产业承接与企业供应链韧性 ——基于国家级承接产业转移示范区政策的实证检验

Industrial Transfer and Corporate Supply Chain Resilience: Evidence from National Industrial Relocation Demonstration Zones Policy

摘要:

在加快建设全国统一大市场的背景下,国内产业的转移承接对实现生产要素合理配置,保障产业链完整性、安全性,促进企业供应链韧性提升具有重要现实意义。基于此,将国家级承接产业转移示范区的建立视作“准自然实验”,利用2008—2023年259个城市沪深A股上市公司数据,运用多期DID模型分析了产业承接政策促进企业供应链韧性提高的效应与路径。研究发现:产业承接政策显著促进了企业供应链韧性的提高,并具有持续性正向效应,且经过多维度稳健性检验后仍可靠。路径研究发现,产业承接政策通过提高承接地企业创新能力、促进供应链企业间信息共享、维护上下游企业供需稳定的方式作用于承接地企业供应链韧性提升。异质性研究发现,产业承接政策促进企业供应链韧性提升的影响对民营企业、产业链上游企业、工业和服务业企业及市场分割程度低地区企业的影响更为显著。研究结论既为有效提升企业供应链韧性提供了新的视角,也为中国统筹释放不同地区异质性要素活力、维护现代经济体系稳定、健全推动经济高质量发展提供了决策启示。

Abstract:

Against the backdrop of accelerating the construction of a unified national market, the transfer and reception of domestic industries hold significant practical importance for realizing the rational allocation of production factors, ensuring the integrity and security of industrial chains, and enhancing the resilience of corporate supply chains. In this context, the establishment of the national industrial relocation demonstration zones policy was treated as a “quasi-natural experiment”. Based on data from companies listed on the Shanghai and Shenzhen A share markets across 259 cities from 2008 to 2023, a multi-period difference-in-differences (DID) model was employed to analyze the effects and pathways through which industrial relocation policies enhance corporate supply chain resilience. It is found that the industrial relocation policy significantly promotes the improvement of corporate supply chain resilience and exerts sustained positive effects. These findings remain robust after a series of multidimensional robustness tests. The analysis of the underlying mechanisms reveals that the policy enhances the supply chain resilience of enterprises in receiving areas by improving their innovation capacity, promoting information sharing among supply chain firms, and maintaining supply-demand stability between upstream and downstream enterprises. Heterogeneity analysis indicates that the positive impact of the industrial relocation policy on supply chain resilience is more pronounced for private enterprises, firms in upstream segments of the industrial chain, industrial and service sector enterprises, and firms located in regions with a lower degree of market segmentation. The conclusions of this research not only offer a novel perspective for effectively enhancing corporate supply chain resilience but also provide decision-making insights for China to coordinately unleash the heterogeneous vitality of different regions, maintain the stability of the modern economic system, and promote high-quality economic development.