互联网发展如何优化企业资源配置——基于企业库存调整的视角

How Does Internet Development Optimize Enterprise Resource Allocation:A Perspective from Enterprise Inventory Adjustments

“去库存”是深化供给侧结构性改革和不断优化经济结构的重要内容,也是事关企业优化资源配置进而促进高质量发展的重要问题。本文以企业库存调整为切入点,系统考察了以互联网发展为代表的新一轮科技革命如何优化中国制造业企业资源配置。研究发现,互联网发展显著降低了企业库存,有利于优化企业资源配置。机制检验表明,互联网发展不仅提升了供应链匹配效率和企业管理效率,而且降低了合约成本和企业销售不确定性,这些因素共同推动了企业库存降低。异质性分析表明,互联网发展对处于价值链上游、国有企业以及出口型企业的库存调整削减效应更大。互联网发展显著提高了企业生产率,库存削减调整是互联网发展提升企业绩效和促进经济高质量发展的重要传导机制。研究表明,互联网发展可以为企业库存管理进而优化资源配置提供高效化与精细化支持。本文深化了对数字时代背景下提高企业绩效传导机制的认识,为新一轮科技革命提升企业生产韧性,进而促进企业高质量发展提供了重要参考。

"Destocking"constitutes a pivotal element in deepening the supply-side structural reform and optimizing the economic structure.It is also a key issue for improving resource allocation within enterprises,thereby promoting high-quality development.The profound transformation caused by the Internet has revolutionized production processes of enterprises,affecting various production links.With the rapid development and extensive application of the Internet,corporate inventory management faces novel challenges and opportunities.Conventional methods of inventory management often rely on experience and market forecasts,potentially resulting in excessive inventory levels that trigger issues such as capital immobilization and suboptimal supply chain efficiency,which impedes high-quality development of enterprises.Consequently,exploring effects of Internet development on corporate inventory adjustments assumes paramount theoretical and practical significance.From the perspective of corporate inventory adjustment,this study systematically investigates how the latest wave of technological revolution,epitomized by the development of the Internet,optimizes resource allocation within Chinese manufacturing enterprises.The findings are as follows.The development of the Internet significantly reduces corporate inventory levels,thereby facilitating improved resource allocation.②Mechanism tests reveal that the development of the Internet elevates supply chain efficiency and corporate management effectiveness and diminishes contractual costs while mitigating sales uncertainty.These factors propel inventory reduction among enterprises.③Heterogeneity analysis demonstrates that the inventory reduction effects of Internet development are more pronounced for entities situated upstream in the value chain,state-owned enterprises(SOEs),and export-oriented businesses.@The development of the Internet significantly elevates enterprise productivity,where inventory reduction adjustment serves as a pivotal channel for enhancing enterprise performance and fostering high-quality economic development.This study underscores that Internet development has the potential to provide strong support for corporate inventory management and resource optimization.It further deepens our comprehension of mechanisms for enhancing enterprise performance in the digital era,offering critical insights for bolstering production resilience and propelling high-quality enterprise development in the context of the new technological revolution.The policy implications of this paper are as follows.It is necessary to promote the deep integration of digital technology and the real economy;support the development of cross-border e-commerce of export-oriented enterprises;make concerted efforts to address challenges of enterprise digital transformation to reduce sales uncertainty;promote the application of new technologies in the"5G+industrial Internet"and encouraging enterprises to adopt intelligent manufacturing equipment and technology to enhance production efficiency and quality;and strategically plan the construction of new infrastructure to promote network upgrading,speed increase,and cost reduction.The contributions of this paper are evident in three main aspects.Firstly,this study explores the impact of Internet development on enterprise resource allocation optimization through the lens of corporate inventory adjustment,considering both regional Internet development levels and industryspecific Internet usage intensity.Secondly,the study uses the interaction term of regional-year Internet development levels and industrial Internet usage intensity to identify the causal effect of Internet development on corporate inventories,effectively mitigating potential endogeneity problems.Thirdly,the study innovatively uses the"fiber-optic broadband infiltration strategy"as an exogenous technological shock to examine the impact of Internet development on corporate inventories.Fourthly,this study pioneers the construction of a corporate sales uncertainty index to probe the transmission mechanisms through which Internet development influences corporate inventories.