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| 文章编号：1672-3104(2024)06-0134-15 |
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地方产业链政策创新与企业风险承担——来自产业链“链长制”的证据 |
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曾辉祥，张芷溪，姚海琳 |
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（中南大学商学院，湖南长沙，410083） |
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| 摘 要： 产业链“链长制”是推动我国产业链供应链现代化的制度创新，能否锻造链上企业韧性进而提升企业风险承担水平备受学界与业界关注。基于2013—2021年中国A股上市公司数据，采用渐进式双重差分法实证检验“链长制”的企业风险治理效应及机制，研究发现，“链长制”显著提升企业风险承担水平，主要通过缓解企业融资约束、提升价值链权力及强化信息透明度发挥作用，且“链主”对非“链主”存在溢出效应。进一步研究发现，上述政策效果在行政等级更高和营商环境更好的城市中更明显，且对资本密集型企业和非“链主”的风险承担提升效果更显著。研究不仅提供了“链长制”助力企业高质量发展的微观经验证据，同时为地方优化产业链政策提供了决策参考。 |
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| 关键词： 产业链“链长制”；企业风险承担；融资约束；信息透明度；价值链权力 |
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Innovation in local industrial chain policy and corporate risk-taking: Evidences from the industrial-chain leader system |
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ZENG Huixiang, ZHANG Zhixi, YAO Hailin |
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（Business School, Central South University, Changsha 410083, China） |
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| Abstract: The industrial-chain leader system is an institutional innovation aimed at promoting the modernization of China's industrial chains and supply chains. Whether it can forge the resilience of enterprises on the chain and improve the level of corporate risk-taking has attracted much attention. By adopting data from Chinese A-share listed companies from 2013 to 2021, and by employing a time-varying difference-in-differences model, this paper examines the micro effects and mechanisms of industrial-chain leader system from the perspective of corporate risk-taking. The research finds that industrial-chain leader system significantly increases the level of corporate risk-taking, exerting its function mainly by alleviating corporate financing constraints, enhancing value chain power, and strengthening information transparency. Further research finds that there are spillover effects from "chain-owner" enterprises to non-"chain-owner" enterprises, that the policy effects are more pronounced in cities with higher administrative levels and better business environments, and that the impact on risk-taking is more significant for capital-intensive enterprises and non-"chain-owner" enterprises. This study not only provides micro-level empirical evidences of how industrial-chain leader system supports high-quality corporate development but also offers decision-making references for local optimization of industrial chain policies. |
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Key words: the industrial-chain leader system; corporate risk-taking; financing constraints; information transparency; value chain power |
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