Supply Chain Shareholding and High-quality Development of Enterprises:From the Perspective of Total Factor Productivity
In recent years,with the transformation of the situation in China and abroad,more and more enterprises have paid attention to supply chain cooperation.It is recognized that supply chain relationships and interactions between suppliers and customers have an increasing impact on corporate behavior and performance.Enhancing the synergy between supply chain enterprises and helping reshape a stable and secure cooperative symbiotic relationship between upstream and downstream enterprises in the supply chain are not only an important task to promote supply-side structural reform and build a modernized industrial system at present and in the longer term in the future but also a major strategic plan to promote China's high-quality development in the new development stage.Supply chain equity holding is a special relationship where suppliers or customers hold shares in a listed company.This resolves financing constraints,directs funds to procurement and sales,enhances market understanding,and avoids ineffective production.It eliminates supply chain disruptions,deepens cooperation,strengthens stakeholder coordination,and builds a stable supply chain.This maximizes the value and efficiency of the supply chain,which is crucial for high-quality enterprise development.However,existing research has overlooked its economic impact in promoting high-quality enterprise development.To fill this gap,this paper uses the data of China's A-share listed companies from 2008 to 2022 to find that supply chain shareholding significantly improves total factor productivity(TFP).The mechanism analysis reveals that supply chain shareholding promotes the high-quality development of enterprises by reducing corporate financing constraints and improving the stability of supply chain relationships.This paper further finds that supply chain shareholding plays a more significant role in non-state-owned enterprises,low market competitive advantage,low supply chain discourse power,low digital transformation,low sustainable development goals of enterprises and enterprises with far geographical distribution of supply chain.The analysis of economic consequences shows that supply chain shareholding has a trade-off effect on the high-quality development of enterprises.On the one hand,it can further expand their business boundary;on the other hand,it can reduce the number of enterprises in the same industry,leading to the risk of industry crowding out.This paper clarifies how supply chain shareholding,a special supply chain relationship,empowers the high-quality development of enterprises,and provides policy references for building a modern,safe,and stable supply chain system,optimizing the financing structure of listed companies and increasing their direct financing proportion.
supply chain shareholdinghigh-quality development of enterprisetotal factor productivityfinancing constraintssupply chain relationships
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