跨国公司的“链”上引力：中国企业融入全球供应链的绩效研究

The “Chain”Attraction of Multinational Corporations: A Study on the Performance of Chinese Enterprises Integrating into the Global Supply Chain

摘要:

本文基于2011—2022年中国上市公司全球供应商-客户交易数据,运用多时点双重差分法评估了中国本土企业加入跨国公司供应链对其绩效的影响。实证结果表明,加入跨国公司供应链显著提升了企业绩效,这一结论在多种稳健性检验和内生性处理后依然成立。并且,在制造业和服务业、不同所有制及跨国公司总部国家为中高收入和高收入国家的情况下,企业绩效均呈现出积极变化。此外,本文探讨了知识溢出效应和信号效应的作用机制。企业加入跨国公司供应链后,一方面通过学习跨国公司的技术与管理经验增强创新能力;另一方面通过合作提升声誉、缓解融资约束,从而推动绩效提升。拓展分析显示,即使是间接为跨国公司供货的企业,其绩效亦有显著改善,表明供应链网络的正面影响不仅限于直接供应商关系。本文揭示了加入跨国公司供应链对中国企业发展的重要性,并为提升企业创新和融资能力提供了新的视角,具有较强的现实意义。

Abstract:

The impact of integration into multinational supply chains on the performance of Chinese domestic firms was investigated, using supplier-customer transaction data from Chinese listed companies between 2011 and 2022. A multiple-period difference-in-differences methodology was employed. It is found that participation in multinational supply chains significantly enhances firm performance. This results is robust across various robustness checks. Positive performance effects are observed across manufacturing and service industries, firms of different ownership types, and multinational corporations headquartered in high-income and upper-middle-income countries. Further research identifies two mechanisms underlying these effects: knowledge spillovers and signaling. Collaboration with multinational corporations fosters firms’ innovation capabilities by facilitating the adoption of advanced technologies and management practices. Additionally, such partnerships enhance firms’ reputation and ease financial constraints, further driving performance improvements. Notably, even firms indirectly supplying multinationals benefit significantly, underscoring the broad positive impact of supply chain networks beyond direct supplier relationships. These findings highlight the importance of multinational supply chain integration in promoting firm development in China, offering fresh insights into strategies for enhancing innovation and financial strength.