Supply Chain Strategy,Product Characteristics,and Performance Impact: Evidence from Chinese Manufacturers*

Supply chain management has become one of the most popular approaches to enhance the global competitiveness of business corporations today. Firms must have clear strategic thinking in order to effectively organize such complicated activities, resources, communications, and processes. An emerging body of literature offers a framework that identifies three kinds of supply chain strategies: lean strategy, agile strategy, and lean/agile strategy based on in‐depth case studies. Extant research also suggests that supply chain strategies must be matched with product characteristics in order for firms to achieve better performance. This article investigates supply chain strategies and empirically tests the supply chain strategy model that posits lean, agile, and lean/agile approaches using data collected from 604 manufacturing firms in China. Cluster analyses of the data indicate that Chinese firms are adopting a variation of lean, agile, and lean/agile supply chain strategies identified in the western literature. However, the data reveal that some firms have a traditional strategy that does not emphasize either lean or agile principles. These firms perform worse than firms that have a strategy focused on lean, agile, or lean/agile supply chain. The strategies are examined with respect to product characteristics and financial and operational performance. The article makes significant contributions to the supply chain management literature by examining the supply chain strategies used by Chinese firms. In addition, this work empirically tests the applicability of supply chain strategy models that have not been rigorously tested empirically or in the fast‐growing Chinese economy.     

Managing dependency in China outsourcing relationships

Abstract

This paper examines manufacturing firms’ use of guanxi and formal control to address dependence on suppliers and achieve desired outsourcing performance in China. Using survey data collected from manufacturing firms operating in China, a structural equation model is used to test the research model. The results suggest that manufacturing firms with high dependence on suppliers build Chinese guanxi with those suppliers to overcome the dependence and enhance outsourcing performance. In addition, Chinese guanxi also appears to facilitate the use of formal control, which was also found to have a positive relationship with outsourcing performance. This paper contributes to the literature by illustrating the importance of guanxi in achieving desired outsourcing performance in the China context, particularly in the case where a manufacturer perceives high dependency on its major supplier.     

Linking inventory efficiency,productivity and responsiveness to retail firm outperformance: empirical insights from US retailing segments

This paper establishes an empirical model linking a retail firm’s inventory management effectiveness to superior competitive operational performance for specific product-line retail segments. Using 16?years of US retail firm financial data from the COMPUSTAT Fundamentals database across 12 distinct competitive retailing segments, we develop and test a time-series model that links several inventory management execution measures to the competitive operational outperformance of retail firms. The analysis presented provides strong evidence that measures of inventory management performance are not ‘one size fits all’ for the retail industry, and helps to explain why extant research has had difficulty linking inventory control policy effectiveness to operational performance advantages in retailing. We discuss the implications of these empirical findings on the study of inventory policy execution, and offer some guidance for further research.     

信息化建设、供应链信息分享与企业绩效——基于中国制造业企业的实证研究

信息化建设是现阶段国家和企业都难以回避的问题,本文建立信息化建设-信息分享-企业绩效的分析框架,从信息传递的视角探讨信息化建设对企业绩效的影响机理,认为企业的信息化建设能够通过促进供应链上下游企业之间的沟通,带来更好的企业绩效。以我国制造业企业为样本进行的实证研究表明,企业信息化设备建设投入以及网站的建立能够促进其与供应链上下游企业有关需求、库存、产量等信息的分享,并通过这些有价值信息的分享推动企业绩效提升。进一步的分析表明,信息化建设使得信息分享在支持企业业务活动和提升企业绩效方面的效果更加显著。     

国有股和法人股对公司业绩的影响--公用事业型上市公司的实证研究

公司的股份集中于少数几个大股东手中是中国公司股权结构的一个普遍特征,研究这些大股东如何凭借其持股地位影响公司业绩是中国公司股权结构研究的一个非常重要的问题.本文选取了在上交所上市的公用事业型公司1998年至2002年的平行数据进行实证研究,结果表明,法人股对公司业绩有积极影响,国有股对公司业绩的影响视具体情况而定.     

