工业技术经济2025，Vol.44Issue(7)：100-110,11.DOI:10.3969/j.issn.1004-910X.2025.07.010
外资撤出对企业供应链韧性的影响
The Impact of Foreign Capital Withdrawal on the Resilience of Firm Supply Chain
摘要
Abstract
As a reverse regulatory mechanism in international capital flows,foreign capital withdrawal has emerged as a criti-cal issue affecting supply chain stability within the framework of national economic circulation.Utilizing supply chain data from Shanghai and Shenzhen A-share listed companies spanning from 2010 to 2023,the research reveals that the retreat of foreign capital notably diminishes supply chain resilience.Mechanism analysis identifies dual transmission pathways:the capital chain exacerbates corporate financing constraints,while the innovation chain diminishes bidirectional technology spillovers across horizontal and verti-cal dimensions.Heterogeneity analysis further indicates that this weakening effect is more pronounced in non-state-owned enterpri-ses,asset-intensive enterprises,enterprises with high virtual agglomeration,and those with significant environmental sensitivity.Additionally,foreign capital withdrawal exhibits multi-level spillover effects within the industry,while the establishment of free trade zones exhibits dual positive impacts on optimizing capital structure and bolstering supply chain stability.This paper offers cru-cial policy insights for attracting and effectively leveraging foreign capital,as well as enhancing the quality and efficiency of China's supply chain.关键词
外资撤出/供应链韧性/资金链/创新链/融资约束/技术溢出/虚拟集聚/环境敏感性Key words
foreign capital withdrawal/supply chain resilience/capital chain/innovation chain/financing constraints/technology spillover/virtual agglomeration/environmental sensitivity分类
经济学引用本文复制引用
田泽,张丽敏,任阳军..外资撤出对企业供应链韧性的影响[J].工业技术经济,2025,44(7):100-110,11.基金项目
国家社会基金后期资助项目"数字经济赋能制造业高质量发展和产业化实现研究"(项目编号:21FJYB047) （项目编号:21FJYB047）
江苏高校"青蓝工程"优秀青年骨干教师资助项目(2023) （2023）
中央高校科研业务费专项"高质量共建'一带一路'下中非数字贸易、绿色发展与国际合作研究"(项目编号:B240207110). （项目编号:B240207110）
