西安交通大学学报（社会科学版）2026，Vol.46Issue(3)：82-93,12.DOI:10.15896/j.xjtuskxb.202603008
供应链关系助力组织韧性塑造
Supply Chain Relationships Help Shape Organizational Resilience:Empirical Evidence of Corporate Performance Recovery under Major Capital Market Shocks
摘要
Abstract
Growing environmental uncertainty and frequent adverse events impose higher demands on the stability of corporate performance.However,facing similar shocks,the speed of performance recovery varies significantly across firms,highlighting the importance of organizational resilience.Existing literature mainly explains resilience from an internal control perspective,paying insufficient attention to the role of external relationships,especially supply chain relationships.Taking the 2015 Chinese stock market crash as a starting point,this paper investigates how important supply chain relationships help firms withstand adverse shocks,explores their mechanisms and heterogeneous effects,and provides insights into the formation pathways of organizational resilience and how firms can cope with an uncertain environment. Using the 2015 stock market crash as a systemic exogenous shock,this paper selects quarterly data of non-financial A-share listed companies from 2012 to 2017.It constructs a treatment variable based on supply chain concentration(proportion of transactions with the top five suppliers,customers,and related parties to total purchases/sales),classifies firms with high concentration as the treatment group,and employs a difference-in-differences(DID)model to examine the impact of supply chain relationships on performance recovery.After confirming the validity of the DID design through parallel trend and placebo tests,propensity score matching(PSM)is further applied to mitigate sample selection bias.Baseline regression results show that firms with stronger supply chain relationships recovered significantly faster than others,and this conclusion remains robust under various robustness checks.This effect is more pronounced in contract-intensive industries,non-state-owned enterprises,and highly leveraged firms.A comparison of different types of supply chain relationships reveals that supplier relationships exert the strongest supportive effect,followed by customer relationships,whereas related-party relationships may instead exacerbate performance decline.Mechanism tests indicate that supply chain relationships first increase operating cash flow by extending payment terms,which in turn enhances asset turnover and ultimately shortens the cash conversion cycle,thereby strengthening working capital management in a progressive manner. Compared with prior literature,this paper makes three contributions.First,it places supply chain relationships in an adverse-event framework,takes into account both capital market and real-economy performance metrics,and examines the role of supply chain relationships in sustaining real-economy stability during crises.Second,from an organizational resilience perspective,it reveals the crisis-buffering function of supply chain relationships as an implicit insurance mechanism,moving beyond the conventional focus on day-to-day efficiency.Third,it identifies three mechanisms through which supply chain relationships affect performance recovery:expanding operating cash flow,accelerating asset turnover,and shortening the cash conversion cycle,identifies heterogeneous effects by relationship type,industry characteristics,and firm characteristics,and thereby integrates theories of supply chain finance and supply chain collaboration into a unified analytical framework. The policy implications of this paper are as follows.At the firm level,firms should reframe their strategic view of supply chain relationships:consolidating stable transactional ties with core suppliers,maintaining flexibility in customer relationships while limiting related-party exposure,and using the cash conversion cycle as a key diagnostic indicator to enhance resilience in liquidity management.At the industry level,trade associations in contract-intensive industries can take the lead in developing standard contract templates and building credit information sharing platforms.At the policy level,the quality of supply chain relationships should be incorporated into financing guarantee assessment systems,directing support toward non-state-owned and highly leveraged firms,while enhancing disclosure requirements.关键词
供应链关系/组织韧性/资本市场/逆境事件/企业绩效Key words
supply chain relationships/organizational resilience/capital market/adverse events/corporate performance分类
管理科学引用本文复制引用
刘航,高菲,郭培超..供应链关系助力组织韧性塑造[J].西安交通大学学报（社会科学版）,2026,46(3):82-93,12.基金项目
国家社会科学基金一般项目(22BJY257). （22BJY257）
