Econ Papers Daily / 期刊论文
法院与链条：司法独立对供应链稳定性的实际影响
Courts and chains: The real effects of judicial independence on supply chain stability
摘要
We study how judicial independence affects the stability of corporate supply chains, exploiting the staggered, city-level rollout of China’s vertical management reform of local courts in a difference-in-differences design. The reform lowers the churn of firms’ top suppliers and customers and lengthens their longest-standing relationships. This average masks a reallocation margin: after the reform, firms with greater hold-up exposure replace partners more often than other firms, consistent with enforcement-enabled reallocation. Stabilization is stronger where partner relationships are less publicly visible and among firms with more transparent accounting or greater analyst coverage, and duration gains are larger for financially constrained firms. The reform also raises total factor productivity and extends the geographic reach of supply chains. Impartial enforcement thus shapes both the durability of firm-to-firm relationships and the reallocation of partners.
中文摘要
我们研究司法独立如何影响企业供应链的稳定性，利用中国地方法院垂直管理改革在市级层面交错推行的准自然实验，采用双重差分设计进行识别。该改革降低了企业前五大供应商与客户的更替率，并延长了其维持最久的合作关系。这一平均效应掩盖了一个再配置边际：改革后，套牢风险更高的企业比其他企业更频繁地更换合作伙伴，这与执法能力提升所促成的再配置相一致。在合作伙伴关系公开可见度较低的情形下，以及在会计信息更透明或分析师覆盖更多的企业中，稳定化效应更强；而对于融资受限的企业，关系持续时间的提升更大。该改革还提高了全要素生产率，并拓展了供应链的地理覆盖范围。因此，公正执法既塑造了企业间关系的持久性，也影响了合作伙伴的再配置。