智慧供应链建设能促进企业“脱虚向实”吗?

Can the construction of smart supply chain help enterprises go“from virtual to real”?

应用数智技术带动供应链升级,促进数实融合,是增强经济活力、推动经济高质量发展的必然趋势。选取2010—2021年中国沪深A股上市公司为研究对象,将供应链创新与应用试点政策作为外生冲击,探究智慧供应链建设对企业金融化的影响效应。研究结果表明:智慧供应链建设有助于抑制企业金融化,帮助企业“脱虚向实”。进行多项检验之后,上述结论依然稳健。从作用路径来看,智慧供应链建设能够通过资源供给、主业驱动两大机制抑制企业的预防性动机与投机动机,从而降低企业金融化水平。异质性分析表明,资源可得性、企业生命周期、供应链特征均对两者关系产生了显著影响。进一步来看,智慧供应链建设在供应链层面存在溢出效应,能够发挥示范引领作用。研究结论揭示了智慧供应链建设赋能实体经济的作用机理,为突破传统供应链的局限、推动实体经济的创新发展与转型升级提供有益思路。

Digital intelligence technology is being used to drive supply chain upgrades and promote the integration of digital and physical domains.This is an inevitable trend in efforts to enhance economic vitality and high-quality economic development.This study selects a sample of China s A-share listed companies from the Shanghai and Shenzhen stock exchanges from 2010 to 2021.Supply chain innovation and application pilot policies serve as an exogenous shock to explore the impact of smart supply chain construction on enterprise financialization.The findings indicate that building smart supply chains suppresses financialization and helps companies shift from the virtual to physical domains.After conducting multiple tests,the above conclusions remain robust.Smart supply chain construction reduces financialization by inhibiting enterprises preventive and speculative motivations through two main channels:resource supply and core business drive.The heterogeneity analysis shows that the relationship between smart supply chain construction and financialization is significantly impacted by resource availability,enterprise life cycle,and supply chain characteristics.Furthermore,smart supply chain construction exhibits spillover effects at the supply chain level,demonstrating that it has a role in guiding and exemplifying best practices.This paper reveals the mechanisms through which smart supply chain construction drives the real economy,providing valuable insights for efforts to overcome the limitations of traditional supply chains and promote innovative development and the transformation of the real economy.