Supply Chain Innovation,Uncertainty and Firm Resource Allocation:Based on Inventory Adjustment Perspective
In the context of digitalization,supply chain innovation has become an important way for enterprises to reduce inventory and gain competitive advantage,and it is also an important field for cultivating new growth points and forming new momentum.At the same time,under the background of economic globalization,supply chain management has become one of the key factors for the success or failure of enterprises.Supply chain innovation plays an important role in enhancing enterprise competitiveness,optimizing inventory management,and reducing operational costs.The report of the 20th National Congress of the Communist Party of China clearly proposed that implementing supply-side structural reforms is the foundation for promoting high-quality development and building a new pattern of development."De-stocking"by enterprises is one of the main connotations and specific measures of supply-side structural reforms,and it is also an important means for enterprises to"reduce capacity"and"reduce costs."The adjustment of enterprise inventory is the most intuitive manifestation of the effect of supply chain innovation policies and is also the process of enterprises optimizing resource allocation to adapt to new market demand changes.Based on this,how to reasonably adjust enterprise inventory in the process of implementing supply chain innovation has become an important research topic in the field of resource allocation.The purpose of this paper is to systematically examine the impact of supply chain innovation policy on enterprise inventory adjustment behavior and its micro-level mechanism from the unique perspective of enterprise"de-inventorying"as part of supply-side structural reform,against the backdrop of the 2018 supply chain innovation and application pilot policy,and using data from Shanghai and Shenzhen A-share listed companies during the period of 2013-2022.The study finds that the supply chain innovation pilot policy significantly promotes the reduction of enterprise inventory levels and improves the efficiency of enterprise resource allocation.Mechanism checks indicate that supply chain innovation mainly reduces uncertainty factors by improving the accuracy of supply and demand matching and enhancing the stability of the supply chain channels,thereby reducing enterprise inventory.Additionally,the reduction in transaction costs is crucial for enhancing the accuracy of supply and demand matching and the stability of the supply chain.Heterogeneity analysis shows that supply chain innovation has a greater impact on state-owned enterprises,enterprises with high levels of digitalization,enterprises with weaker financing constraints,and enterprises in regions with lower levels of marketization.Extension research indicates that supply chain innovation helps enterprises to cut inventory,reduce production costs,and optimize resource allocation,thereby empowering enterprise product innovation.Moreover,supply chain innovation policies significantly reduce enterprise costs and operational risks,and inventory optimization adjustment has become an important transmission mechanism for intelligent supply chains to promote the sustainable development of enterprises.This study helps to deepen the understanding of the role of supply chain innovation in improving the resilience of the industrial chain supply chain from the perspective of inventory adjustment and provides important policy enlightenment for the sustainable development of enterprises.For government departments,the policy implication is to strongly support the development of supply chain innovation,optimize public services,create a good environment,build a perfect industrial chain supply chain system,and explore new modes of supply chain innovation and efficiency.For enterprises,it is to apply information technology,innovate supply chain models,build a supply chain synergy platform across regions,industries,and enterprises,form information sharing,and actively integrate into the supply chain system to achieve interconnectivity among enterprises.In the face of the current complex domestic and international environment and a series of unexpected challenges and pressures,promoting the construction of an efficient,safe,and stable supply chain upstream and downstream system,and enhancing the ability of enterprises to withstand operational risks,is crucial for enterprises to achieve sustainable development and high-quality growth.
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