文献类型：期刊文献

中文题名：机构纵向持股能否增强供应链韧性

英文题名：Can Institutional Vertical Shareholding Enhance Corporate Supply Chain Resilience?

作者：巴文浩[1];王俊秋[1];花贵如[1]

机构：[1]华东理工大学商学院,上海200237

年份：2025

卷号：47

期号：10

起止页码：166

中文期刊名：经济管理

外文期刊名：Business and Management Journal ( BMJ )

收录：;北大核心:【北大核心2023】；

基金：国家社会科学基金一般项目“数字化背景下供应链融资的信用创造机制与风险控制研究”(22BGL068)。

语种：中文

中文关键词：机构纵向持股;供应链韧性;供应链冲击;资源获取;监督治理

外文关键词：institutional vertical shareholding;enterprise supply chain toughness;supply chain impact;resource acquisition effect;supervision and governance effect

摘要：增强供应链韧性是保障经济社会长期稳定高质量发展的必然要求。机构投资者通过纵向持股嵌入产业链各环节,其对供应链协同与风险抵御能力可能产生关键影响。本文采用2007-2023年沪深A股上市公司数据,实证检验了机构纵向持股对供应链韧性的影响。研究发现,机构纵向持股能够显著增强供应链韧性。机制检验表明,机构纵向持股主要通过资源获取效应和监督治理效应增强供应链韧性。进一步研究表明,在高经济政策不确定、处于产业链下游以及制造业和高科技行业的样本中,机构纵向持股增强供应链韧性的效果更加显著;紧密的供应链关系和战略型股东也能够有效调配企业资源,从而促进机构纵向持股对供应链韧性的影响。此外,在供应链冲击情境下,机构纵向持股的企业能够有效利用自身优势应对不利影响,为增强供应链韧性提供重要支撑。本文为政府部门引导机构投资行业践行可持续投资理念,构建化解供应链韧性断链的长效机制,助力中国经济高质高效发展提供了新的思路。
Against the backdrop of unprecedented changes unfolding in our times,multiple challenges-such as increased instability in foreign trade,the prolonged stagnation of global value chains at lower tiers,and mounting"chokepoint"risks in critical technologies-have converged,making potential threats like"supply chain bottlenecks,""disruptions,"and"fractures"key constraints hindering the enhancement of China's supply chain resilience.Existing research on supply chain resilience commonly treats firms as independent entities,overlooking the interactive effects arising from equity connections within supply chains.Against the backdrop of increasingly active mergers and acquisitions by institutional investors and their growing portfolio diversification,the phenomenon of institutional investors simultaneously holding shares in multiple upstream and downstream firms within a supply chain-referred to as institutional vertical ownership-has become increasingly prevalent.This ownership model motivates institutional investors to shift their investment objectives from maximizing the value of individual firms toward enhancing the synergies and overall value of the entire supply network.Given their strong incentives to participate in strategic decision-making,institutional investors play a pivotal role in building corporate supply chain resilience.Based on this,our study examines whether institutional vertical ownership genuinely enhances firms supply chain resilience.Based on data from Chinese A-share listed companies(2007-2023),this study examines how institutional vertical ownership enhances supply chain resilience.Against real-world challenges like supply chain disruptions and chokepoint risks,institutional investors demonstrate both motivation and capability to strengthen resilience through vertical holdings.These holdings facilitate resource acquisition and monitoring governance,thereby improving resilience.The effect is stronger under high economic policy uncertainty,in downstream firms,and in manufacturing or high-tech industries.Close supply chain ties and strategic shareholders further improve resource allocation,reinforcing resilience.Firms with vertical ownership better withstand shocks,boost productivity,and move up the value chain,supporting sustainable and high-quality development.Based on these conclusions,this study proposes three policy recommendations.First,government authorities should prioritize guiding institutional investors to enhance firms'supply chain resilience through vertical ownership,particularly for firms facing high external uncertainty,those in downstream segments of the industrial chain,and those in manufacturing and high-tech sectors.Second,firms should proactively introduce institutional investors with industry expertise and supply-chain management experience,establishing strategic partnerships through vertical ownership.Third,institutional investors should transition from traditional financial-investment mindsets toward actively exercising engaged ownership,deeply involving themselves in strengthening the supply-chain capabilities of their portfolio firms.The contributions of this study are threefold:First,it complements the literature on supply chain resilience-which has predominantly adopted a weak-tie perspective-by incorporating a dual perspective focusing on supply chain collaboration and common institutional ownership.By examining the role of shared equity within supply networks,this study addresses a gap in existing research.Second,it extends the research context of common institutional ownership.From the perspective of supply chain resilience,this study systematically reveals how institutional vertical ownership enhances resilience through resource acquisition and monitoring governance,thereby shedding light on the economic effects of such ownership structures along the supply chain and providing new empirical evidence on their economic consequences.Third,it offers valuable insights for regulatory bodies in standardizing and guiding the development of common institutional investment.Rooted in China unique capital market environment,this research demonstrates that institutional vertical ownership not only promotes collaborative governance but also plays a vital role in boosting supply chain resilience.This finding ensures that such emerging ownership structures can more effectively support the development of the real economy and supply chain security without impeding fair market competition.