供应链数字化与企业价格加成  

Supply Chain Digitalization and Enterprises’Markup

作　　者：何佳俐 郑志强 胡新全 He Jiali;Zheng Zhiqiang;Hu Xinquan

机构地区：[1]安徽农业大学乡村振兴学院,安徽合肥230036 [2]安徽财经大学安徽经济社会发展研究院,安徽蚌埠233030 [3]上海财经大学经济学院,上海200433

出　　处：《证券市场导报》2025年第4期3-14,共12页Securities Market Herald

基　　金：安徽省社会科学创新发展研究课题“供应链数字化提升企业价格加成的机制与路径研究”(2023CX031)。

摘　　要：本文将“供应链创新与应用试点”政策视为企业供应链数字化建设的一项准自然实验,基于2007—2024年沪深A股上市公司数据,实证检验供应链数字化对企业价格加成的影响。研究发现,供应链数字化有利于提升企业价格加成,并且该结论通过了一系列稳健性检验。其作用机制在于:(1)通过信息系统集成与数据共享,增强了供应链各节点的透明度,降低了供应链合作过程中的供需协调成本;(2)通过搭建云端协作平台,强化了链上企业间的互联互通,推动了知识、技术与资源的共享与交流,促进链上企业间的协同创新。异质性分析发现,受议价能力、供应链数字化投入成本影响,对于低竞争行业企业和服务业企业,供应链数字化提升价格加成的作用更明显;企业自身数字化水平较高、外部知识产权保护程度较高能够强化供应链数字化的价格加成效应。进一步分析发现,供应链数字化试点企业政策和供应链数字化试点城市政策较好地发挥了政策协同效应。本文研究结论为推动供应链数字化、提升企业市场竞争力提供了理论与经验证据。This paper treats the pilot policy for“supply chain innovation and application”as a quasi-natural experiment for enterprises’supply chain digitalization efforts.Using data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2024,the paper empirically examines the impact of supply chain digitalization on enterprises’markup.The research finds that supply chain digitalization is conducive to increasing enterprises’markup and this conclusion has passed a series of robustness tests.The underlying mechanisms are summarized as follows.(1)Supply chain digitalization enhances the transparency of supply chain nodes and reduces supply-demand coordination costs in the collaborative process through the integration of information systems and data sharing.(2)By establishing cloud-based collaborative platforms,supply chain digitalization strengthens interconnectivity among firms in the supply chain,facilitates the sharing and exchange of knowledge,technologies,and resources,and promotes collaborative innovation among supply chain participants.The heterogeneity analysis finds that influenced by bargaining power and the costs of supply chain digitalization investment,the effect of supply chain digitalization on increasing markups is more significant for firms in low-competition industries and service industries.Meanwhile,a higher level of enterprises’digitalization and stronger external intellectual property protection can strengthen the effect of supply chain digitalization on increasing markup.Further analysis shows that pilot enterprises and cities for supply chain digitalization have effectively leveraged policy synergies.The findings of this paper provide theoretical and empirical evidence for advancing supply chain digitalization and enhancing enterprises’market competitiveness.

关 键 词：供应链数字化 价格加成 供应链协调成本 供应链协同创新 产业链供应链韧性 

分 类 号：F49[经济管理—产业经济]