"Little Giants"with Great Effect:SRDI Identification,Supply Chain Spillover Effect and Enterprise Productivity
In the context of a new round of technological revolution and anti-globalization,China's core technologies are still facing the bottleneck of cutthroat,forming a blocking point of industrial chain and supply chain security.To promote the high-quality development of the industrial chain and supply chain and solve the problem of cutthroat,the Chinese government has issued a series of policies to cultivate a group of SRDI"little giant"enterprises that focus on key areas and conquer key core technologies.In recent years,with the improvement of the cultivation system for SRDI enterprises,they have developed rapidly,becoming the main forces for solving key technical problems and arousing the energy of innovations,the cornerstone for enhancing the resilience and security of China's industrial chain and supply chain,and the internal driving force for building a new"dual circulation"development paradigm and leading high-quality economic development.However,most of the existing literature focused on the impact of the SRDI enterprise identification and cultivation policy on enterprises themselves but did not extend the vision to the supply chain,ignoring one of the main purposes of the SRDI enterprise identification and cultivation policy,namely the potential supply chain spillover effect.The potential role of SRDI enterprises in leading the high-quality development of supply chain enterprises has not yet been explored.In this study,we use the focus enterprises sample data of China's A-share listed companies from 2015 to 2022 to empirically explore the spillover effect of SRDI"little giant"suppliers or customers on the total factor productivity(TFP)of the focus enterprises from the perspective of supply chain spillover.It is found that the"little giant"suppliers or customers can significantly improve the TFP of the focus enterprises.This effect is mainly driven by the backward spillover of"little giant"customers,and this finding is robust after a series of tests.Further analysis reveals that"little giant"customers mainly promote the growth of the TFP of focus enterprises by improving their capacity utilization rate,enhancing their commercial credit,and playing the role of signal transmission.In addition,this backward spillover effect is stronger in focus enterprises with high-quality human capital,state-owned property rights,and higher environmental uncertainty.The contributions of this study are reflected in the following three aspects.First,this study builds a dataset of focus enterprises matching the"little giant"suppliers or customers,makes a comprehensive analysis of the supply chain spillover effect of"little giant"enterprises,and broadens the theoretical and empirical research on the economic impacts of the SRDI enterprise identification and cultivation policy.Second,the existing literature on the influencing factors of enterprises'TFP mostly focused on external macro factors or the characteristics of enterprises themselves.This study innovatively verifies the influencing factors and paths of enterprises'TFP growth from the perspective of"little giant"customers in the supply chain,providing a new theoretical explanation for the growth of the TFP of enterprises.Third,most existing studies have explored the supplier-customer relationship and supply chain spillover effect from the perspectives of supply chain finance,the TFP of customer enterprises,the digital transformation of customer enterprises,etc.,while few studies have been conducted from the perspective of the SRDI enterprise identification and cultivation policy.This study empirically examines the important impact of SRDI"little giant"customers on the TFP of focus firms,which is a useful supplement to the research on the supplier-customer relationship and supply chain spillover effect.This study provides new empirical evidence for the effectiveness of SRDI enterprise identification and cultivation policy and has important theoretical and practical value for Chinese industrial and supply chains to develop stably and controllably.
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