摘 要
在双循环、高质量的新发展格局下，经济“脱虚向实”，国家将振兴工业经济与重
塑产业优势摆在突出位置，政策大力指向高端产业，积极推进实体经济高质量发展成
为重要议题。企业正不断进行产业结构调整并遵循国家政策努力调整发展方向，但随
着目前我国劳动力人口衰减、生产制造业产能过剩等问题的出现，实体经济发展困难。
尤其新冠疫情爆发以来，受全球产业链运行不畅影响，企业面临的经济环境压力逐渐
加大，而且产业链中一些“卡脖子”的科技行业和能源领域都无法实现自给自足，导
致我国制造业向中高端产业转型过程中面临严峻挑战。在不确定性风险骤增的经济环
境压力下，我国制造业要解决资源依赖与技术受限问题并寻求长期发展，降本增效至
关重要。资产专用性作为企业资产配置效率的重要特征，不仅关系企业经营效率也影
响企业供应链管理，对于企业降本增效、培育核心能力至关重要。目前资产专用性对
企业价值创造的影响研究是学术界的热点话题，相关文献逐渐增多，但在不同视角、
不同理论与不同样本研究中，学术界并未对资产专用性的经济后果研究形成一致观点。
探究资产专用性对企业价值的贡献及供应链发挥的作用，对于我国制造业企业投资决
策、资源整合与供应链关系管理具有理论指导意义。
从经济效益来看，资产专用性为企业创造价值的同时可能形成“锁定效应”，增
加企业成本费用和风险；从投融资渠道来看，资产专用性助力企业合作创新，同时向
市场传递良好的履约能力，增强企业内源融资造血功能与外源融资能力。基于交易成
本理论，通过 A股主板上市制造业企业 16655个观测数据研究资产专用性对企业价值
的影响，研究结果表明资产专用性不利于企业价值提升，说明企业前期投入的专用性
资产未达到预期目标，反而发挥“锁定效应”，通过增加企业资产转换成本与沉没成本、
降低核心竞争力并增加机会主义风险造成企业价值减损。从中观层面分析发现，上下
游集中度会削弱资产专用性对企业价值带来的负面影响，表明集中的供应链关系能够
发挥利益协同效应，助力企业资源整合、信息共享与技术交流，同时增强企业市场竞
争力与内源融资“造血”功能，并拓展外源投融资渠道，助力企业价值创造。进一步
分析发现，资产专用性对企业价值的负向影响在核心竞争力弱、非国企与行业竞争程
度较高的企业中更显著。
基于以上研究结论，企业应重视降本增效问题，做好资源配置及交换筹划，谨慎
设立专用性资产，建立之前需要根据自身实际情况调整专用性资产投资力度，建立专
用性投资之后也需加强监管，不能忽视后期专用性投资带来的经济效应边际递减问题，
谨防交易对方的“敲竹杠”行为，避免被动面临敲竹杠风险和机会主义风险。同时，
企业应加强供应链关系管理，供应链关系管理能够增强企业核心能力，利用供应链关
系获取资源并整合信息，与核心供应商互动交流，明确自身发展战略和方向，降低采
购成本，同时加强下游客户关系管理，充分利用紧密关系带来的信息优势掌握客户需
求资料，进而提升库存周转率并取得产品市场竞争优势，助力企业价值创造。此外，
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政府应针对重点行业加强政策扶持并培育良好的市场环境，通过降税费、加大融资、
财政支持与深化行业改革等措施增加对重点制造业行业的支持，对冲企业专用性投资
过高带来的风险。研究从中观层面拓展了企业价值创造的研究视角，丰富了企业价值
创造的影响因素研究，为我国制造业企业降本增效与产业链合作提供理论支持。
关键词:客户集中度；供应商集中度；资产专用性；企业价值
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Abstract
Under the new pattern of double-cycle and high-quality development, the economy is
"moving from the virtual to the real". The state gives prominence to revitalizing the
industrial economy and reshaping industrial advantages. The policy vigorously points to
high-end industries and actively promotes high-quality development of the real economy as
an important topic. Enterprises are constantly adjusting their industrial structure and making
efforts to adjust their development direction in accordance with national policies. However,
with the emergence of problems such as attenuation of labor force and excess capacity in
manufacturing industry, the development of real economy is difficult. In particular, since the
outbreak of COVID-19, affected by the poor operation of the global industrial chain,
enterprises are facing increasing pressure from the economic environment, and some
"choked" technology and energy sectors in the industrial chain are unable to achieve
self-sufficiency, leading to severe challenges in the process of transforming China's
manufacturing industry into a middle and high-end industry. Under the pressure of uncertain
and risky economic environment, it is very important for China's manufacturing industry to
reduce cost and increase efficiency in order to solve the problem of resource dependence and
technology limitation and seek long-term development. As an important feature of enterprise
asset allocation efficiency, asset specificity is not only related to enterprise operating
efficiency, but also affects enterprise supply chain management, which is crucial for
enterprises to reduce costs and increase efficiency and cultivate core capabilities. At present,
the research on the impact of asset specificity on enterprise value creation is a hot topic in
the academic circle, and relevant literature is gradually increasing. However, in different
perspectives, different theories and different samples, the academic circle has not formed a
consensus view on the impact of asset specificity on value creation. It is of theoretical
significance to explore the contribution of asset specificity to enterprise value and the role of
supply chain in investment decision, resource integration and supply chain relationship
management of Chinese manufacturing enterprises.
From the perspective of economic benefits, asset specificity creates value for enterprises
and may form "lock-in effect", increasing costs and risks of enterprises. From the perspective
of investment and financing channels, asset specificity helps enterprises to promote
cooperative innovation, and meanwhile delivers good performance ability to the market,
enhancing enterprises' hematopoietic function of internal financing and external financing
ability. Based on transaction cost theory, this paper studies the influence of asset specificity
on enterprise value creation through 16,655 observation data of a-share main board listed
manufacturing enterprises. The research conclusion shows that asset specificity is not
conducive to the improvement of enterprise value, indicating that the specific assets invested
by enterprises in the early stage do not achieve the expected goal, but play A "locking effect".
By increasing asset conversion cost and sunk cost, reducing core competitiveness and
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