摘要
数字经济时代,“链主”企业效能释放机制已成为影响产业链供应链现代化转型成效的关键因素。本文基于数字经济理论框架,聚焦我国产业链供应链中的“链主”企业群体,运用探索性多案例研究与组态分析方法,系统揭示数字供应链金融赋能“链主”企业价值创造的传导机制。研究发现,数字供应链金融通过优化链内资本配置效率,显著提升“链主”企业并购整合绩效,进而形成“数字赋能-资源整合-价值增值”的良性循环;“链主”企业通过构建数字信用共享平台,实施供应链金融反哺机制,有效降低链上中小企业融资成本,实现产业链价值共创;研究进一步揭示“链主”企业的财务韧性构成效能释放的核心要素,其中链内并购虽非增强财务实力的唯一路径,但通过案例分析证实,其可使资本周转效率提升,成为最有效的短期强化手段。
In the era of the digital economy,the efficiency release mechanism of“chain leader”enterprises has become a critical factor influencing the modernization of industrial and supply chains.Based on the theoretical framework of the digital economy,this study focuses on the“chain leader”enterprise groups within China’s industrial and supply chains,employing exploratory multi-case research and configuration analysis to systematically reveal the transmission mechanism through which digital supply chain finance empowers value creation in these enterprises.Empirical findings demonstrate that digital supply chain finance significantly enhances the merger and integration performance of“chain leader”enterprises by optimizing intra-chain capital allocation efficiency,thereby forming a virtuous cycle of“digital empowerment-resource integration-value enhancement.”Furthermore,“chain leader”enterprises,by establishing digital credit-sharing platforms and implementing supply chain finance feedback mechanisms,effectively reduce financing costs for small and medium-sized enterprises(SMEs)on the chain,achieving value co-creation across the industrial chain.The study further reveals that the financial resilience of“chain leader”enterprises constitutes the core element of efficiency release.While intra-chain mergers and acquisitions are not the sole path to strengthening financial capacity,case analysis confirms that they can improve capital turnover efficiency,emerging as the most effective short-term reinforcement strategy.The conclusions provide new theoretical insights and practical paradigms for industrial chain governance in the digital economy era.
作者
夏天添
汪达
王慧
XIA Tiantian;WANG Da;WANG Hui(Jiangxi Institute of Regional Development,Jiangxi University of Technology,Nanchang 330000,China;Department of Education,Yunnan Normal University,Kunming 640000,China;Jiangxi Academy of Social Sciences,Nanchang 330000,China;School of Business Administration,Jiangxi University of Finance and Economics,Nanchang 330000,China)
出处
《哈尔滨商业大学学报(社会科学版)》
2025年第4期44-55,共12页
Journal of Harbin University of Commerce(Social Science Edition)
基金
南昌市人文社科研究基地项目“数智化赋能南昌传统产业转型升级研究”(JD202523)
中国商业经济学会社会治理与ESG科学研究规划课题“ESG绩效对企业股票价格及市场价值的长期影响研究”(YB202547)
江西科技学院江西省区域发展研究院专项项目“数字金融对我国知识密集型中小企业研发创新的影响研究”(QYFZ2104)。
关键词
数字供应链金融
并购绩效
“链主”效应
digital supply chain finance
merger and acquisition performance
chain master effect
作者简介
通讯作者:夏天添(1989-),男,上海人,研究员,博士研究生,从事管理科学研究;汪达(1989-),男,江西南昌人,助理研究员,博士后,从事管理科学研究;王慧(1985-),女,江西南昌人,副教授,博士研究生,从事管理科学研究。
