贸易新业态对企业运营韧性的影响研究——来自跨境电商综合试验区政策的证据
Research on the Influence of New Trade Forms on Firms’ Operational Resilience—Evidence of Cross-Border E-Commerce Comprehensive Pilot Area Policy
摘要: 在价值链重构的背景下，企业面临更严峻的运营环境，跨境电商或许可以成为驱动企业运营韧性的战略突破口。本文利用2010~2023年中国A股上市公司面板数据，基于跨境电商综合试验区的准自然实验，运用双重差分法考察跨境电商综试区对企业运营韧性的影响。研究发现，跨境电商综试区能显著提高企业运营韧性。异质性分析表明，当企业规模较小或是非国有企业时，跨境电商综试区的政策效应就越大；当企业所在城市越靠近东部地区，综试区对企业运营韧性的提高作用就越大。机制作用表明，跨境电商综试区能通过缓解融资约束效应，降低环境不确定性效应从而提升企业运营韧性。最后，空间溢出效应表明，跨境电商综试区显著带动了其周边250千米~300千米内的企业运营韧性。这为跨境电商推动企业运营韧性的提高，全面防御风险提供了经验证据。
Abstract: Against the backdrop of global value chain restructuring, firms are confronted with an increasingly severe operational environment, and cross-border e-commerce may serve as a strategic breakthrough for driving firms’ operational resilience. Drawing on panel data of Chinese A-share listed companies from 2010 to 2023, this study leverages the quasi-natural experiment of Cross-border E-commerce Comprehensive Pilot Zones (CBE CPZs) and adopts the Difference-in-Differences (DID) method to examine the impact of CBE CPZs on firms’ operational resilience. The findings indicate that CBE CPZs significantly enhance firms’ operational resilience. Heterogeneity analysis reveals that the policy effect of CBE CPZs is more pronounced for smaller firms and non-state-owned enterprises (SOEs); furthermore, the closer a firm’s location is to China’s eastern region, the stronger the promoting effect of CBE CPZs on its operational resilience. Mechanism analysis demonstrates that CBE CPZs improve firms’ operational resilience by alleviating financing constraints and reducing environmental uncertainty. Finally, analysis of spatial spillover effects shows that CBE CPZs have significantly boosted the operational resilience of firms within a 250 km~300 km radius around them. This study provides empirical evidence for cross-border e-commerce to enhance firms’ operational resilience and comprehensively mitigate risks.
文章引用：王雯静. 贸易新业态对企业运营韧性的影响研究——来自跨境电商综合试验区政策的证据[J]. 电子商务评论, 2025, 14(12): 6090-6105. https://doi.org/10.12677/ecl.2025.14124586

参考文献

[1] Essuman, D., Bruce, P.A., Ataburo, H., Asiedu-Appiah, F. and Boso, N. (2022) Linking Resource Slack to Operational Resilience: Integration of Resource-Based and Attention-Based Perspectives. International Journal of Production Economics, 254, Article ID: 108652. [Google Scholar] [CrossRef] 
[2] Morgeson, F.P. and Hofmann, D.A. (1999) The Structure and Function of Collective Constructs: Implications for Multilevel Research and Theory Development. The Academy of Management Review, 24, 249-265. [Google Scholar] [CrossRef] 
[3] Caralli, R.A., Stevens, J.F. and Wilson, W.R. (2006) Sustaining Operational Resiliency: A Process Improvement Approach to Security Management. Networked Systems Survivability Program.
