The Empirical Study On Supply Chain Integration Affect The Enterprise Value

As the global economic integration and the coming of the Internet age, great changes have taken place in enterprise’s survival environment. On the background of constantly changing consumer demand and drastic market competition, the traditional enterprise management mode has been challenged. Supply chain management has the characteristics of high flexible, low risk, quick response to market demand, and it can improve the enterprise competitive differentiation greatly by redesigning the enterprise procurement, production and sales process, therefore academics and practitioners are more and more concerned about the topic. Supply chain integration is the advanced stage of supply chain management, which broke through the boundary of the enterprise, and make the suppliers, manufacturers and distributors in the supply chain establish cooperative relationship. This management mode can improve the competitive advantage by integrating the resources effectively. In this sense, there will be no enterprise but supply chain, real competition will exist between supply chain and supply chain in 21 st century.This paper aims to explore the relationship between supply chain integration and the enterprise value, enterprise value includes the financial performance and market value. The research on the relationship between supply chain integration and enterprise performance is a new theme, by contrast, domestic research is later, and the conclusions are different. Enterprise’s financial performance reflects the short-term profitability, but the market value of the enterprise reflects the shareholder wealth, and represents the enterprise’s future growth opportunities and the development potential. In recent years the business operators also pay more and more attention to improve the market value of enterprises. Therefore, the research on the relevance of supply chain integration and corporate value is still a very worthy topic.Due to the obvious supply chain features of manufacturing enterprise, this paper selected the data of listed companies from 2011 to 2014 as the research object, and built appropriate indicators to measure supply chain integration by the annual report. Through the factor analysis and regression analysis methods, we can reveal the relationship of supply chain and enterprise performance.In this paper, the following conclusions: 1.One-way or total integration of the manufacturers with suppliers or sellers can significantly improve the financial performance of enterprises. 2. One-way or total integration of the manufacturers with suppliers or sellers can significantly improve the market value of enterprises. 3. One-way integration with sellers improves the enterprise market value more significant than with suppliers.Based on the above findings,this paper argues that: First of all, enterprises should strengthen the supply chain management and construction, and establish a supply chain alliance with upstream and downstream enterprises. Next, enterprises should strengthen the disclosure of supply chain-related information. At last, the governments should promote enterprises to take the road of integrated supply chain, and build the industrial chain advantage.