供应链弹性、现金转换周期与电子商务公司绩效

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-30 DOI:10.1016/j.frl.2025.108601

Xiaodong Zhang , Zuwei Yu

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引用次数: 0

摘要

本文利用2014-2023年中国电子商务企业的面板数据，探讨了供应链弹性（SCR）和现金转换周期（CCC）对企业绩效的影响。固定效应模型表明，虽然SCR提高了绩效，但这种积极效应对CCCs较长的企业显著减弱。这种负调节效应表明，营运资本效率对于将弹性能力转化为货币收益至关重要。我们的研究结果对内生性测试具有稳健性，强调了对供应链和财务管理采取综合方法的必要性，为平衡弹性投资与营运资本优化提供了指导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Supply chain resilience, cash conversion cycle, and E-commerce firm performance

Using panel data from Chinese e-commerce firms (2014–2023), this study investigates the interaction between supply chain resilience (SCR) and the cash conversion cycle (CCC) on firm performance. Fixed-effects models show that while SCR enhances performance, this positive effect is significantly weakened for firms with longer CCCs. This negative moderating effect suggests that working capital efficiency is crucial for converting resilience capabilities into monetary gains. Our findings, robust to endogeneity tests, highlight the need for an integrated approach to supply chain and financial management, offering guidance on balancing resilience investments with working capital optimization.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance