供应商稳定度提升了客户的全要素生产率吗?  

Can Supplier Stability Improve the Total Factor Productivity of Customers?

作　　者：黄宏斌 刘倩茹 陈美健 孙雅妮 HUANG Hongbin;LIU Qianru;CHEN Meijian;SUN Yani(School of Accounting,Tianjin University of Finance and Economics,Tianjin 300222,China;School of Accounting,Guangdong University of Foreign Studies,Guangdong Guangzhou 510006,China;School of Management,Hainan University,Hainan Haikou 570228,China)

机构地区：[1]天津财经大学会计学院 [2]广东外语外贸大学会计学院 [3]海南大学管理学院

出　　处：《金融评论》2023年第3期105-124,126,共21页Chinese Review of Financial Studies

基　　金：国家自然科学基金面上项目(项目批准号:71872121);教育部人文社会科学研究青年基金项目(项目批准号:19YJC630105);2021年天津市研究生科研创新项目(项目批准号:2021YJSB359)的资助。

摘　　要：企业全要素生产率的提高是实现中国经济高质量发展的微观路径,但地缘经济摩擦威胁着企业供应链的韧性和安全,这对企业提升全要素生产率和实现经济高质量发展均带来巨大的挑战。在这一背景下,本文考察了供应商稳定度对客户企业全要素生产率的影响及其作用机理。研究发现,与供应商的稳定关系可通过供应链协作而提升客户企业的全要素生产率。与资本密集型供应商的稳定关系通过供应链金融为客户提供并优化配置资本资源以提高客户的全要素生产率,表现为“资金补给效应”;与技术密集型供应商的稳定关系则通过供应链技术创新合作为客户提供并优化配置技术资源以提升客户的全要素生产率,表现为“研发溢出效应”。进一步研究发现,供应商与客户地位不平衡、双方地理距离较远以及客户议价能力较强时,供应商稳定度对客户全要素生产率的促进效果更为显著。本文为通过稳定供应链实现经济高质量发展提供了微观经验证据,更为当下面对供应链韧性和安全威胁的企业如何通过构建稳定的供应关系而提升全要素生产率提供了有益的启示。Enhancing the total factor productivity(TFP)of enterprises is a crucial pathway to achieving high-quality economic development in China.However,intense technological competition among nations poses significant challenges to the resilience and security of enterprise supply chains.In this context,this article examines the influence of supplier stability on the TFP of customer firms and its underlying mechanisms.Our findings demonstrate that establishing stable relationships with suppliers positively impacts the TFP of customer enterprises through enhanced supply chain collaboration.Furthermore,our mechanism analysis reveals that capital-intensive suppliers contribute to customers'TFP through a capital replenishment effect.By providing and optimizing the allocation of capital resources to customers via supply chain finance,these suppliers facilitate capital replenishment and enhance TFP.Similarly,technology-intensive suppliers exert an R&D spillover effect on customers'TFP through supply chain technology innovation cooperation.They provide and optimize the allocation of technical resources,fostering innovation and augmenting TFP.These findings highlight the significance of achieving coordination and resource supply within supply chains through stable relationships with suppliers,ultimately driving improvements in customer TFP.Additionally,we find that supplier stability has a more pronounced impact on customer TFP under conditions of supplier-customer power imbalance,significant geographical distance,or strong customer bargaining power.This article offers micro-empirical evidence supporting the achievement of high-quality economic development through stable supply chains,providing valuable insights for enterprises facing threats to supply chain resilience and security in their efforts to enhance TFP.It also offers practical implications for policymakers seeking to promote economic development by fostering stable and efficient supply chain relationships.

关 键 词：供应商稳定度 全要素生产率 要素密集度 供应链协作 

分 类 号：F274[经济管理—企业管理]