经营者股权、非流通股权和公司绩效——对中国上市公司的实证分析

许多学者证明内部人股权和公司绩效之间存在非线性关系,并且把内部人股权看作经营者股权。本文结合中国上市公司的特点,认为应该从广义上理解内部人股权的概念,把非流通股都看作内部股。通过对深市上市公司的分析,本文发现经营者股权和公司绩效之间没有显著的关系。国家股和法人股等与公司绩效显著正相关。一定比例的非流通股可以促进公司绩效,而非流通股比例过大,则会使公司绩效降低。企业应该逐渐降低非流通国家股和法人股的比例,提高经营者股权,以发挥经营者的积极性和管理能力。     

基于DEA的中国证券市场竞争力国际比较

证券交易所作为市场经济的轴心，其高效运行是经济持续健康发展的必要条件。近年来，中国证券市场不断发展，规模和竞争力都不断进步，这与其在国际化层面的落后表现不符。在Lo（2013）对全球最大45个交易所的竞争力研究的基础上，本文拓展了交易所国际化程度的指标，并且采用面板数据，针对沪深两所的竞争力变化进行深入研究。首先，本文利用2008年至2016年的面板数据和DEA-Malmquist方法研究沪深两所上市和交易竞争力的动态演变，并且给出近五年来45个证券交易所竞争力发展速度的排名。其次，本文利用2016年的截面数据和context-dependent DEA方法研究沪深两所当前的上市和交易竞争力以及国际化程度排名，并且将2013年的国际化程度排名与2016年进行对比，研究近年来我国证券市场国际化程度的变化。结果表明，与Lo（2013）的评价结果相比，两个交易所的综合排名快速提升，上交所的上市竞争力和深交所的交易竞争力已经跻身前列，但两市的发展并不平衡，尤其是上市竞争力差距明显。相对于2013年，沪深两所的国际化程度均有所提升，说明沪港通、深港通和QFⅡ等开放政策及市场规范建设措施成效显著，但总体处于落后水平，这是制约沪深交易所竞争力提升的关键要素。为了尽快打造世界一流的证券市场，实现资本强国目标，我们应该借鉴新加坡、香港、印度等市场的成功做法，重点做好去"政策市"和推进国际化两方面的工作，尤其是分红政策和股东保护监管，丰富交易品种，扩大互联互通，开设"国际板"等。相比国内外同类文献，本文创新引入了国际化程度指标，组合运用DEA-Malmquist和context-dependent DEA方法，并聚焦于国际情境下的沪深交易所竞争力动态演变和政策效应分析。     

Realizing Benefits from Enterprise Resource Planning: Does Strategic Focus Matter?

A key driver of the recent wave of enterprise resource planning (ERP) implementations was the assumption that the integration of business information would provide firms with a competitive advantage, yet concrete business benefits have been uneven across adopting firms. A possible explanation is that although the resource‐based view holds that competitive advantage is derived from inimitable resources, ERP software has become a commodity. Socio‐technical theory suggests that internal organizational resources based on a foundation of ERP technology may be the true drivers of ERP benefits. A firm's strategic configuration is posited to influence the portfolio of organizational competencies available to leverage the benefits of integrated business information, and a number of hypotheses are developed based on the notion that firms with different strategic objectives will realize different operational benefits from the adoption of ERP systems. Survey data from North American manufacturing firms that have implemented ERP systems demonstrate that ERP adopters seeking operational performance improvements are likely to realize these benefits. On the other hand, those seeking external market and supply chain performance improvements must first establish a foundation of internal operational performance improvements before customer satisfaction and supply chain benefits can be realized.     

沪市公司IPO业绩效应研究

本文通过对1996至1999年间上市的沪A股公司的实证研究,发现在这些年间上市的沪A股公司确实同其它国家的新股一样,存在业绩下滑现象。结合中国特有的制度背景,本文采用实证研究方法探讨了公司IPO业绩下滑的影响因素。     

