东北财经大学学报

建设全国统一大市场是推动高质量发展的重要保障。在资本要素市场分割严重的背景下，如何促进企业异地投资，推动资本跨区域有序流动，从而建设全国统一大市场成为亟须解决的问题。本文基于2008—2023年中国A股上市公司数据，运用双向固定效应模型实证检验了供应链配置对企业异地投资的影响及作用机制。研究发现，供应链集中度对企业异地投资有显著负向影响，即供应链集中度越高，企业进行异地投资的倾向越低，越不利于全国统一大市场建设。供应链集中度通过信息不对称、供需协调成本和资产专用性三大机制对企业异地投资产生抑制作用。供应链集中度对企业异地投资的抑制作用发生在低数字化转型水平、高供应链网络位置、高战略差异度和高行业环境不确定性的企业中。进一步分析表明，分散化的供应链配置通过促进异地投资能够在短期内增强供应链韧性，但可能以效率损失为代价，这种权衡关系随着时间的推移逐渐趋于平衡。在地理分布上，供应链配置对远距离投资的影响显著，并可能同时引发虹吸效应和扩散效应。本文从供应链网络视角拓展了企业投资决策的理论框架，为破除要素市场分割、建设全国统一大市场提供了政策启示。

Building a unified national market is a key task for promoting high-quality development, yet regional segmentation in the capital factor market remains a prominent obstacle hindering coordinated regional development. As an important micro-level vehicle for cross-regional capital flows, corporate cross-regional investment necessitates an in-depth analysis of its decision-making mechanisms from a micro perspective of corporate strategy.Based on data from China's A-share listed companies from 2008 to 2023, this paper systematically examines the impact of supply chain concentration on corporate cross-regional investment. Mechanism tests indicate that supply chain concentration inhibits corporate cross-regional investment primarily through three channels. First, the information asymmetry mechanism: concentrated supply chains limit firms' access to diversified market information channels, making it difficult to comprehensively obtain key information, such as the economic environment and policy regulations of investment destinations, which in turn substantially increases information search costs and decision-making risks. Second, the supply-demand coordination cost mechanism: when firms heavily rely on a few core partners, supply chains become vulnerable to amplified “bullwhip effects”, exacerbating supply-demand imbalance risks and further increasing the complexity and coordination difficulties of cross-regional supply-demand matching. Third, the asset specificity mechanism: concentrated supply chains often involve substantial relationship-specific investments. These specialized assets are non-transferable, and the geographical lock-in effects and path dependency formed in specific regions significantly raise switching costs and sunk costs for cross-regional expansion, leading firms to maintain their existing geographical layouts. Heterogeneity analysis reveals that this inhibitory effect is particularly pronounced among firms with lower digital transformation levels, those occupying higher positions within supply chain networks, those exhibiting greater strategic divergence, and those operating in industries with higher environmental uncertainty. Further research demonstrates that decentralized supply chain configurations can significantly enhance supply chain resilience through cross-regional investment in the short term albeit at the cost of temporary efficiency losses; geographically, the impact of supply chain configuration on long-distance investment is more prominent and simultaneously generates “siphon effects” “diffusion effects”, forming a bidirectional, integrated regional interaction pattern that helps break the core-periphery structure.This paper extends the theoretical framework of corporate investment decisions from the perspective of supply chain networks, providing micro-level evidence for optimizing corporate supply chain strategies and promoting orderly cross-regional capital flows.