供应链数字化与企业绩效——机制与经验证据

Supply Chain Digitalization and Firm Performance:Mechanism and Empirical Evidence

在数字技术加速与供应链融合的背景下,厘清数字技术赋能供应链的机制及效果是深入推进现代供应链体系建设的前提,对促进供给侧结构性改革和加快构建双循环新发展格局具有重要意义。借助供应链创新与应用试点工作构建的外生冲击环境,本文基于2013-2020年A股上市公司数据,系统考察了供应链数字化对企业绩效的影响。研究发现:供应链数字化显著提升了企业绩效,管理赋能和创新赋能是供应链数字化驱动企业绩效提升的具体路径机制,较高的公司治理水平和政府营造的良好供应链运营环境是不可或缺的支撑条件。异质性分析结果表明,供应链数字化对产业链中游企业和非国有企业的绩效驱动作用更显著。进一步研究中,利用新冠肺炎疫情构造风险危机的外生冲击,通过事件研究法和三重差分模型研究发现,供应链数字化提高了企业对危机风险的事前防范能力和事后化解能力,增强了风险冲击下企业绩效的稳定性,实现了有韧性的增长。本文不仅为加快构建现代供应链体系提供了经验支撑,更对提升产业链供应链韧性以及推动经济实现质的有效提升和量的合理增长具有重要的政策启示。

Modern supply chain is a strategic tool for enterprises to obtain competitive advantages,a powerful starting point for promoting supply-side structural reform,and an inevitable measure to build a modern circulation system and a new pattern of dual-cycle development.In order to accelerate the development of modern digital supply chain,in April 2018,the Ministry of Commerce and eight other departments jointly launched pilot work on supply chain innovation application.With many cities and enterprises as pilot units,the work actively explores new ways of digital technology and supply chain innovation and development,and has accumulated rich practical experience for China's supply chain digital transformation.Under the background of digital transformation,to clarify the mechanism and effect of supply chain digitalization is the premise of promoting the construction of modern supply chain system.Unfortunately,as the digital transformation of supply chain is still in the forefront,most of the current studies on the proposition of whether supply chain digitalization can create value are only logical deduction at the theoretical level,and no consistent conclusions have been reached.Few studies provide empirical evidence of the economic consequences of supply chain digitalization.Considering the shortcomings of the above studies,this paper aims to use secondary data to deeply and systematically analyze the mechanism and effect of digital technology enabling supply chain.Specifically,based on the external impact environment constructed by supply chain innovation and application pilot work,based on the data of A-share listed companies from 2013 to 2020,the impact of supply chain digitalization on enterprise performance is systematically investigated.It is found that supply chain digitization significantly improves enterprise performance.Mechanism analysis results show that management enablement and innovation enablement are the specific path mechanisms to improve enterprise performance driven by supply chain digitalization,a good supply chain operating environment created by the government and a higher level of corporate governance are indispensable supporting conditions for successful transformation.The results of heterogeneity analysis show that supply chain digitalization has a more significant driving effect on the performance of midstream enterprises and non-state-owned enterprises.In the further study,the exogenous impact of risk crisis is constructed by the novel coronavirus outbreak,and the event study method and difference-in-difference-in-difference model are used to study and find that the digitalization of supply chain improves enterprises'pre-prevention ability and post-resolution ability to risk crisis,enhances the stability of enterprise performance under the risk impact,and promotes resilient growth.The contributions of this paper are as follows:Firstly,it breaks through the limitations of existing literatures in research methods and perspectives,and makes a systematic quantitative evaluation of the effect of the digital transformation of supply chain by using the data of listed companies.Existing studies on the effect of supply chain digital economy mostly stay in the logical deduction of theoretical level,and the conclusion is not unified.This paper provides direct empirical evidence for the performance driving effect of supply chain digitization.Based on the data of listed companies,this paper provides direct empirical evidence for the performance-driven role of supply chain digitalization.Secondly,it deeply reveals the potential paths and supporting conditions of supply chain digitalization affecting enterprise performance,and deepens the understanding of supply chain digitalization enabling mechanism.The conclusion has important practical significance.Third,explore whether digitizing supply chains can promote resilient growth in the context of the exogenous risk shock environment created by the COVID-19 pandemic.The research conclusions not only have reference value for improving the resilience of industrial chain and supply chain,but also provide important policy implications for promoting the effective improvement of quality and reasonable growth of quantity of economy.