大连海事大学硕士学位论文
摘
要
数字经济时代背景下，数字技术的应用和创新日益受到我国政府和企业的高度重视，
大数据、人工智能和区块链等概念开始频繁地出现。纵观国内外，尤其是区块链技术，
引起了政府、企业、学界机构的高度关注，各方积极开展相关研究，试图挖掘区块链技
术的巨大潜能。区块链技术给金融等相关行业带来了全新的发展前景与挑战，各大企业
开始争相投资区块链技术，区块链概念上市企业成为区块链技术落地应用的重要载体，
在 2016年的时候成为了 A股市场的焦点，并得到政府的扶持和政策性鼓励。实例表明
区块链概念上市企业协同供应链上企业在合作中布局区块链技术应用，区块链技术对供
应商与企业间关系和企业内部运营产生了颠覆性的改变，供应商和企业的亲疏关系会对
企业的内部运营和绩效造成至关重要的影响。因此，在新的时代背景下，本文尝试从外
部供应商和内部运营的内外联动的视角深入探究我国区块链概念上市企业供应商集中
度对企业绩效关系的影响及其背后的作用机制。
本文选取 2015-2019年沪深两市 A股区块链概念上市企业为研究样本，基于技术创
新理论、交易成本理论、供应链管理理论、社会资本理论、竞争优势理论、政府支持理
论等为基础，以企业的公告数据和财务数据，建立一个有调节的中介作用模型，实证研
究供应商集中度、运营能力与企业绩效之间的关系，并考察政府支持异质性因素的影响，
然后进行稳健性检验，并基于企业产权性质作进一步拓展性研究。实证研究结果表明：
（1）在区块链概念上市企业中，供应商集中度对企业绩效具有显著负向影响，企业对
供应商企业的过度依赖会损害企业绩效；（2）供应商集中度对运营能力具有显著正向
影响，供应商集中度与总资产周转率和流动资产周转率正向相关，与销售费用率负向相
关，高供应商集中度能够增强企业运营周转能力和运营成本控制能力；（3）企业运营
能力对企业绩效具有显著正向影响，即运营能力越好，企业的绩效越好；（4）运营能
力在供应商集中度与企业绩效二者关系中存在中介作用，表现为遮掩效应，即供应商集
中度通过正向影响企业的运营能力进而对企业绩效产生显著正向影响，抵冲过高供应商
集中度给企业绩效带来的负面影响；（5）政府支持纵向资金和横向政策两个维度在供
应商集中度→运营能力→企业绩效的遮掩效应路径中起到显著的正向调节作用，但短期
相比较来看，政府资金的注入更有利于区块链概念上市企业的绩效提升；（6）基于产
权性质的进一步分析表明，相比较于国有企业，供应商集中度对非国有企业的绩效负向
影响更加显著，对国有企业的运营的资产周转能力正向影响更加显著，对于非国有企业
的运营成本控制能力提升更显著；而非国有企业运营资产周转能力的提高更能增强企业
的绩效，但受到更加显著的运营成本负向影响。
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区块链概念上市企业供应商集中度与企业绩效关系研究--基于遮掩效应和调节效应的分析
基于以上结论，本文以期为区块链概念上市企业实现内外因素的联动提升企业绩效
提供实证指导，从政府和企业两个层面对推动企业的发展提出了相关对策和建议，为区
块链概念上市企业在管理供应商关系、加强与供应商运营合作和政府正向引导区块链类
企业规范发展方面提供了重要的借鉴意义。
关键词：供应商集中度；运营能力；政府支持；企业绩效；遮掩效应；区块链
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大连海事大学硕士学位论文
Research on the Relationship between Supplier Concentration and
Corporate Performance of Blockchain Concept Listed Companies
--Based on the analysis of masking and moderating effects
Abstract
In the context of the digital economy era, the application and innovation of digital
technologies are increasingly receiving high attention from our government and enterprises,
and concepts such as big data, artificial intelligence and blockchain have started to appear
frequently. Throughout China and abroad, blockchain technology in particular has attracted
great attention from government, enterprises and academic institutions, and all parties are
actively carrying out relevant researches in an attempt to tap the huge potential of blockchain
technology. Blockchain technology has brought new development prospects and challenges to
the financial industry and other related industries, and major enterprises began to compete to
invest in blockchain technology. As an important carrier of blockchain technology landing
application, the listed enterprises of blockchain concept became the focus of A-share market
in 2016,and supported by government and policy incentives. Examples show that blockchain
concept listed enterprises collaboratewith enterprises in the supply chain tolay out
blockchain technology applications in cooperation, and blockchain technology has produced
disruptive changes tothe relationship between suppliersand enterprises andinternal
operations of enterprises, and the proximity of suppliers and enterprises can have a crucial
impact on the internal operations and performance of enterprises. Therefore, in the new era,
this paper attempts to explore in depth the impact of supplier concentration on the relationship
of enterprise performance and the mechanism of action behind it from the perspective of
internal and external linkage of external suppliers and internal operations of listed enterprises
with blockchain concept in China.
This thesis selects A-share listed enterprises of blockchain concept in Shanghai and
Shenzhen cities from 2015-2019 as the research sample, based on technological innovation
theory, transaction cost theory, supply chain management theory, social capital theory,
competitive advantage theory, and government support theory, etc., and builds a moderated
mediating effect model with the announcement data and financial data of enterprises to
empirically investigate the relationship between supplier concentration, operational capability
and The relationship between firm performance and the influence of heterogeneous factors of
government support is examined, followed by robustness tests. Also, this thesis conducts a
further extended study based on the nature of corporate property rights. The results of the
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