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论文编号：	15987
作者编号：	1120221281
上传时间：	2026/6/2 8:45:47
中文题目：	供应链关系、战略投资者与创新持续性的研究
英文题目：	Research on Supply Chain Relationships, Strategic Investors and the Continuous Innovation
指导老师：	程新生
中文关键字：	供应链关系；战略投资者；创新持续性；公司治理与会计；交互效应
英文关键字：	Supply chain relationship; Strategic investors; Innovation persistence; Corporate governance and accounting; Interactive effect
中文摘要：	当前，全球价值链重构与地缘政治博弈正深刻改变制造业的生存逻辑，关键核心技术自主可控成为保障国家经济安全的基石。在全面发展新质生产力的宏观战略导向下，中国制造企业既要完成从“0到1”的突破性创造，又要实现从“1到N”的创新持续性，以此推动产业升级，形成持久的竞争优势。创新持续性由于资金投入大、回报周期长以及存在高资产专用性风险等特性，往往与企业内部资源约束和管理层短视主义之间存在矛盾。为有效化解这一结构性矛盾，企业亟须协同实体运营要素与资本治理资源。已有企业创新持续性相关研究，多以高管背景、股权结构、内部控制等内部治理因素或制度环境、政府补贴、宏观经济政策等外部宏观干预因素进行单一层面的探讨，尚未将作为实体运营基础的供应链关系与作为资本治理机制的战略投资者置于同一体系框架下进行系统整合。这为现有理论体系的研究带来一定的解释缺口：既尚待深入剖析供应链关系或战略投资者对企业长效创新的独立驱动作用，又有待进一步揭示两者如何通过协同交互共同保障长周期研发的持续性。基于此，本文关注“供应链关系与战略投资者如何独立及交互影响制造企业创新持续性”这一核心问题，试图深刻揭示实体运营机制与资本治理机制协同赋能制造企业长效创新的微观机理。 本文立足于企业的跨期技术演进逻辑，将嵌入性理论、资产专用性理论与价值链理论进行有机结合，构建了“运营—金融—创新”的跨学科解释框架。在研究设计与指标测度上，本文选取中国制造业上市公司为研究样本，将创新持续性细分为投入与产出的跨期连贯性，以完整呈现长周期研发的动态轨迹；将实体供应链关系解构为稳定性与话语权两个维度，进而精准捕捉供应链在抵御风险与释放资源冗余方面的微观机理；依托文本特征提取与手工收集与整理，构建了战略投资者在供应链上下游纵向持股指标，并依照资源禀赋的不同区分战略投资者的产业型和技术型特质。这样的研究设计能够系统揭示实体运营机制与外部资本治理协同驱动企业持续性创新的内在逻辑。研究发现：第一，供应链关系是驱动创新持续性的实体运营基础。供应链稳定性通过抑制管理层短视赋能技术深耕；供应链话语权通过资源集聚支撑创新质量。第二，战略投资者作为外部治理引擎，通过优化资源配置与强化监督驱动创新持续性，其中产业型战略投资者较技术型战略投资者的驱动作用更为明显，并且新引入产业型战略投资者的边际效应更强。第三，战略投资者在供应链上下游的纵向持股，对创新持续性发挥了显著的交互效应，并且战略投资者在上游持股较下游持股效应更为显著。不同属性的战略资本凭借特有的资源禀赋，有效放大了纵向持股对创新持续性的赋能效果，实现了核心技术深耕与前沿知识跨界的统筹推进；纵向持股在信息透明度低或内部治理失效时，凭借“业务+股权”双重绑定，有效打通了跨期研发的转化通道。结论证明，实体运营机制与资本治理机制的有效耦合，构成了企业维持创新持续性的核心保障。 根据上述结论可知，本文的研究贡献主要体现在以下三个方面： 一是构建了实体企业运营与外部资本治理相整合的分析框架。现有文献大多分别从供应链管理或公司金融的单一视角探讨企业创新，本文则将供应链关系与战略投资者共同纳入跨期技术演进的逻辑脉络中。通过系统检验这两者对企业持续研发的独立作用与协同影响，本文将研究视角从单一的关系网络拓展至业务往来与股权联结并重的层面，为理解中国制造企业如何保持创新战略的连贯性提供了扎实的理论基础。 二是系统厘清了产业资本与金融资本协同促进企业创新的作用机制。本文检验了战略投资者在供应链上下游纵向持股这一深度治理模式的微观效能，指明上游持股在保障底层要素供给方面具有更为显著的作用；深入分析了异质性战略投资者的调节效应，区分了产业型资本的实体业务支撑作用与技术型资本的前沿知识引导作用。通过考察外部资本动态引入带来的实质影响，本文阐释了不同背景资本如何与特定供应链位置相匹配，从微观层面揭示了长期资本支持企业持续研发的具体路径。 三是为引导长期资金进入实体经济并提升产业链安全提供了明确的经验证据。本文的研究结论促使企业管理者在制定长期发展规划时树立运营与资本协同的系统观念，帮助实体企业在特定的技术发展路径上合理匹配外部战略资源，进而缓解长周期研发所面临的资金错配压力。同时，在国家推进制造业转型升级的现实背景下，本文也为监管部门优化资本市场资源配置、引导长期资金实质性地融入实体产业链、支持实体经济高质量发展提供了可靠的政策决策参考。
英文摘要：	The ongoing reconfiguration of global value chains and geopolitical frictions are profoundly reshaping the survival logic of the manufacturing sector. The autonomous control of core technologies has emerged as the cornerstone of national economic security. Guided by the macro-strategic orientation of accelerating the development of new quality productive forces, Chinese manufacturing enterprises must not only achieve “0-to-1” breakthrough innovations but also sustain “1-to-N” continuous innovations to drive industrial upgrading and forge enduring competitive advantages. However, due to its high capital intensity, protracted return cycles, and severe asset specificity risks, innovation persistence inherently conflicts with internal resource constraints and managerial myopia. Resolving this tension necessitates the synergistic alignment of internal operational elements and external governance resources. Existing literature predominantly examines either internal micro-governance factors (e.g., executive background, equity structure) or external macro-interventions (e.g., institutional environment, subsidies) in isolation. This theoretical fragmentation leaves a critical explanatory gap: it fails to capture the independent driving effects of supply chain relationships and strategic investors on long-term innovation, nor does it elucidate how their synergistic interaction secures the continuity of cross-period R&D. Consequently, this paper addresses the core research question: How do supply chain relationships and strategic investors independently and interactively drive the innovation persistence of manufacturing enterprises? This inquiry aims to unpack the micro-mechanisms through which internal operations and external governance jointly empower long-term manufacturing innovation. Based on the logic of the intertemporal technological evolution of enterprises, this paper organically integrates embeddedness theory, asset specificity, and value chain theory to construct an interdisciplinary explanatory framework of "operations-finance-innovation." In terms of research design and indicator measurement, this study selects Chinese listed manufacturing companies as the sample to systematically construct variables. Innovation persistence is subdivided into the intertemporal coherence of inputs and outputs to fully map the dynamic trajectory of long-cycle R&D. Physical supply chain relations are deconstructed into two dimensions—stability and bargaining power—thereby accurately capturing the micro-mechanisms of the supply chain in resisting risks and releasing redundant resources. Based on text feature extraction and large-scale manual collection, a vertical holding index of strategic