Innovation in local industrial chain policy and corporate risk-taking:Evidences from the industrial-chain leader system
The industrial-chain leader system is an institutional innovation aimed at promoting the modernization of China's industrial chains and supply chains.Whether it can forge the resilience of enterprises on the chain and improve the level of corporate risk-taking has attracted much attention.By adopting data from Chinese A-share listed companies from 2013 to 2021,and by employing a time-varying difference-in-differences model,this paper examines the micro effects and mechanisms of industrial-chain leader system from the perspective of corporate risk-taking.The research finds that industrial-chain leader system significantly increases the level of corporate risk-taking,exerting its function mainly by alleviating corporate financing constraints,enhancing value chain power,and strengthening information transparency.Further research finds that there are spillover effects from"chain-owner"enterprises to non-"chain-owner"enterprises,that the policy effects are more pronounced in cities with higher administrative levels and better business environments,and that the impact on risk-taking is more significant for capital-intensive enterprises and non-"chain-owner"enterprises.This study not only provides micro-level empirical evidences of how industrial-chain leader system supports high-quality corporate development but also offers decision-making references for local optimization of industrial chain policies.
the industrial-chain leader systemcorporate risk-takingfinancing constraintsinformation transparencyvalue chain power
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