The Value Effect Of The Supply Chain Integration Influenced By Contract Enforcement Efficiency

In a changing market environment,the ability to quickly respond to changes in the market environment and create value for the market is a key factor in measuring the success of an enterprise.For this reason,enterprises,especially manufacturing enterprises,need to establish close business partnership with suppliers,customers and even competitors,through sharing information and resources,and forming a stable supply chain to achieve optimal and win-benefit.It has been found that enterprises are more inclined to maintain the transaction relationship through contract,to mitigate the opportunism due to asymmetric information,so the execution of contract has an important effect on the enterprise contracting and the process of performing.As a manufacturing company,only by having a clear understanding of its own situation,market position,and contractual environment can it make decisions that are conducive to the long-term development of the company.On the basis of combing the literature,this paper is based on the theory of transaction cost theory and incomplete contract theory,combined with the characteristic facts of the Chinese market,using the efficiency of regional contract execution to measure the contract environment of the Enterprise,and studies the relationship among the efficiency of regional contract execution,the integration of supply chain and the value of enterprises.Based on empirical data results,recommendations are made to the market and the company.This paper selects the listed companies in Shanghai and Shenzhen in 2009-2015 as a sample,extracts relevant financial information from the WIND database,and collects the data of the purchasing cost of the first 5 suppliers and the sales revenue of the top 5 customers by hand in the annual report of the sample enterprise,and quantitatively analyzes the value effect of supply chain integration.In addition,the paper collects the data from the "China Business Environment Report" and "China Market Index" by hand to measure the efficiency of regional contract implementation,so as to study the effect of regional contract execution efficiency on supply chain integration value effect.Using the tracking number of analysts and research reports,and the ranking of audit units,we want to study whether the quality of information environment has a substitute or complementary effect on the efficiency of regional contract execution.In the expansion analysis,the influence of enterprise heterogeneity is studied.This paper finds that:(1)Supply chain integration has positive effect on enterprise value,and this positive promotion relationship is more obvious in areas with high efficiency of contract execution.lt means that if the manufacturing company is located in an area with a good contract environment,it can maintain and enhance the degree of integration of the supply chain through resource sharing and the establishment of friendly cooperative relations,so as to promote the increase in the value of the company.(2)The quality of information environment has an altermative effect on the efficiency of regional contract execution.It means that if the manufacturing company is in a poor contract environment,then it should pay more attention to improving the transparency of its own information environment.Relieving information asymmetry by having a higher quality information environment will help manufacturing partners gain the favor of their partners and realize the value-added effect of supply chain integration.(3)In the further analysis,based on the heterogeneity of enterprises,it is found that the efficiency of regional contract execution has a relatively large impact on the integration value effect of the supply chain of non-state-owned enterprises compared with the state-owned enterprises.Compared with the low contract density enterprises,High contract-intensive enterprises can obtain more special investment guarantee of assets in the area with high execution efficiency,which is more significant to the value effect of supply chain integration.We integrate the efficiency of regional contract execution,supply chain integration and enterprise value into a theoretical framework for the first time,which can help us to understand the value effect of supply chain integration better,and deepen our understanding of the external contract environment,which not only has important revelation to enterprise decision,but also encourages the Government to strengthen the enforcement of policy.The research of this paper is of great theoretical and practical significance.