我国制造型企业市场导向和创新导向对新产品绩效影响的实证研究

本研究基于我国227家制造型企业的问卷调查数据,实证考察了市场导向和创新导向对新产品开发绩效的影响,以及创新导向和环境变动在市场导向和新产品绩效关系中的调节作用。结果显示:(1)本研究的概念模型整体拟合度优于西方常用模型;(2)市场导向和创新导向对制造型企业新产品开发绩效的影响显著为正,且均高于以前文献研究的一般水平;(3)创新导向和技术变化对于市场导向和新产品绩效的关系起到正向调节作用;(4)市场变化和竞争强度的调节作用不显著。研究结果对于制造型企业改善产品创新绩效具有重要的启示意义。     

公司绩效、财务风险与年报披露及时性的相关性研究——来自我国能源类上市公司的证据

以沪深两市能源类102家A股上市公司2004~2006年间306组观测值为对象,研究公司绩效、财务风险与信息披露及时性之间的关系。研究结果表明,公司绩效和年报披露及时性显著正相关;财务风险和年报披露及时性显著负相关;财务风险能通过公司绩效影响年报披露及时性;财务风险会对公司绩效和年报披露及时性的关系产生明显的扰动作用。     

Emerging Market Penetration,Inventory Supply,and Financial Performance

Realizing potential benefits from emerging market penetration requires firms to address inherent supply chain challenges. A major challenge is for firms to manage costly inventories to address demand and supply risks in emerging markets. However, emerging market penetration may offer opportunities for firms to lower inventory levels, reduce costs, and improve operating performance. Using data for 482 manufacturing firms over the 5‐year period, 2003–2007, obtained from the COMPUSTAT Industrial and Segment Databases, this article examines the relationships between emerging market penetration, inventory supply, and financial performance. Our results show that a multinational firm's sales penetration into emerging markets is associated with fewer days of inventory supply and improved financial performance. As emerging market penetration may allow firms to operate with lower inventory supply, the positive effect from emerging market penetration, such as labor cost reductions, may be enhanced due to inventory cost savings.     

资本结构、股权结构、成长机会与公司绩效

本文在代理成本理论的架构下,以公司成长机会为背景,分析了资本结构和股权结构对公司绩效的影响,并利用 1998 年年底之前在上海和深圳两个交易所上市的 498 家上市公司 1999 至 2001 年三年间1494 个观察值为样本进行了实证分析。结果表明,对于不同成长性的公司而言, 资本结构和股权结构对公司绩效的影响存在较大差异,从而为我们选择理想的资本结构和股权结构提供了有益的启示。     

Determinanten der Vorstandsvergütung

Using a novel, hand-collected data set covering all German non-financial firms listed in the Prime Standard of FWB (Frankfurt Stock Exchange), we examine determinants of executive compensation in German listed firms. We distinguish three potential determinants: firm characteristics, firm performance, and corporate governance characteristics. While we find that simple firm characteristics like size and industry affiliation together with time effects explain more than 60 % of variation in overall compensation, performance characteristics are economically inconsequential for the explanation of compensation levels. When we distinguish between widely held firms and firms with a large blockholder, we find that the latter grant compensation packages that are smaller, less sensitive to the firm’s stock market performance but more sensitive to the firm’s operating performance. Finally, we confirm that supervisory board characteristics also affect the level of executive compensation in German firms. Overall, our findings suggest that although the corporate governance environment in Germany has changed dramatically during the last decade, German listed firms are still exposed to high agency costs.     

中国股票市场资产价格模型设定检验

正确设定股票市场资产价格动态模型对资产定价、投资组合和风险管理具有基本重要性。本文基于随机过程非参数统计推断方法,采用幂变差和门限幂变差构造检验统计量,首次对我国股票市场资产价格半鞅的构成进行检验和分析。采用上证指数、深证成指和沪深300指数日内高频数据的实证结果表明,我国股票市场资产价格过程包含布朗运动积分形成的扩散过程和跳过程,既包含有限活动Poisson大跳过程也包含无限活动Levy小跳过程。在跳扩散过程中引入无限活动Levy跳跃过程才能全面刻画我国股票市场资产价格的动态特征。这一结果为相关研究提供了基础性实证结论。     

The moderating effect of product complexity on new product development and supply chain management integration

The purpose of this study is to investigate whether product complexity moderates the impact of integration programs in both new product development (NPD) and supply chain (SC) management on operational performance. Results are based on statistical analyses of data collected from an international sample of manufacturing firms through the fifth edition of the International Manufacturing Strategy Survey (IMSS 5). The main findings are that NPD and SC integration do have an impact on performance, while product complexity alone has not. When considering the moderating effect, complexity has no impact on NPD integration, while there is a negative moderating impact on SC integration. This study bridges together different streams of research, showing how both NPD and SC integration allow managing product complexity while improving performance.     

