供应链持股能否提高企业资本配置效率

当代财经 ›› 2026, Vol. 0 ›› Issue (3): 58-70.

供应链持股能否提高企业资本配置效率

白宗航¹, 胡海峰²

1.山东财经大学金融学院,山东济南 250014;
2.北京师范大学经济与工商管理学院,北京 100875

收稿日期:2025-05-10 修回日期:2026-01-06 出版日期:2026-03-15 发布日期:2026-03-26
通讯作者: 胡海峰,北京师范大学教授,博士生导师,经济学博士,主要从事比较金融制度、公司融资理论与政策研究,联系方式bjhuhaifeng@126.com。
作者简介:白宗航,山东财经大学讲师,经济学博士,主要从事公司金融研究。
基金资助:
国家社会科学基金重大项目“新发展格局下提高直接融资比重优化金融结构与经济高质量发展研究”（21&ZD111）; 山东省自然科学基金青年项目“银行空间网络的企业技术扩散效应研究”（ZR2025QC1274）

Can Supply Chain Shareholding Improve the Efficiency of Enterprise Capital Allocation?

Bai Zong-hang¹, Hu Hai-feng²

1. Shandong University of Finance and Economics, Jinan 250014;
2. Beijing Normal University, Beijing 100875, China

Received:2025-05-10 Revised:2026-01-06 Online:2026-03-15 Published:2026-03-26

摘要/Abstract

摘要： 提高资本配置效率是推动企业实现高质量发展、激发经济发展活力的关键所在。在全球产业链重构和大国博弈的背景下,如何强化供应链整体协同合作,重塑稳定安全的供应链关系,对企业资本配置至关重要。基于此,利用2008—2022年上市公司及其上下游供应链数据,讨论供应链持股对企业资本配置效率的影响及其作用机制。研究发现,供应链持股有助于提高企业资本配置效率,其中,拓宽企业融资渠道和改善企业信息环境是两条潜在的作用机制。异质性分析表明,供应链持股对企业资本配置效率的促进作用在供应链稳定性较差和“链主”地位较低的企业,以及处于行业经济下行期的企业中更加显著。经济后果检验发现,供应链持股可以通过提高企业资本配置效率,进而降低企业破产风险。因此,建议政府部门进一步完善与供应链持股相关的配套政策体系,制定专项扶持政策并采取激励手段,积极引导并促进企业间构建供应链协作关系与股权联结机制,从而充分发挥供应链持股在优化资源配置、提升资本运作效能中的重要作用。

关键词: 供应链持股, 企业资本配置效率, 融资渠道, 信息环境

Abstract: The key to promoting enterprises to achieve high-quality development and stimulating the vitality of economic development is to improve the efficiency of capital allocation. In the context of global industrial chain reconstruction and the intensifying competition between major powers, it is of paramount importance for enterprises to enhance the overall supply chain synergy and cooperation and to restructure the stable and secure supply chain relationships. Based on this, using the data from listed companies and their upstream and downstream supply chains from 2008 to 2022, this paper examines the impact of supply chain shareholding on corporate capital allocation efficiency and its underlying mechanisms. The findings indicate that supply chain shareholding helps enhance corporate capital allocation efficiency, with broadening financing channels and improving the corporate information environment serving as two potential mechanisms. The heterogeneity analysis reveals that the promoting effect of supply chain shareholding on corporate capital allocation efficiency is more pronounced in enterprises with weaker supply chain stability and lower“chain leader”status, as well as in those operating during industry economic downturns. The analysis of economic consequences demonstrates that supply chain shareholding can improve the efficiency of capital allocation in enterprises, thereby reducing the risk of bankruptcy. Therefore, it is recommended that government departments further improve the supporting policy system related to supply chain shareholding, formulate special support policies and adopt incentive measures, actively guide and promote the construction of supply chain cooperation relationships and equity linkage mechanisms among enterprises, so as to fully play the important role of supply chain shareholding in optimizing resource allocation and improving capital operation efficiency.

Key words: supply chain shareholding, enterprise capital allocation efficiency, financing channel, information environment

中图分类号:

F275

白宗航, 胡海峰. 供应链持股能否提高企业资本配置效率[J]. 当代财经, 2026, 0(3): 58-70.

Bai Zong-hang, Hu Hai-feng. Can Supply Chain Shareholding Improve the Efficiency of Enterprise Capital Allocation?[J]. Contemporary Finance & Economics, 2026, 0(3): 58-70.

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