跨境电商赋能企业供应链韧性提升:来自中国上市公司的微观证据

Cross-border E-commerce Empowers Enterprises to Improve Supply Chain Resilience:Micro Evidence from China's Listed Companies

文章基于2010~2022年中国167个地级市804个A股上市公司样本数据,应用文本分析构建跨境电商综合试验区设立的异质性指标,通过供应链抵抗能力、恢复能力和创造能力3个维度测度企业供应链韧性水平,从微观层面探讨跨境电商赋能企业供应链韧性提升的方向和机制。文章结果表明,跨境电商发展有助于企业供应链韧性的提升,企业竞争能力、企业创新能力和数字基础设施是赋能的3个重要机制,在不同分位数、产业和企业表现出明显异质性。进一步研究发现,中国跨境电商综合试验区在成渝、京津冀、长江中游、长三角和珠三角五大城市群的政策效应各具特色。文章的研究对于推动跨境电商良性发展、加强企业供应链韧性建设具有启示意义。

Based on the sample data of 804 A-share listed companies in 167 prefecture-level cities in China from 2010 to 2022,this paper applies text analysis to construct the heterogeneity index of the establishment of integrated pilot zones for cross-border e-commerce,measures the supply chain resilience level of enterprises through three dimensions:supply chain resistance,recovery and creativity,discusses the direction and mechanism of cross-border e-commerce to empower enterprises to improve the resilience of their supply chains from the micro level.The results show that the development of cross-border e-commerce contributes to the improvement of enterprise supply chain resilience,and enterprise competitiveness,enterprise innovation and digital infrastructure are the three important enabling mechanisms,showing obvious heterogeneity in different quantiles,industries,cities and enterprises.Further research finds that China's comprehensive pilot zones for cross-border e-commerce have distinctive status quo performance and policy effects in each of the five major urban agglomerations:Chengdu-Chongqing,Beijing-Tianjin-Hebei,the middle reaches of the Yangtze River,the Yangtze River Delta,and the Pearl River Delta.The research of this paper has enlightening significance for promoting the benign development of cross-border e-commerce and strengthening the construction of enterprise supply chain resilience.