Manufacturing Proactiveness and Performance*

Since Skinner's [40] landmark article depicting the manufacturing function as the “missing link” in corporate strategic processes, a portion of the blame for inferior performance in many firms has been attributed to the subordinate strategic position of manufacturing. It has been argued that part of the solution to misalignments between the capabilities possessed by manufacturing and the requirements dictated by customers is for manufacturing to take a more proactive stance. However, little research has been reported which examines manufacturing proactiveness empirically. In this paper, we address this gap by developing an operational definition of manufacturing proactiveness and testing empirically whether a link exists between proactiveness and performance based on data collected from a sample of manufacturers. Based on the manufacturing strategy literature, we identify two major dimensions of manufacturing proactiveness: (1) the degree of manufacturing's involvement in the strategic processes of the business unit; and (2) the degree of commitment to a long-term program of investments in manufacturing structure and infrastructure aimed at building capabilities in anticipation of their need. We develop reliable scales for measuring each of the dimensions of proactiveness and use the data to provide evidence of a clear link between manufacturing proactiveness and business performance. We show that investments in structural programs coupled with either high levels of manufacturing involvement in strategic processes or planned investments in infrastructural programs correlate with higher than average performance.     

竞争驱动战略转型的人力资本视线研究——以天津中小制造业企业为例

转型升级阵痛中的中国制造业企业,唯有基于人力资本"视线"实施差异化战略、推进激进式创新,才能变革成功,进而在激烈市场竞争中存活下来并形成核心竞争力。以天津市各大工业园区154家中小制造业企业的问卷调查数据为样本,采用结构方程模型对制造业企业创新逆驱战略转型的人力资本"视线"进行统计检验。结果显示,战略层面的"视线"有一个:外部环境竞争性、差异化战略、激进式创新与企业绩效。资源层面"视线"有两个:差异化战略、HRM系统、人力资本、渐进式创新、激进式创新与企业绩效;差异化战略、HRM系统、知识共享与企业绩效。这三条"视线"为中国制造业企业指明了战略转型、创新变革的具体方向。     

反应型和先动型市场导向对产品创新和经营绩效的影响研究

探讨了反应型和先动型市场导向是否影响以及如何影响利用式创新和探索式创新,进而影响企业的经营绩效。对227家制造型企业的问卷调查研究结果显示:①反应型和先动型市场导向及利用式和探索式创新量表在我国制造业环境下具有良好的信度和效度;②2种类型市场导向对2种程度的创新均具有正向影响,其中,先动型市场导向对组织创新和企业绩效的促进作用更为明显;③2种类型的创新都有助于改善企业绩效;④创新均衡对企业绩效的改善也有显著作用。此外,研究为我国制造企业在何种程度上采纳市场导向战略管理工具来改善组织创新和经营绩效,提供了管理上的启示。     

Supply Chain Learning and Spillovers in Vendor Managed Inventory

Despite extensive literature on the value of supply chain collaboration programs, little research has examined the issue from the perspective of organizational learning. Using a unique, operational level dataset, we empirically examine the learning curves through which performance improvements are realized under vendor managed inventory (VMI). Performance is measured at the downstream distributor locations by examining inventory levels after controlling for customer service performance (stockouts). We identify and assess three sources of learning: a supply chain dyad's self‐learning, learning spillovers from electronic data interchange (EDI), and learning spillovers from other supply chain dyads. We find that self‐learning, learning spillovers from EDI, and learning spillovers from other supply chain dyads, all have positive and significant impacts on a distributor's inventory performance. In addition, we find that self‐learning may exhibit a U‐shaped learning curve (i.e., performance first improves and then plateaus or declines). These findings suggest that the various learning experiences with VMI and EDI can lead to improved performance over time, but the path to improvement may be complex.