https://resources.sei.cmu.edu/library/asset-view.cfm?assetid=7871
[4] Jiang, Y., Ritchie, B.W. and Verreynne, M. (2019) Building Tourism Organizational Resilience to Crises and Disasters: A Dynamic Capabilities View. International Journal of Tourism Research, 21, 882-900. [Google Scholar] [CrossRef] 
[5] Somers, S. (2009) Measuring Resilience Potential: An Adaptive Strategy for Organizational Crisis Planning. Journal of Contingencies and Crisis Management, 17, 12-23. [Google Scholar] [CrossRef] 
[6] Li, Y., Wang, X., Gong, T. and Wang, H. (2022) Breaking Out of the Pandemic: How Can Firms Match Internal Competence with External Resources to Shape Operational Resilience? Journal of Operations Management, 69, 384-403. [Google Scholar] [CrossRef] 
[7] Ambulkar, S., Blackhurst, J. and Grawe, S. (2014) Firm’s Resilience to Supply Chain Disruptions: Scale Development and Empirical Examination. Journal of Operations Management, 33, 111-122. [Google Scholar] [CrossRef] 
[8] Scholten, K. and Schilder, S. (2015) The Role of Collaboration in Supply Chain Resilience. Supply Chain Management: An International Journal, 20, 471-484. [Google Scholar] [CrossRef] 
[9] Yilmaz Borekci, D., Rofcanin, Y. and Gürbüz, H. (2014) Organisational Resilience and Relational Dynamics in Triadic Networks: A Multiple Case Analysis. International Journal of Production Research, 53, 6839-6867. [Google Scholar] [CrossRef] 
[10] 冯文娜, 陈晗. 二元式创新对高技术企业组织韧性的影响——知识范围与知识平衡的调节作用[J]. 科学学与科学技术管理, 2022, 43(4): 117-135.
[11] Ivanov, D. (2021) Digital Supply Chain Management and Technology to Enhance Resilience by Building and Using End-To-End Visibility during the COVID-19 Pandemic. IEEE Transactions on Engineering Management, 71, 10485-10495.
[12] Liu, X., Tse, Y.K., Wang, S. and Sun, R. (2023) Unleashing the Power of Supply Chain Learning: An Empirical Investigation. International Journal of Operations & Production Management, 43, 1250-1276. [Google Scholar] [CrossRef] 
[13] Linnenluecke, M.K. (2015) Resilience in Business and Management Research: A Review of Influential Publications and a Research Agenda. International Journal of Management Reviews, 19, 4-30. [Google Scholar] [CrossRef] 
[14] 李兰, 仲为国, 彭泗清, 等. 新冠肺炎疫情危机下的企业韧性与企业家精神——2021∙中国企业家成长与发展专题调查报告[J]. 南开管理评论, 2022, 25(1): 50-64.
[15] Yu, W., Jacobs, M.A., Chavez, R. and Yang, J. (2019) Dynamism, Disruption Orientation, and Resilience in the Supply Chain and the Impacts on Financial Performance: A Dynamic Capabilities Perspective. International Journal of Production Economics, 218, 352-362. [Google Scholar] [CrossRef] 
[16] Nakandala, D., Yang, R., Lau, H. and Weerabahu, S. (2023) Industry 4.0 Technology Capabilities, Resilience and Incremental Innovation in Australian Manufacturing Firms: A Serial Mediation Model. Supply Chain Management: An International Journal, 28, 760-772. [Google Scholar] [CrossRef] 
[17] 吴金柯, 王生年, 王晓亮. 跨境电商综合试验区设立与企业专业化分工[J]. 国际贸易问题, 2024(8): 158-174.
[18] 马述忠, 郭继文. 制度创新如何影响我国跨境电商出口?——来自综试区设立的经验证据[J]. 管理世界, 2022, 38(8): 83-102.
[19] 刘珊, 马莉莉, 郭家琛. 贸易新业态何以赋能新质生产力——来自跨境电商综合试验区的证据[J]. 国际贸易问题, 2025(5): 26-46.
[20] Lendle, A., Olarreaga, M., Schropp, S. and Vézina, P. (2016) There Goes Gravity: eBay and the Death of Distance. The Economic Journal, 126, 406-441. [Google Scholar] [CrossRef] 
[21] 马述忠, 房超. 跨境电商与中国出口新增长——基于信息成本和规模经济的双重视角[J]. 经济研究, 2021, 56(6): 159-176.
