Supply Chain Decentralization and Corporate Innovation:Based on the Perspective of Economic Policy Uncertainty
With the changes in the geopolitical environment and the prevalence of global trade protectionism,the costs and uncertainties associated with corporate R&D activities have continuously increased.This has heightened the focus on up-stream supply shortages and even supply interruptions.During the R&D process,if a company experiences delays or inter-ruptions in its innovation activities due to resource supply shortages,it can result in significant and irreparable losses includ-ing the loss of human capital and the disruption of established R&D pathways.Previous studies have suggested that a decen-tralized governance approach,implemented through a multi-supplier strategy,can help companies mitigate the severe re-source shortages caused by regional trade protectionism and upstream technology blockades,thereby incentivizing innova-tion.Currently,the decentralized governance model is widely applied in various fields,industry practices have already out-paced academic research in this area.Based on this,this paper attempts to explore the direct impact of supply chain decen-tralization on corporate innovation.Meanwhile,previous studies have identified two motivations in corporate innovation process under economic policy un-certainty which are"loss aversion"and"opportunity expectation."Driven by"loss aversion,"companies tend to reduce R&D expenditures and inhibit innovation output when facing external financial market frictions and internal agency prob-lems caused by economic policy uncertainty.Conversely,driven by"opportunity expectation,"companies may increase inno-vation or investment inputs and expand production to seize market opportunities and seek long-term benefits under eco-nomic policy uncertainty.Against this backdrop,it remains to be tested whether the level of supply chain decentralization,as a new production relationship enabled by technology,can enhance a company's ability to cope with supply chain disruptions and mitigate the negative impact of economic policy uncertainty on resource allocation.Based on this,this paper further explores the indirect impact of supply chain decentralization on the relationship between economic policy uncertainty and corporate innovation.Using data from A-share listed companies in China from 2011 to 2021,this study examines the impact of supply chain decentralization and economic policy uncertainty on corporate innovation output.The findings reveal that supply chain decentralization significantly promotes corporate innovation output,with supplier decentralization having a greater impact compared to customer decentralization.Additionally,examining the impact of policy uncertainty on corporate innovation,it was found that economic policy uncertainty stimulates corporate innovation.Furthermore,placing the relationship between economic policy uncertainty and corporate innovation in the context of supply chain decentralization,the study finds that supply chain decentralization strengthens the positive effect of economic policy uncertainty on corporate innovation.This confirms the significant external governance effects of decentralized production relationships in supply chain applications.Moreover,the study finds that the positive impact of supply chain decentralization on corporate innovation is more pro-nounced in private enterprises and industries with higher competition.These results suggest that supply chain decentraliza-tion is more conducive to corporate innovation in a market environment full of risks and changes.This provides important implications for corporates s to actively leverage the innovation-promoting effects of supply chain decentralization,further advance the level of supply chain decentralization,and help companies flexibly respond to a dynamic external environment to the greatest extent.Based on the conclusions of this study,the following managerial implications are derived:First,from the perspective of policymakers,relevant departments should actively assist upstream suppliers,especially small and micro enterprises,in ex-panding partnerships and establishing business channels.This can be achieved through industry associations or policy sup-port to encourage and support related industries in enhancing the degree of supply chain decentralization.Especially for tech-nology innovation enterprises at the end of the supply chain,diversified cooperation incentive mechanisms and supporting tax incentives and exemptions should be provided to encourage technological innovation and product development.Second,from the perspective of corporate managers,given the significant synergistic effect of economic policy uncertainty and sup-ply chain decentralization in promoting corporate innovation,companies should ensure the efficiency and security of supply chain information sharing while actively promoting the application of technologies such as artificial intelligence,the Internet of Things,and blockchain under the current environment where the COVID-19 pandemic brings opportunities for the digital transformation of offline businesses.Additionally,strengthening intellectual property protection can help companies capture the benefits brought by economic policy uncertainty,engage in upstream activities such as R&D design and high-tech inter-mediate goods production,and escape"low-end locking"and"low-end competition."
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