WANG Yaxuan;HU Xinyue;

• 1:School of Economics
• 2:Anhui University
• 3:Institute of Economic and Social Development
• 4:Nankai University

Abstract：

In the context of the transformation and upgrading of the manufacturing industry and the reshaping of the global supply chain pattern, how to enhance the resilience of the supply chain by optimizing capital allocation has become a core issue related to industrial security and high-quality sustainable development. Based on the large-scale standardized production mode of China's manufacturing industry in the 21st century, this paper constructs an analysis framework of the mechanism transmission dimension including capital flow and organizational form and the adjustment dimension of value distribution and labor-capital interaction. Using the micro-enterprise data of China's manufacturing industry, this paper systematically tests the nonlinear influence of organic composition of capital on supply chain resilience and its mechanism. The study finds that there is a significant inverted U-shaped relationship between the organic composition of capital and the resilience of supply chain, which reveals the conversion boundary of the double effect of “productivity promotion”and“production relationship restriction” in the process of the change of the organic composition of capital. Heterogeneity analysis shows that this relationship is not obvious in state-owned, STAR Market-listed company and large-scale enterprises. The research conclusions of this paper show that the resilience construction of China's manufacturing supply chain needs to be alert to the structural contradictions caused by over-capitalization, focus on the coordinated promotion of capital allocation efficiency, labor relationship coordination and institutional environment support, and explore a steady, safe and sustainable industrial development path in a turbulent global environment. This paper not only provides an empirical basis for the theoretical discussion of the relationship between capital and resilience in the Chinese context, but also provides a decision-making reference for policy formulation and enterprise practice on how to optimize the capital allocation structure.

Key Words： organic composition of capital;supply chain resilience;inverted U-shaped relationship;manufacturing

Abstract:

Keywords:

Foundation: 国家社会科学基金一般项目“中国经济增长核算的马克思主义政治经济学阐释研究”(25BKS158);; 安徽省社会科学创新发展研究课题“安徽省‘基金丛林’赋能区域产业升级的路径与对策研究”(2025CX505)的资助

Authors: WANG Yaxuan;HU Xinyue;

References：

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• (1)数据来源:国家统计局。 (2)数据来源:产业在线,民生证券研究院。 (3)试点企业数据来自《商务部等8部门关于开展供应链创新与应用试点的通知》(商建函[2018]142号)。 (4)上市公司年度不加班天数采用夜间灯光双重基准法识别测算。采用NASA发布的500米分辨率VNP46A2日度夜间灯光数据,剔除由云层、极端事件造成的异常值及观测不足样本,通过地理编码获取上市公司地址经纬度,用ArcGIS提取上市公司所在网格及周边8个网格的夜间灯光亮度值,分别以法定节假日灯光亮度中位数为时间基准,以周边网格灯光亮度中位数为空间基准,当日亮度同时超出两项基准时判定为超时加班,其余日期记为不加班日,最终按年度汇总得到各上市公司的年度不加班天数。