The Impact Of The Earthquake On The Efficiency Of Structural Adjustment Of Enterprise Factor Allocation

From the perspective of "internal circulation",this paper uses the data of non-financial listed companies before and after the Wenchuan earthquake in 2008 to study the changes in the adjustment efficiency of factor allocation and structure within enterprises when the earthquake comes and the production of enterprises is impacted.The occurrence of uncertain events usually has a negative impact on the production of enterprises.Uncertain events in recent years,such as the Sino-US trade war,the new crown epidemic,and the Russian-Ukrainian incident,have brought incalculable losses to the production of global enterprises.On the one hand,my country’s manufacturing industry is deeply embedded in the GVC division of labor,and uncertain events will profoundly affect the development of my country’s manufacturing industry.It is of great significance to the development of enterprises to improve their ability to deal with emergencies.On the other hand,under the new development background of my country’s proposal of "double-cycle new development",it is very important to explore the development model of enterprises under the impact of uncertain events.Total factor productivity is an important indicator to measure the production efficiency of enterprises,and its changes reflect the improvement of the technical level of enterprises and the improvement of the efficiency of factor allocation structure.This paper uses the Blinder-Oaxaca decomposition method to decompose the difference in total factor productivity before and after the earthquake,and examines the change in factor allocation caused by the earthquake.On the basis of the benchmark regression experiment,this paper conducts further research on enterprise classification and finds that:(1)After the earthquake,export-oriented enterprises are more efficient than inward-oriented enterprises in adjusting the factor allocation structure.(2)After the earthquake,the enterprises with high supply chain concentration are less efficient in adjusting the factor allocation structure than those with low supply chain degree.(3)Under the earthquake shock,the factor allocation structure adjustment efficiency of the enterprises closer to the epicenter is lower.