[22] 马述忠, 房超, 张洪胜. 跨境电商能否突破地理距离的限制[J]. 财贸经济, 2019, 40(8): 116-131.
[23] 李常青, 李钰. 跨境电商能否提升企业ESG表现[J]. 国际贸易问题, 2024(10): 70-86.
[24] 杨胜刚, 谢晋元, 成程. 跨境电商、供应链优化和企业国际化——基于大数据文本分析的经验证据[J]. 国际贸易问题, 2023(10): 1-18.
[25] 李小平, 余娟娟, 余东升, 等. 跨境电商与企业出口产品转换[J]. 经济研究, 2023, 58(1): 124-140.
[26] 马述忠, 胡增玺. 跨境电子商务对我国企业出口市场组合风险的影响[J]. 财贸经济, 2022, 43(7): 149-164.
[27] 史本叶, 齐瑞卿. 跨境电商能否增强企业出口稳定性[J]. 财经科学, 2023(9): 103-117.
[28] 刘玉荣, 杨柳, 刘志彪. 跨境电子商务与生产性服务业集聚[J]. 世界经济, 2023, 46(3): 63-93.
[29] 刘乃全, 邓敏, 曹希广. 城市的电商化转型推动了绿色高质量发展吗?——基于国家电子商务示范城市建设的准自然实验[J]. 财经研究, 2021, 47(4): 49-63.
[30] 蒋金荷, 黄珊. 贸易新业态对绿色技术创新的影响研究——来自跨境电商综合试验区政策的证据[J]. 数量经济技术经济研究, 2024, 41(12): 133-154.
[31] 李金磊, 黄远标. 跨境电子商务与城市创业活力——来自跨境电子商务综合试验区的经验证据[J]. 国际贸易问题, 2023(12): 151-167.
[32] 余典范, 贾咏琪, 王超. 跨境电子商务与企业供应链效率——基于跨境电商政策的经验研究[J]. 国际贸易问题, 2024(10): 53-69.
[33] 胡浩然, 宋颜群. 跨境电商改革与工资收入: 一个新开放视角[J]. 财经研究, 2022, 48(5): 49-63.
[34] 袁其刚, 嵇泳盛. 跨境电商如何影响劳动力就业——基于跨境电子商务综合试验区的准自然实验[J]. 产业经济研究, 2023(1): 101-114.
[35] Clay, K., Krishnan, R., Wolff, E. and Fernandes, D. (2002) Retail Strategies on the Web: Price and Non-Price Competition in the Online Book Industry. The Journal of Industrial Economics, 50, 351-367. [Google Scholar] [CrossRef] 
[36] Brynjolfsson, E., Hu, Y. and Smith, M.D. (2003) Consumer Surplus in the Digital Economy: Estimating the Value of Increased Product Variety at Online Booksellers. Management Science, 49, 1580-1596. [Google Scholar] [CrossRef] 
[37] 张洪胜, 潘钢健. 跨境电子商务与双边贸易成本: 基于跨境电商政策的经验研究[J]. 经济研究, 2021, 56(9): 141-157.
[38] 鞠雪楠, 赵宣凯, 孙宝文. 跨境电商平台克服了哪些贸易成本?——来自“敦煌网”数据的经验证据[J]. 经济研究, 2020, 55(2): 181-196.
[39] 张兵兵, 陈羽佳, 朱晶, 等. 跨境电商综合试验区与区域协调发展: 窗口辐射还是虹吸效应[J]. 财经研究, 2023, 49(7): 34-47.
[40] 王小琴. 跨境电商综合试验区对进出口贸易的影响——基于双重差分模型的实证分析[J]. 技术经济与管理研究, 2022(5): 100-104.
[41] 王利荣, 芮莉莉. 跨境电商综合试验区对地区经济的影响及差异性分析——基于“反事实”视角[J]. 南方经济, 2022(3): 53-73.
