An Empirical Study On The Impact Of Supply Chain Integration On Financial Performance Of Manufacturing Enterprises

The "Made in China 2025" put forward the goal of becoming a manufacturing power,and the "14th Five-Year Plan" and the outline of the vision for 2035 once again emphasized the in-depth implementation of the strategy of becoming a manufacturing power,reflecting the important economic status of the manufacturing industry.As the market environment becomes more and more complex,the competition in manufacturing industry becomes increasingly fierce and the difficulty of profit promotion increases.As an effective mode to participate in market competition,supply chain integration can improve the production efficiency of enterprises,enhance their competitive advantages,and promote sustainable development of enterprises.Based on this,it is of great significance to explore the relationship between supply chain integration and financial performance of manufacturing enterprises to improve the overall efficiency and high-quality development of manufacturing industry.First of all,based on relevant concepts and theories and on the basis of systematic review of relevant literature at home and abroad,this paper divides supply chain integration into three dimensions:supplier integration,customer integration and internal integration,and analyzes the relationship between each dimension of supply chain integration and financial performance.Secondly,772 manufacturing enterprises in Shanghai and Shenzhen stock markets from 2011 to 2020 are selected as the research samples.The internal integration is measured by factor analysis method,and the panel data model is established according to the research assumptions.Finally,empirical test and analysis are carried out by using linear regression and mediation effect to comprehensively explore the relationship between supply chain integration and financial performance,and robustness test is carried out by replacing financial performance indicators.The results show that:(1)external integration positively promotes financial performance.Through supplier integration and customer integration,enterprises can reduce manufacturing costs and expand market share,thus improving financial performance;(2)Internal integration has a positive impact on financial performance.Enterprises can improve flexible production efficiency and management level through internal integration,thus promoting the improvement of financial performance;(3)Internal integration plays a mediating role in the relationship between external integration and financial performance.Further investigation shows that internal integration has a partial mediating effect on the relationship between supplier integration and financial performance,customer integration and financial performance,and internal integration has a more significant mediating effect on customer integration and financial performance.Based on the above empirical conclusions,this paper puts forward the following countermeasures and suggestions for enterprises to implement supply chain integration:first,improve the supplier management system,establish a supplier evaluation system in advance,improve supplier participation during the process,and improve supplier audit afterwards;Second,strengthen customer relationship management,improve the awareness of cooperation between enterprises and customers and customer participation;Thirdly,strengthen the internal integration,strengthen the participation of all employees in the enterprise,and take the internal integration of the enterprise itself as the core to build a standard business process from suppliers to customers.