| The report of the 20 th Party Congress points out that "we adhere to the theme of promoting high-quality development,focus on improving total factor productivity,and enhance the resilience of the supply chain".Supply chain cooperation among enterprises can achieve risk sharing and profit sharing.Under the background of more emphasis on overall market competitiveness,enterprises begin to continuously optimize themselves to improve the comprehensive competitiveness of their supply chain upstream and downstream enterprises in the market.Therefore,in the current situation,promoting the development of high-quality supply chain is an important task for the current economic development.The "One Belt,One Road" initiative has effectively catered to the needs of Chinese enterprises for high-quality development,and in recent years,China has continued to enhance the level of opening up to the outside world,and since the "One Belt,One Road" initiative has been promoted and implemented in depth,the "One Belt,One Road" initiative has been promoting the development of the supply chain.The "Belt and Road" initiative has played an important role in promoting the high-quality development of Chinese companies.According to existing studies,it is easy to find that the Belt and Road Initiative can contribute to the long-term development of enterprises,mainly in terms of improving total factor productivity,optimizing resource allocation efficiency,improving the quality of exports and promoting industrial upgrading.The existing literature focuses on the impact of the Belt and Road Initiative on enterprises themselves,but ignores the possible external spillover effects in the supply chain.In this context,it is worth exploring whether the Belt and Road Initiative has a positive impact on the quality development of Chinese enterprises’ supply chains,and whether Chinese enterprises should choose to alleviate their own financing constraints or choose to achieve quality development of their supply chains through self-driven technological innovation.This paper uses the indicator of total factor productivity to measure the high quality development of enterprises,and selects the impact of enterprises’ participation in the "Belt and Road" initiative on the high quality development of upstream suppliers and downstream customers in the supply chain as the research question and explores its mechanism.Using the data of top five suppliers and customers disclosed by A-share listed companies from 2012 to 2020,the study concludes that the "Belt and Road" initiative has a positive impact on the highquality development of enterprise supply chains by constructing DID and PSM-DID measurement models.It is confirmed that there is an external spillover effect on the supply chain of enterprises,i.e.,the participation of enterprises in the "Belt and Road" initiative can promote the high-quality development of their suppliers and customers.Further,the paper divides the sample according to the nature of enterprise ownership,industry type and regional digital financial development level,and finds that the spillover effect of the Belt and Road Initiative on high-quality supply chain development is more significant for state-owned enterprises,emerging industries and enterprises located in regions with higher digital financial development level.Based on this,the paper further designed an analysis of the impact mechanism of enterprises’ participation in the "Belt and Road" initiative on the quality development of their suppliers and customers.The analysis results show that the participation of enterprises in the "Belt and Road" initiative can improve their technological innovation,alleviate their financing constraints,and improve their foreign investment,thus leading their suppliers and customers to achieve highquality development.Finally,based on the theoretical and empirical analysis,this paper summarizes the main conclusions and proposes feasible countermeasures for the government and enterprises to further promote the construction of "One Belt,One Road",improve the production efficiency of enterprises and realize the highquality development of enterprise supply chain. |
