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引用次数: 0
摘要
基于 "网络营运资金管理(NWCM)→供应链集中度(SCC)→企业绩效 "的逻辑链,本研究对网络营运资金管理与企业绩效之间的关系以及供应链集中度的中介效应进行了实证和定量探讨。研究考虑了企业的异质性。具体而言,我们选取了 2012 年至 2022 年在沪深交易所上市的 312 家公司,这些公司在网络爬虫和文本分析技术的帮助下应用了供应链金融。实证分析采用了固定效应面板回归模型和嵌入交互项的中介模型。实证结果表明,企业绩效与 NWCM 呈倒 U 型关系,顶点为 1.123%。当净利润率小于顶点时,企业绩效与净利润率呈正相关;当净利润率大于顶点时,两者呈负相关。此外,异质性结果表明,不同规模和不同所有制风格的公司之间存在差异,SCC 的中介效应为负,削弱了 NWCM 与公司绩效之间的倒 U 型关系。差异检验、工具变量分析和豪斯曼-泰勒检验的结果支持了上述结论的稳健性。
Network working capital management, supply chain concentration, and corporate performance of focal companies
Based on the logical chain of “network working capital management (hereinafter, NWCM) → supply chain concentration (hereinafter, SCC) → corporate performance”, this study empirically and quantitatively explored the relationship between NWCM and corporate performance and the mediating effect of the SCC. Enterprise heterogeneity was considered. Specifically, we selected 312 companies listed on both the Shanghai and Shenzhen Exchanges from 2012 to 2022; these companies applied supply chain finance with the assistance of web crawling and textual analysis technology. The fixed effect panel regression model and the mediating model embedded with interaction terms were used in the empirical analysis. The empirical results showed that corporate performance had an inverted U-shaped relationship with NWCM, and the vertex was 1.123%. When the NWCM was less than the vertex, corporate performance was positively related to NWCM, and a negative relationship existed between them when NWCM was greater than the vertex. Moreover, the heterogeneity results showed differences among companies of different scales and with different ownership styles, and the mediating effect of SCC was negative, weakening the inverted U-shaped relationship between NWCM and corporate performance. The results of difference testing, instrumental variables analysis and Hausman-Taylor tests supported the robustness of the above conclusions.
期刊介绍:
Operations Management Research is a peer-reviewed journal that focuses on rapidly publishing high-quality research in the field of operations management. It aims to advance both the theory and practice of operations management across a wide range of topics and research paradigms. The journal covers all aspects of operations management, including manufacturing, supply chain, health care, and service operations. It welcomes various research methodologies, such as case studies, action research, surveys, mathematical modeling, and simulation. The goal of Operations Management Research is to promote research that enhances both the theory and practice of operations management, as it is an applied discipline. The journal also publishes Academic Notes, which are special papers that address research methodologies, the direction of the operations management field, and other topics of interest to academicians. Additionally, there is a demand for shorter and more focused research articles in operations management, which this journal aims to fulfill.