Modeling And Empirical Research On Inventory Leanness Towards Enterprise Performance

With the shrinking demand in domestic and foreign markets and the rising cost,the demand of inventory leanness management for manufacturing enterprises is increasing.Inventory leanness is used to capture the relative reduction of inventory under the same output,reflecting the ability of manufacturing enterprises to achieve normal production operations at low inventory levels.China's manufacturing industry is characterized by “high input,high consumption,high pollution,low quality,low efficiency,low output” and emphasizes the policy of “destocking”.This dissertation empirically tests the impact of inventory leanness on firm performance by constructing a research model of the impact of manufacturing inventory leanness on enterprise performance,combined with econometric research methods.Firstly,this dissertation analyzes the impact of inventory leanness on operational efficiency,business performance,and venture survival from the perspective of moderate inventory leanness and excessive inventory leanness.Then,this dissertation hypothesis that there is an inverse U-shaped relationship between inventory leanness and enterprise performance is proposed.Furthermore,it provides a theoretical basis for exploring the time-lag effect of the above effects,thus enriching and expanding the research content of inventory leanness in theory.Secondly,this dissertation confirms that inventory leanness has an inverse U-shaped effect on operational efficiency.The relationship between inventory leanness and operational efficiency is negatively moderated by firm size and ownership,and is positively moderated by the management's shareholding ratio and the combination of chairman and general manager.For most small-scale or low-control companies,inventory leanness has a greater impact on operational efficiency.The impact of inventory leans on operational efficiency of two-in-one or non-state-owned enterprises is positive with declining.This dissertation finds that the effect of inventory leanness on operational efficiency does not change significantly.The positive impact of inventory leanness on operational efficiency is mainly due to the improvement of technical efficiency,which helps enterprises to achieve optimal production operations and improve the operational management level of enterprises.Thirdly,this dissertation demonstrates the inverse U-shaped effect of inventory leanness on three kinds of business performance,and most of manufacturingenterprises are in the stage of positive promotion of inventory leanness to business performance.Product diversification can positively moderate the effects of inventory leanness on total return on assets and total returns on sales.For most enterprises,inventory leanness has a greater impact on business performance when product diversification is low.The impact of inventory leanness on the promotion of business performance is gradually weakened.In addition,the inventory leanness in capital-intensive industries has the least impact on business performance compared to labor-intensive and technology-intensive industries.Finally,this dissertation demonstrates that total inventory leanness,finished product inventory leanness,and non-finished product inventory leanness have an inverse U-shaped non-linear effect on venture survival.For most enterprises,the survivability of enterprises is stronger when the degree of specialization is high.The impact of total inventory leanness on survivability is gradually increasing,while the lag effect of finished product inventory leanness and non-finished product inventory leanness is unstable.There is a large space for manufacturing enterprises in most industries to enhance survivability by increasing inventory leanness.The impact of total inventory leanness on survivability is mainly due to the impact of non-finished product inventory leanness.