企业数字化转型的供应链溢出效应——客户与供应商双重视角

The Spillover Effect of Enterprise Digital Transformation on Supply Chain:A Dual Perspective of Customers and Suppliers

以2004—2022年中国A股上市企业为样本,基于供应商与客户双重视角考察企业数字化转型的供应链溢出效应及其经济后果。结果发现:①企业数字化转型程度越高,上游供应商与下游客户数字化转型程度越高,表明数字化转型在供应链上存在溢出效应,上述影响不仅当期存在,而且具有显著滞后性;②企业议价能力越强、成长潜力越大、与供应商及客户合作关系越稳定,数字化转型的溢出效应在供应链上表现越显著;③数字化转型的供应链溢出效应能够产生积极的经济后果,具体表现为供应链上下游企业信息不对称程度降低与资源配置水平提升。结论从供应链合作关系视角证实企业数字化转型的溢出效应,既可丰富数字化转型驱动因素相关文献,也可为政府制定数字化转型政策提供参考。

In the context of the global technological revolution and industrial transformation,digitization has emerged as the primary driver of high-quality economic development in China.Simultaneously,the imperative exploration of strategies to accelerate corporate digital transformation at the micro-level has become a paramount concern in this era of the digital economy.Amidst the rapid expansion of the market economy,collaboration between enterprises,suppliers,and customers has intricately interconnected,giving rise to a complex web of interdependent supply chain relationships.These relationships adhere to the principle of"prospering together or faltering together".Fueled by shared interest objectives,strategic transformational information disseminates throughout this supply chain network,potentially influencing the decision-making processes of other enterprises within the same supply chain.Thus,as a critical strategic decision,is the digital transformation of target companies widely contributing to the digital transformation of other companies in the supply chain?Will this spillover effect of digital transformation in target companies exhibit significant variations because of distinct collaborative relationships among supply chain companies and the unique characteristics of the target company itself?Moreover,what are the economic impacts of the supply chain spillover effect from the digital transformation of companies?It is worth noting that there are current deficiencies in academic research in this field.To address these questions,this paper engages in a theoretical analysis of the supply chain spillover effects stemming from corporate digital transformation and carries out an empirical analysis with a sample of China's A-share listed enterprises from 2004 to 2022.It is found that(1)corporate digital transformation unquestionably generates supply chain spillover effects.As the digital transformation level of the focal enterprise ascends,the digital transformation levels of both upstream suppliers and downstream customers correspondingly increase.To enhance the credibility of these research conclusions,several controls are implemented.These encompass the incorporation of industry and annual fixed effects,the modification of the measurement methodology of independent variables,and the confinement of the sample to manufacturing sector companies exclusively.Moreover,a two-stage residual inclusion method is deployed.This method,in conjunction with the cube of the difference between the target company's digital transformation index and the mean digital transformation level of other companies within its industry and province as an instrumental variable,serves to mitigate potential endogeneity issues that could undermine the research findings.Following a comprehensive battery of robustness checks and the consideration of endogeneity,the previously stated research conclusions remain unwavering.(2)Heterogeneous analysis results underscore that as collaboration stability between the target enterprise and its upstream and downstream partners within the supply chain steadily increases,the spillover impact of its digital transformation within the supply chain becomes more pronounced.In comparison to firms with relatively limited bargaining power,enterprises endowed with greater bargaining power exhibit a conspicuously amplified spillover effect of digital transformation within the supply chain.This heightened supply chain spillover effect is similarly discernible within companies characterized by substantial growth prospects.(3)An examination of economic consequences reveals that the supply chain spillover effects of digital transformation can yield favorable outcomes.On one hand,digital transformation aids in mitigating information asymmetry within enterprises,empowering them to access more extensive and valuable information resources.The spillover effects of digital transformation within the supply chain further enhance this information empowerment mechanism,effectively alleviating information asymmetry among upstream and downstream enterprises.On the other hand,the enhancement of resource allocation efficiency among supply chain enterprises manifests as an increase in the total factor productivity of supply chain enterprises,encompassing both customers and suppliers.This increase results from the target enterprises'enhanced digital transformation.The research conclusions obtained herein from the perspective of supply chain cooperative relationships affirm the existence of spillover effects associated with digital transformation.They enrich and extend the existing literature concerning the driving factors of digital transformation while also serving as valuable reference for government policymakers in formulating strategies related to digital transformation.