供应链信息披露如何影响中国企业参与全球价值链分工?  

How Does Supply Chain Information Disclosure Affect Chinese Enterprises′Participation in Global Value Chains?

作　　者：蔡培民 魏龙[1] 潘安[2] CAI Peimin;WEI Long;PAN An

机构地区：[1]武汉理工大学经济学院 [2]中南财经政法大学经济学院

出　　处：《世界经济研究》2024年第12期74-88,M0003,M0004,共17页World Economy Studies

基　　金：国家社会科学基金重大项目“构建人类命运共同体进程中国际经济规则重建的理论逻辑及中国的战略选择”(项目编号:19ZDA054);国家社会科学基金一般项目“全球价值链重构对绿色‘一带一路’建设的影响及对策研究”(项目编号:22BGJ049);中央高校基本科研业务费资助项目(WUT:编号2023-vb-058)的资助。

摘　　要：全球供应链重构背景下,供应链信息披露成为各国政府、企业和学术界关注的重点议题。文章利用中国上市公司供应链数据库与中国海关数据库的匹配数据,从参与全球价值链分工视角考察企业披露供应链信息的经济效应。研究发现,披露供应链信息能够显著提升中国企业的全球价值链参与度,该结论得到一系列稳健性检验的支持。机制分析表明,缓解企业融资约束、改善企业与外部投资者间的信息不对称是供应链信息披露发挥作用的主要渠道。进一步分析发现,由于供应链信息更为敏感且关乎企业议价能力,披露该信息也可能导致供应链信任衰退并增加被低端锁定的风险。因此,供应链信息披露主要提升了企业的下游环节参与度,企业向价值链高端环节攀升时受阻明显。异质性分析表明,企业可以根据产权性质、生命周期、行业特征等属性,相机抉择地披露供应链信息,以实现供应链透明与安全的平衡。文章为中国企业更好应对全球供应链透明度要求、完善供应链信息披露策略提供经验证据。With the restructuring of the global supply chain,supply chain information disclosure has become a key concern for governments,enterprises and academia worldwide.This study uses matching data from China′s listed company supply chain database and China′s customs database to examine the economic effects of corporate disclosure of supply chain information,focusing on participation in the division of labor within the global value chain.The study found that disclosing supply chain information can significantly increase Chinese companies′participation in global value chains,and is supported by a series of robustness tests.Mechanism analysis shows that easing corporate financing constraints and improving information asymmetry between companies and external investors are the primary channels through which supply chain information disclosure exerts its influence.Further analysis found that since supply chain information is more sensitive and related to bargaining power,disclosing this information may also lead to a decline in supply chain trust and an increased risk of being locked into the lower end of the value chain.Therefore,supply chain information disclosure mainly increases the participation of enterprises in downstream links of the value chain,while their progress towards high-end links is significantly impeded.Heterogeneity analysis shows that companies can strategically disclose supply chain information based on factors such as the nature of property rights,life cycle,industry characteristics,thereby achieving a balance between supply chain transparency and security.This article provides empirical evidence for Chinese companies to better respond to global supply chain transparency requirements and refine their supply chain information disclosure strategies.

关 键 词：供应链信息披露 全球价值链 信息不对称 融资约束 低端锁定 

分 类 号：F27[经济管理—企业管理]