Mechanism test.

This paper delves into the impact of supply chain integration on corporate innovation performance. Utilizing panel data from 1,038 manufacturing companies listed on China’s A-shares stock market from 2012 to 2021, it analyzes how firms influence their innovation performance through supply chain integration and explores the moderating role of R&D investment in this relationship. The study reveals that internal integration significantly enhances corporate innovation performance, while customer and supplier integration negatively impact it. Furthermore, R&D investment mitigates the negative effect of supplier integration on innovation performance and positively moderates the relationship between customer integration and innovation performance. Given the diversity in ownership structures and equity concentration among Chinese firms, heterogeneity analysis shows that the positive effect of internal integration on innovation performance is more pronounced in state-owned enterprises and firms with high equity concentration. Conversely, in non-state-owned enterprises and firms with low equity concentration, the negative impact of customer and supplier integration on innovation performance is more significant, and the moderating effect of R&D investment varies according to the firm’s heterogeneity. The findings can help firms understand the mechanisms through which different dimensions of supply chain integration affect innovation. By leveraging resource dependence theory, this study offers theoretical guidance for supply chain management and offers practical insights aimed at enhancing corporate innovation practices.

本研究深入探究供应链整合（Supply Chain Integration）对企业创新绩效（Corporate Innovation Performance）的影响。本研究基于2012至2021年中国A股市场1038家制造业上市公司的面板数据（panel data），分析企业如何通过供应链整合作用于自身创新绩效，并探究研发投入（R&D Investment）在该关系中的调节效应（moderating role）。研究结果表明：内部整合可显著提升企业创新绩效，而客户整合与供应商整合则对创新绩效产生负向影响。此外，研发投入能够缓解供应商整合对创新绩效的负向影响，并对客户整合与创新绩效间的关系起到正向调节作用。考虑到中国企业在所有权结构与股权集中度方面存在差异，异质性分析（heterogeneity analysis）结果显示：内部整合对创新绩效的正向提升效应在国有企业（State-Owned Enterprises）与高股权集中度企业中更为显著。反之，在非国有企业（Non-State-Owned Enterprises）与低股权集中度企业中，客户整合与供应商整合对创新绩效的负向影响更为突出，且研发投入的调节效应亦随企业异质性特征而存在差异。本研究结果有助于企业明晰供应链整合各维度影响创新活动的内在机制。本研究依托资源依赖理论（Resource Dependence Theory），为供应链管理领域提供了理论指引，并为优化企业创新实践提供了实践参考。