基于数字化转型的装备制造企业供应链集中度与企业创新绩效关系研究

Supply Chain Concentration and Innovation Performance of Equipment Manufacturing Enterprises:An Empirical Research Under Digital Tansformation

在经济全球化背景下,供应链集中程度与企业创新绩效的关系日益密切。基于供应商与客户的集中效应,以装备制造业2008—2021年上市公司的面板数据为研究样本,分析了装备制造企业供应链集中度对企业创新绩效的影响,检验了企业数字化转型在其中起到的调节效应,并进一步探究了商业信用融资和产权异质性的机制效应。研究发现:供应商集中度与企业创新绩效存在倒U形关系,且企业数字化转型能够显著负向调节这一关系;而客户集中度与装备制造企业创新绩效不存在倒U形关系,且企业数字化转型无法显著调节客户集中度对企业创新绩效的负向影响。最后,为装备制造企业优化供应链结构及提高创新绩效提出建议。

Under the background of economic globalization,the relationship between supply chain concentration and enterprise innovation performance has become increasingly prominent.Based on the concentration effect of suppliers and customers,the relationship between supply chain concentration and enterprise innovation performance is analyzed in depth with listed companies in the equipment manufacturing industry from 2008 to 2021 as a research sample,and by constructing a model of supply chain concentration-enterprise innovation performance,this papaer aims to explore the relationship between supply chain concentration and enterprise innovation performance,as well as the relationship between enterprise digital transformation and the improvement of enterprise innovation performance through adjusting the relationship between upstream and downstream suppliers and customers.An econometric model is built on panel data using STATA version 16.0,and the moderating effect of enterprise digital transformation is empirically examined through two-way fixed-effects regression,and the mechanism effects of commercial credit financing and property rights heterogeneity are further explored.The empirical study shows that supply chain concentration both helps and hinders firms' innovation performance.It is found that there is an inverted U-shaped relationship between customer concentration and the innovation performance of equipment manufacturing enterprises,and the digital transformation of enterprises can not significantly regulate the impact of customer concentration on the innovation performance of enterprises;and there is also an inverted U-shaped relationship between supplier concentration and the innovation performance of enterprises,the digital transformation of enterprises can negatively regulate the inverted U-shaped relationship significantly between supplier concentration and the innovation of enterprises.Further analysis reveals that commercial credit financing between equipment manufacturing enterprises and suppliers is negatively related to supplier concentration,and there is also a negative relationship between commercial credit financing and innovation output,which proves that commercial credit financing cannot alleviate the financial pressure for enterprise R&D investment,and at the same time,there is a negative correlation between the commercial credit financing between enterprises and suppliers and enterprise innovation performance;the grouping study by property rights heterogeneity shows that there is a significant inverted U-shaped relationship between non-state-owned enterprises compared to state-owned enterprises and large customers,while the relationship with large supplier enterprises is not significant,the empirical evidence shows that under the conditions of China's market economy configuration,the innovation performance of state-owned equipment manufacturing enterprises has a stronger economic relationship with large suppliers and large customers,and there is a significant inverted U-shape relationship between the innovative performance of equipment manufacturing enterprises of non-state-owned nature and the top 5 customers,but the relationship with the top 5 suppliers is not significant,and there is no significant effect of property rights heterogeneity on the impact of supplier concentration and enterprise innovation performance.Finally,the empirical analysis expands the research boundaries of supply chain concentration and digital transformation on enterprise innovation,and provides empirical support for optimizing the supply chain industrial structure of equipment manufacturing industry to improve enterprise innovation performance.