanjing 210093,China)
出处
《山西财经大学学报》
2026年第1期101-113,共13页
Journal of Shanxi University of Finance and Economics
基金
教育部人文社会科学重点研究基地重大项目(22JJD790035)。
关键词
供应链协同
异地投资
资源配置效率
供应链风险
风险感知
供需匹配度
专用资产投资
跨行业投资
supply chain collaboration
cross-regional investment
resource allocation efficiency
supply chain risk
risk perception
supply-demand matching
specialized asset investment
cross-industry investment
