供应链多元化配置、公共治理水平与股票流动性  

Supply Chain Diversification,Public Governance Level,and Stock Liquidity

作　　者：曹哲涵 Cao Zhehan(School of Accountancy,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学会计学院,上海200433

出　　处：《上海财经大学学报(哲学社会科学版)》2025年第1期47-61,共15页Journal of Shanghai University of Finance and Economics

基　　金：国家自然科学基金面上项目“非家族职业经理人的聘用和价值创造:基于家族大股东专有性资产的研究”(72272093);国家自然科学基金面上项目“IPO审计与审计师后续行为交互影响研究——发行监管和审计业务高度竞争下专有性投资理论的视角”(72072106)。

摘　　要：股票流动性的影响因素和供应链配置的经济后果是近年来理论和实践中的重要问题。文章构建了供应链多元化配置影响股票流动性的理论框架,并以2007—2020年的A股上市公司作为研究样本进行了实证检验。研究发现:(1)供应链多元化配置改善了股票流动性,表明资本市场对供应链多元化配置的优势予以了关注;(2)当公司所处环境的公共治理水平较低时(以上市公司所在地区的信任水平和法律环境为度量),供应链多元化配置对个股流动性的正向效应被显著削弱,表明不健全的公共治理机制可能放大供应链多元化配置的潜在缺陷;(3)公共治理机制对供应链多元化配置与股票流动性关系的调节效应在民营企业中更为显著,表明民营企业对上述关系更为敏感。文章不仅揭示了中国企业供应链多元化配置和股票流动性之间的关系,还强调了健全公共治理机制的重要性,同时为保护民营企业提供了新的视角。Under the backdrop of escalating global economic uncertainty and frequent supply chain disruptions,supply chain diversification has emerged as a critical strategy for enhancing firms' resilience and competitiveness.Simultaneously,stock liquidity,as a vital indicator of capital market efficiency,plays an irreplaceable role in reducing capital costs and optimizing resource allocation.However,existing research has not yet systematically uncovered the specific impact of supply chain diversification on stock liquidity,particularly the mechanisms under varying institutional environments.Based on the data from China's A-share listed companies between 2007 and 2020,this paper investigates the impact of supply chain diversification on stock liquidity and incorporates institutional factors into the analytical framework.The findings reveal that:(1) Supply chain diversification significantly improves stock liquidity,indicating that capital markets acknowledge the advantages of diversification in mitigating supply chain risks and enhancing firms' resilience and security.(2) In the context with a lower level of public governance,the positive effect of diversification is significantly weakened,suggesting that inadequate public governance mechanisms may amplify the potential drawbacks of diversification.(3) The moderating effect of public governance is particularly pronounced in private enterprises.This paper provides the following policy implications:First,policymakers should fully recognize the strategic value of supply chain diversification in strengthening supply chain resilience and enhancing firms' risk resistance.A systematic policy framework should be developed to incentivize firms to optimize their supply chain configuration,thereby unlocking the economic potential of supply chains.Second,capital market regulators should enhance corporate information disclosure systems,requiring listed companies to regularly disclose supply chain management strategies and risk mitigation measures.Third,policymakers should further streng

关 键 词：供应链配置 多元化 公共治理水平 股票流动性 

分 类 号：F276.6[经济管理—企业管理]