基于投资网络的产业链韧性测度及实证研究  

Empirical Research on Enterprise Industry Chain Resilience Measurement Based on Investment Networks

作　　者：司继春 张天鸿 彭正清 陈龙 Si Jichun;Zhang Tianhong;Peng Zhengqing;Chen Long(School of Information and Statistics,Shanghai University of International Business and Economics,Shanghai,201620,China)

机构地区：[1]上海对外经贸大学统计与信息学院,上海201620

出　　处：《上海经济》2024年第6期22-41,共20页Shanghai Economy

基　　金：国家自然科学基金青年项目(项目编号:72103132);国家社会科学基金重大项目(项目编号:22&ZD160)共同资助。

摘　　要：在外部经济不确定性上升的背景下,企业如何增强产业链韧性以保证经营平稳正常运行成为保障国家经济安全的重要问题。本文使用中国企业工商注册信息数据库构建上市公司投资网络,并结合投入产出数据构造企业纵向一体化指标以度量公司层面的产业链韧性。本文发现,当前企业的产业链布局逐步提高,其中制造业企业更加倾向于向下游投资,而服务业企业更加倾向于向上游投资。实证结果表明,企业纵向一体化对于利润和经营风险都有改善作用,然而该作用仅仅发生在企业对上下游直接关联的行业进行投资时。制造业企业对于产业链上下游的投资同样可以降低企业经营风险,然而由于对营业收入和成本的影响相互抵消,对利润本身的影响较弱。本文研究拓展了产业链韧性的测度方法,也对我国提高企业产业链韧性提供了有益参考。Against the backdrop of rising external economic uncertainties,strengthening enterprise supply chain resilience to ensure stable operations has become a crucial issue for national economic security.This paper constructs corporate investment networks using China's business registration database and combines input-output data to develop vertical integration indicators for measuring company-level supply chain resilience.The findings reveal that enterprises are gradually enhancing their industry chain layouts,with manufacturing firms showing a tendency to invest downstream while service companies prefer upstream investments.Empirical results demonstrate that vertical integration improves both profitability and operational risk management.However,these benefits only materialize when enterprises invest in directly related upstream and downstream industries.For manufacturing enterprises,investments in both upstream and downstream supply chain segments can reduce operational risks.However,the impact on profits remains relatively weak due to the offsetting effects between revenue and cost influences.This study expands the methodology for measuring industry chain resilience and provides valuable insights for enhancing enterprise industry chain resilience in China.

关 键 词：企业投资网络 产业链韧性 纵向一体化 投入产出 

分 类 号：F27[经济管理—企业管理]