摘要
垂直整合指企业控制产业链上、下游环节,将上下游企业间交易内化为企业内部的生产和管理活动。不同于以往专注企业独立个体的研究,文章从供应链视角出发,探究经济政策不确定性对企业垂直整合的影响,利用2000-2018年A股制造业上市公司作为研究样本,并手工整理、测算垂直整合指标,研究发现,经济政策不确定性程度越高,企业越倾向于垂直整合。分企业、行业和区域三个层面的异质性检验结果显示,对于非国有企业、资产专用性较高的企业、高科技行业、竞争性行业、动荡性行业以及东部地区,经济政策不确定性对垂直整合的影响效应更为明显。稳健性检验及工具变量估计结果一致显示,该结论稳健成立。进一步,文章从供应链角度诠释了经济政策不确定性促进企业垂直整合的传导机理。结果显示,经济政策不确定性会削弱上、下游企业的投资强度,导致更高的融资约束,从而推动企业加速垂直整合、完善供应链管理。文章从供应链管理的视角为地方政府和企业应对突发事件以及由此导致的政策不确定性提供了有益启示。
During recent years,global economic uncertainty has risen sharply.The effect of economic policy uncertainty on business activities has become a research hotspot in academia,while previous studies mainly focus on the independent individuals of companies.It is considered that companies are closely related with others from upstream and downstream industries,thereby market transaction costs significantly influence the survival and development of companies,especially in the presence of high economic policy uncertainty.Therefore,this paper explores the impact of economic policy uncertainty on vertical integration from the perspective of supply chain.Vertical integration is defined that companies control adjacent production stages vertically on the supply chain,internalizing transactions between external companies into internal production activities.To be specific,using a sample of listed companies from manufacturing industry during 2000-2018 in China,as well as the vertical integration indicator manually sorted out and calculated,this paper investigates the effect of economic policy uncertainty on vertical integration.The result shows that the higher economic policy uncertainty is,the more inclined companies are to pursue vertical integration.The robustness test and instrumental variable estimation show that this basic result is valid and robust.The heterogeneity analysis conducted at firm-,industry-,and region-level shows that for non-state-owned companies,companies with higher asset specificity,and companies from high-tech industries,more competitive industries,more volatile industries,and the eastern region,the effect of economic policy uncertainty on vertical integration is greater.Further,this paper explores the mechanism about how economic policy uncertainty influences vertical integration.The result shows that economic policy uncertainty significantly decreases the investment intensity of upstream suppliers and downstream distributors,and leads to higher financing constraints,thereby inducing the propensity of vertical integration.More than that,this paper analyzes the reason why economic policy uncertainty has a greater impact on upstream industries from three perspectives:government regulations on the upstream and downstream industries,the proportion of state-owned enterprises distributed in upstream and downstream industries,and the capital intensity of upstream and downstream industries.This paper has the following contributions:From the perspective of supply chain,it explores the impact of economic policy uncertainty on micro enterprise operation;from the perspective of economic policy uncertainty,it enriches the research on the influencing factors of vertical integration,and provides new empirical evidence from China’s manufacturing industry.In addition,from the perspective of supply chain management,this paper provides policy recommendations and management implications for local governments and enterprises to deal with emergencies and the resulting economic policy uncertainty.
作者
战相岑
荣立达
张峰
Zhan Xiangcen;Rong Lida;Zhang Feng(School of Economics,Nankai University,Tianjin 300071,China;Department of Economics and Management,Nankai University Binhai College,Tianjin 300270,China)
出处
《财经研究》
CSSCI
北大核心
2021年第2期49-63,共15页
Journal of Finance and Economics
基金
国家自然科学基金面上项目(71572085)
国家自然科学基金面上项目(71973072)
关键词
经济政策不确定性
垂直整合
供应链
资产专用性
economic policy uncertainty
vertical integration
supply chain
asset specificity
作者简介
战相岑(1993−),女,辽宁丹东人,南开大学经济学院博士研究生;荣立达(1998−),女,吉林永吉人,南开大学经济学院科研助理;通讯作者:张峰(1980−),男,山东平阴人,南开大学经济学院教授,博士生导师。
