西部论坛2026，Vol.36Issue(4)：24-38,15.DOI:10.3969/j.issn.1674-8131.2026.04.003
企业衍生品对冲对供应链韧性的影响研究
Impact of Corporate Derivatives Hedging on Supply Chain Resilience
摘要
Abstract
Against the backdrop of accelerated restructuring of global supply chain systems in complex environments,supply chain vulnerability and disruption risks have become increasingly prominent.Enhancing supply chain resilience has therefore emerged as a critical issue for ensuring economic security.Although existing literature proposes various pathways from perspectives such as technological infrastructure upgrading,organizational operational optimization,and policy environment improvement,these approaches are constrained by high risk exposure and strong external dependencies.As a highly flexible risk management tool,financial derivatives offer a promising new perspective for strengthening supply chain resilience. Based on this,using data from 3,579 A-share listed companies in China from 2010 to 2024,this paper constructs a 1∶1 matched sample of focal firms and their suppliers(or customers)based on upstream-downstream linkages.It develops a supply chain resilience indicator system comprising four dimensions—resistance capacity,recovery capacity,adaptation capacity,and transformation capacity—and examines the impact of corporate derivatives hedging on supply chain resilience as well as its underlying mechanisms.The results show that derivatives hedging significantly enhances supply chain resilience,specifically by improving resistance,recovery,adaptation,and transformation capacities.Mechanism analysis reveals that derivatives hedging boosts supply chain resilience through three channels:promoting risk-taking,optimizing resource allocation,and deepening supply chain relationships.Heterogeneity analysis indicates that the positive effect of derivatives hedging on supply chain resilience is more pronounced among focal firms that are smaller,state-owned,or facing higher economic policy uncertainty. Compared with existing literature,this paper makes two major contributions.First,it innovatively identifies the enabling effect of corporate derivatives hedging on supply chain resilience,demonstrating that derivatives hedging can enhance such resilience.This finding addresses a gap in prior studies that predominantly focus on firms'hard power and macroeconomic policy factors,offering a new operational perspective for optimizing supply chain relationships and improving supply chain resilience and security.Second,drawing on the perspectives of resource optimization and signal transmission,it explores the transmission mechanisms through which derivatives hedging enhances supply chain resilience via three channels,namely promoting risk-taking,optimizing resource allocation,and deepening supply chain relationships.By focusing on the spillover effects along upstream and downstream supply chains,this study extends the research boundary of derivatives hedging effects from intra-firm resource allocation to the supply chain level,thereby providing a novel theoretical explanation for how financial instruments empower supply chain resilience. This paper not only deepens the research on supply chain resilience but also provides important implications for guiding corporate behavior through risk management and optimizing supply chain construction.The findings offer valuable insights for government authorities to further improve the derivatives market system serving real enterprises,to implement differentiated policy support based on firm characteristics such as size,ownership,and external environment,and to synergistically strengthen the risk management function of derivatives and the supply chain resilience system.关键词
供应链韧性/衍生品对冲/信号传递/资源配置/风险承担/供应链关系Key words
supply chain resilience/derivatives hedging/signal transmission/resource allocation/risk-taking/supply chain relationship分类
管理科学引用本文复制引用
刘晓雪,赵庆飞,吴优,王允..企业衍生品对冲对供应链韧性的影响研究[J].西部论坛,2026,36(4):24-38,15.基金项目
国家社会科学基金一般项目(25BGL291) （25BGL291）
