中国自由贸易试验区建设对企业供应链配置的影响:集中化还是多元化

The Impact of the Construction of China's Pilot Free Trade Zone on the Supply Chain Configuration of Enterprises:Centralization or Diversification

在当前高度不确定的经济环境下,探讨作为制度创新“试验田”的自由贸易试验区建设如何优化供应链配置进而提升中国产业链供应链韧性和安全水平具有重要的理论和现实意义。基于自由贸易试验区建设的外生冲击事件,以2009-2022年我国A股上市公司为研究样本,系统评估自由贸易试验区建设对区域内企业供应链配置的影响及其作用机理。研究发现,自由贸易试验区建设显著降低了供应链上游供应商、下游客户以及供应链整体集中度,推动供应链配置多元化。机制检验发现,自由贸易试验区建设增强了辖域内微观主体的竞争效应,具体表现为加剧企业风险、减少转换成本及降低进入壁垒,从而推动企业建立多元化供应商和客户关系,提升供应链韧性。进一步分析显示,自由贸易试验区建设对供应链配置多元化的推动作用在沿海地区、高科技行业以及非国有企业中更加突出。文章将自由贸易试验区建设的经济后果拓展至供应链层面,为建设面向全球的高标准自由贸易试验区网络、提升中国产业链供应链韧性和安全水平提供重要的政策启示。

Under the current highly uncertain economic environment,it is of great theoretical and practical significance to explore the impact of the Pilot Free Trade Zone(PFTZ)as a“testing ground”for institutional innovation on the optimization of supply chain configuration and the enhancement of supply chain resilience and security of China's industrial chain.Based on the exogenous impact events of the construction of the PFTZ,this paper takes China's A-share listed companies from 2009 to 2022 as the research sample,and systematically evaluates the impact of the construction of the PFTZ on the supply chain configuration of the enterprises in the region and its mechanism of action.It is found that the construction of the PFTZ significantly reduces the concentration of upstream suppliers,downstream customers and the overall supply chain,and promotes the diversification of supply chain configuration.The mechanism test finds that the construction of PFTZ enhances the competitive effect of micro-entities within their jurisdiction,which is manifested in increasing enterprise risks,reducing switching costs,and lowering entry barriers,thereby promotes the establishment of diversified supplier and customer relationships and improves supply chain resilience.Further analyses show that the effects of PFTZ construction on supply chain diversification are more prominent in coastal areas,high-tech industries,and non-state-owned enterprises.This paper extends the economic consequences of the construction of PFTZ to the supply chain level,which provides important policy implications for the construction of a globally oriented network of high-standard PFTZs,and for the enhancement of supply chain resilience and security of China's industrial chain.