Economic and Technical Research Institute, State Grid Jiangsu Electric Power Co.

探讨采购数字化与能源关联企业现金流增长的关系,借助供应链创新与应用试点工作构建的外生冲击环境,基于2012—2022年A股能源关联企业数据,系统考察了供应链采购数字化对能源关联企业现金流水平的影响。研究发现:供应链采购数字化显著促进了能源关联企业现金流增长,且该结论在经过一系列稳健性检验后依然成立。机制分析表明,供应链采购数字化通过提高企业市场表现、企业融资效率和企业韧性促进了能源关联现金流水平的增长,供应链透明度正向调节供应链采购数字化对能源关联企业现金流的促进关系。异质性分析表明,供应链采购数字化对民营企业、两职独立企业、成长期和成熟期企业的现金流促进作用更为显著。

This paper explores the relationship between procurement digitization and cash flow growth of energy affiliates. With the help of the exogenous shock environment constructed by the pilot work of supply chain innovation and application, this paper systematically examines the impact of supply chain procurement digitization on the cash flow level of energy affiliates based on the data of A-share energy affiliates from 2012 to 2022. It is found that supply chain procurement digitization significantly promotes the growth of cash flow of energy affiliates, and the conclusion still holds after a series of robustness tests. Mechanistic analyses indicate that supply chain procurement digitization contributes to the growth of cash flow levels of energy affiliates by improving firms′ market performance, firms′financing efficiency and firms′resilience, and supply chain transparency positively moderates the relationship between supply chain procurement digitization and the promotion of cash flow of energy affiliates. Heterogeneity analyses indicate that supply chain procurement digitization promotes cash flow more significantly for private firms, two-employee independent firms, and growth and maturity stage firms.

张敏, 周洪伟, 张旺, 邹盛. 供应链采购数字化能否促进能源关联企业现金流增长——基于准自然实验和双重差分模型. 煤炭经济研究. 2024, 44(12): 132-139

ZHANG Min, ZHOU Hongwei, ZHANG Wang, ZOU Sheng. Can supply chain procurement digitization boost cash flow growth for energy associated enterprise:Based on quasi-natural experiments and double difference models. Coal Economic Research. 2024, 44(12): 132-139