[42] 吕越, 洪俊杰, 陈泳昌, 等. 双重电商平台出口的规模效应与中间品效应——兼论新发展格局下两个市场的利用[J]. 经济研究, 2022, 57(8): 137-153.
[43] Hayakawa, K., Mukunoki, H. and Urata, S. (2021) Can E-Commerce Mitigate the Negative Impact of COVID-19 on International Trade? The Japanese Economic Review, 74, 215-232. [Google Scholar] [CrossRef] [PubMed]
[44] 钱雪松, 丁滋芳, 陈琳琳. 缓解融资约束促进了企业创新吗?——基于中国《物权法》自然实验的经验证据[J]. 经济科学, 2021(1): 96-108.
[45] 鞠晓生, 卢荻, 虞义华. 融资约束、营运资本管理与企业创新可持续性[J]. 经济研究, 2013, 48(1): 4-16.
[46] 陆蓉, 徐龙炳, 叶茜茜, 等. 中国民营企业韧性测度与影响因素研究[J]. 经济管理, 2021, 43(8): 56-73.
[47] 马述忠, 杜特, 房超. 美国电商税法与中国跨境电商出口及其税收负担[J]. 经济研究, 2025, 60(1): 91-107.
[48] 赵云辉, 孙源, 冯泰文, 等. 供应商ESG评级分歧何以影响企业运营韧性[J]. 中国工业经济, 2024(11): 174-192.
[49] 郑曼妮, 黎文靖, 谭有超. 技术转移与企业高质量创新[J]. 世界经济, 2024, 47(3): 66-93.
[50] 唐浩丹, 方森辉, 蒋殿春. 数字化转型的市场绩效: 数字并购能提升制造业企业市场势力吗? [J]. 数量经济技术经济研究, 2022, 39(12): 90-110.
[51] Sun, L. and Abraham, S. (2021) Estimating Dynamic Treatment Effects in Event Studies with Heterogeneous Treatment Effects. Journal of Econometrics, 225, 175-199. [Google Scholar] [CrossRef] 
[52] Gardner, J. (2021) Two-Stage Differences in Differences. NBER Working Paper.
[53] 李慧, 佟孟华, 张国建. 设立产业转型升级示范区对企业融资约束的影响——基于交错双重差分模型[J]. 产业经济评论, 2024(3): 5-22.
[54] 杨茜雅, 白俊. 关税竞争下客户关系重构与企业创新投入——基于国内外客户关系重构的研究[J]. 科研管理, 2025, 46(9): 167-176.
[55] 李邈, 郑志刚. 控制权转让场景下的表决权委托与企业绩效[J]. 管理世界, 2024, 40(10): 189-208.
[56] 方明月, 聂辉华, 阮睿, 等. 企业数字化转型与经济政策不确定性感知[J]. 金融研究, 2023(2): 21-39.
[57] 聂辉华, 阮睿, 沈吉. 企业不确定性感知、投资决策和金融资产配置[J]. 世界经济, 2020, 43(6): 77-98.
[58] 申慧慧, 于鹏, 吴联生. 国有股权、环境不确定性与投资效率[J]. 经济研究, 2012, 47(7): 113-126.
[59] 王玉泽, 罗能生, 刘文彬. 什么样的杠杆率有利于企业创新[J]. 中国工业经济, 2019(3): 138-155.
[60] 孙伟增, 毛宁, 兰峰, 等. 政策赋能、数字生态与企业数字化转型——基于国家大数据综合试验区的准自然实验[J]. 中国工业经济, 2023(9): 117-135.
[61] 张继武, 姜凯. 知识产权示范城市的设立能否吸引更多的境外直接投资[J]. 国际贸易问题, 2022(9): 88-105.
[62] 曹清峰. 国家级新区对区域经济增长的带动效应——基于70大中城市的经验证据[J]. 中国工业经济, 2020(7): 43-60.

为你推荐