investors in the upstream and downstream of the supply chain is constructed, and strategic investors are categorized into industrial and technological types based on their resource endowments. This research design achieves a high degree of alignment between theoretical mechanisms and micro-empirical evidence, in order to reveal the internal logic of how physical operational mechanisms and external capital governance synergistically drive enterprise innovation persistence. The main findings are as follows: First, supply chain relations serve as the physical operational foundation driving innovation persistence. Stability empowers technological deepening by curbing management myopia, while bargaining power supports innovation quality through resource agglomeration. Second, as external governance engines, strategic investors drive innovation persistence by optimizing resource allocation and strengthening supervision. Among them, industrial strategic investors exhibit a more pronounced driving effect than technological ones, and the marginal effect of newly introduced industrial strategic investors is stronger. Third, the supply chain and strategic investors exert an interactive effect on innovation persistence through vertical holding, with upstream ownership showing a more significant impact than downstream ownership. Strategic capital of different attributes, relying on unique resource endowments, effectively amplifies the empowering effect of vertical ownership, achieving a coordinated advancement of core technological deepening and frontier knowledge boundary-spanning. In scenarios of low information transparency or internal governance failure, common ownership effectively opens the intertemporal R&D conversion channel through the “business + equity” dual binding. The conclusions prove that the effective coupling of physical operational mechanisms and capital governance mechanisms constitutes the core guarantee for enterprises to maintain innovation persistence. Based on these conclusions, the theoretical contributions and practical significance of this paper are manifested in the following three aspects: First, it constructs an integrated analytical framework combining real enterprise operations with external capital governance. While existing literature predominantly explores enterprise innovation from the singular perspective of supply chain management or corporate finance, this paper incorporates both the supply chain network and strategic investors into the logical context of intertemporal technological evolution. By systematically examining their independent and synergistic impacts on continuous R&D, this study expands the research perspective from a single network to a dual emphasis on business interactions and equity linkages. This provides a solid theoretical foundation for understanding how Chinese manufacturing enterprises maintain the coherence of their innovation strategies. Second, it systematically clarifies the micro-mechanisms through which industrial and financial capital synergistically promote enterprise innovation. Avoiding the macroscopic approach of treating supply chains or capital as homogeneous factors, this paper explicitly identifies and verifies the deep governance model of vertical holding by supply chain node enterprises and strategic investors. On this basis, it deeply analyzes the asymmetric effects of upstream supplier and downstream customer ownership, pointing out that upstream ownership plays a more fundamental role in securing the supply of underlying elements. Meanwhile, it meticulously distinguishes the physical business support role of industrial capital from the frontier knowledge guidance role of technological capital. By examining the substantive impact of the dynamic introduction of external capital, this paper illustrates how capital with different backgrounds matches specific supply chain positions, thereby revealing the concrete pathways through which long-term capital supports continuous enterprise R&D at the micro level. Third, it provides clear empirical evidence for guiding long-term funds into the real economy and enhancing supply chain security. The conclusions encourage enterprise managers to establish a systemic view of operations-capital synergy when formulating long-term development plans, helping real enterprises reasonably match external strategic resources along specific technological development paths, and thereby alleviating the funding mismatch pressure faced by long-cycle R&D. Furthermore, against the realistic backdrop of the national promotion of manufacturing transformation and upgrading, this study provides a reliable policy decision-making reference for regulatory authorities to optimize capital market resource allocation, guide long-term funds to substantively integrate into physical supply chains, and support the high-quality development of the real economy.
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