供应链合作伙伴数字创新对焦点企业投资效率的影响——基于数字专利的实证研究

摘要/Abstract

摘要： 数字经济与实体经济深度融合重塑了企业投资决策模式。本文以2007—2022年中国A股上市企业为样本，创新性构建基于数字专利的供应链合作伙伴（供应商与客户）数字创新测度指标，实证检验其对焦点企业投资效率的影响。研究发现：第一，供应链合作伙伴的数字创新显著抑制焦点企业非效率投资，且供应商数字创新主要缓解投资不足，客户数字创新则抑制投资过度；第二，机制检验表明，该效应通过技术扩散驱动、融资约束缓解和信息不对称缓解三条路径实现；第三，异质性分析揭示，客户数字创新对国有企业治理效果更优，供应商数字创新对非国有企业作用更强，且制造业企业的投资效率改善尤为显著。本文采用数字专利考察供应链协同中供应商与客户数字创新的差异化影响及作用机制，为优化产业链数字化协同和提升企业投资效率提供理论支撑与实践指导。

关键词: 供应链合作伙伴, 数字创新, 投资效率, 数字专利

Abstract: The deep integration of the digital economy and the real economy has reshaped enterprise investment decision-making models. Using Chinese A-share listed companies from 2007 to 2022 as the sample, this study innovatively constructs a digital innovation measurement index for supply chain partners (suppliers and customers) based on digital patents and empirically examines its impact on the investment efficiency of focal firms. The findings reveal: First, supply chain partners’ digital innovation significantly reduces inefficient investment of focal firms, with supplier digital innovation primarily mitigating under-investment and customer digital innovation effectively curbing over-investment. Second, mechanism tests demonstrate that this effect is achieved through three pathways: technological diffusion, financing constraint alleviation, and information asymmetry reduction. Third, heterogeneity analysis shows that customer digital innovation has a stronger governance effect on state-owned enterprises, while supplier digital innovation has a more pronounced impact on non-state-owned enterprises, with particularly significant improvements in investment efficiency for manufacturing firms. Employing digital patents, this study is the first to examine the differential impacts of supplier and customer digital innovation in supply chain collaboration on enterprise investment efficiency as well as the underlying mechanisms, offering theoretical support and practical guidance for optimizing digital supply chain collaboration and enhancing enterprise investment efficiency.

Key words: supply chain partners, digital innovation, investment efficiency, digital patents

陈伟宏, 邹丽莎, 梁俊. 供应链合作伙伴数字创新对焦点企业投资效率的影响——基于数字专利的实证研究[J]. 管理评论, 2026, 38(10): 251-265.

Chen Weihong, Zou Lisha, Liang Jun. The Impact of Supply Chain Partners’ Digital Innovation on the Investment Efficiency of Focal Firms: Empirical Evidence from Digital Patents[J]. Management Review, 2026, 38(10): 251-265.

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