Can Vertical Mergers and Acquisitions of Renewable Energy Enterprises Enhance Supply Chain Resilience?—Empirical Verification Based on Multi-Period Difference-in-Differences Model
Abstract
:1. Introduction
2. Literature Review
2.1. Research on Renewable Energy Enterprises
2.2. Research on Vertical Mergers and Acquisitions of Enterprises
2.3. Research on the Resilience of Enterprise Supply Chain
2.4. Literature Summary
3. Theoretical Analysis and Research Hypotheses
3.1. Vertical Mergers and Acquisitions and Supply Chain Resilience
3.2. Vertical Mergers and Acquisitions, Supplier Concentration, and Supply Chain Resilience
4. Methodology
4.1. Data Source
4.2. Variable Definition and Descriptive Statistics
4.2.1. Explained Variable
4.2.2. Explanatory Variable
4.2.3. Mediating Variable
4.2.4. Control Variable
4.3. Model Construction
5. Empirical Results and Discussion
5.1. Basic Characteristics of Supply Chain Resilience in Renewable Energy Enterprises
5.2. Results of Baseline Regression
5.3. Mediating Effect Test
5.4. Results of Robustness Test
5.4.1. Parallel Trend Test
5.4.2. Placebo Test
5.4.3. PSM-DID Inspection
5.4.4. Other Robustness Tests
5.4.5. Endogeneity Test
5.5. Test of Heterogeneity
5.5.1. Heterogeneity of Financing Constraints
5.5.2. Heterogeneity of Enterprise Growth
5.5.3. Heterogeneity of Different Industries
6. Research Conclusions and Recommendations
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Primary Index | Secondary Index | Connotation |
---|---|---|
Resistance | Capital recovery capacity | Prepayments/revenue |
Financial health | Total liabilities/total assets | |
Supplier concentration | Sum of the square of the proportion of purchases by the top five suppliers to the total purchases | |
Resilience | Chain stability | Bullwhip effect: AR = Var(Production)/Var(Demand), Production and Demand refer to the production and demand of enterprises, respectively |
Inventory management efficiency | Cost of goods sold/average inventory balance | |
Cash reserve level | Net cash flow/total profit | |
Expense management level | Administrative expenses/revenue | |
Enterprise profitability | Net profit/average total shareholders’ equity | |
Creativity | Technological innovation ability | R&D expenses/revenue |
Employee efficiency | Total profit/total labor cost | |
Talent quality level | Number of employees/employees with a bachelor degree |
Variable Class | Variable | Sample Size | Mean | Standard Deviation | Minimum | Maximum |
---|---|---|---|---|---|---|
Explained variable | SCR | 2600 | 0.400 | 0.030 | 0.350 | 0.500 |
Explanatory variable | Vma | 2600 | 0.510 | 0.500 | 0 | 1 |
Mediating variable | Sup | 2600 | 0.340 | 0.190 | 0.060 | 0.880 |
Control variable | Lev | 2600 | 0.430 | 0.190 | 0.070 | 0.900 |
RTA | 2600 | 0.040 | 0.070 | −0.250 | 0.220 | |
Cost | 2600 | 0.090 | 0.060 | 0.010 | 0.360 | |
Cash | 2600 | 0.040 | 0.060 | −0.150 | 0.200 | |
Growth | 2600 | 0.170 | 0.360 | −0.510 | 2.040 | |
Fixed | 2600 | 0.210 | 0.110 | 0.010 | 0.530 | |
Tech | 2600 | 0.190 | 0.110 | 0.030 | 0.630 |
Variable | (1) | (2) | (3) | (4) | (5) |
---|---|---|---|---|---|
SCR | SCR | SCR | Sup | SCR | |
Vma | 0.003 * | 0.019 *** | 0.004 ** | −0.024 ** | 0.004 ** |
(0.002) | (0.001) | (0.002) | (0.012) | (0.002) | |
Sup | −0.015 *** | ||||
(0.003) | |||||
Lev | −0.016 *** | −0.027 *** | 0.071 | −0.026 *** | |
(0.004) | (0.004) | (0.045) | (0.004) | ||
RTA | 0.008 | 0.015 ** | −0.083 | 0.014 ** | |
(0.007) | (0.007) | (0.068) | (0.007) | ||
Cost | −0.034 ** | −0.044 *** | −0.255 * | −0.048 *** | |
(0.013) | (0.013) | (0.140) | (0.012) | ||
Cash | 0.007 | −0.008 | 0.042 | −0.007 | |
(0.006) | (0.005) | (0.068) | (0.006) | ||
Growth | −0.002 ** | −0.003 *** | 0.042 *** | −0.002 *** | |
(0.001) | (0.001) | (0.010) | (0.001) | ||
Fixed | −0.017 *** | −0.011 | −0.047 | −0.012 * | |
(0.006) | (0.007) | (0.082) | (0.007) | ||
Tech | 0.095 *** | 0.068 *** | −0.191 ** | 0.065 *** | |
(0.010) | (0.010) | (0.076) | (0.011) | ||
Constant | 0.387 *** | 0.389 *** | 0.390 *** | 0.218 *** | 0.393 *** |
(0.001) | (0.003) | (0.003) | (0.037) | (0.003) | |
N | 2600 | 2600 | 2600 | 2600 | 2600 |
R2 | 0.405 | 0.382 | 0.518 | 0.137 | 0.530 |
Firm | YES | NO | YES | YES | YES |
Year | YES | NO | YES | YES | YES |
Variable | (1) | (2) | (3) | (4) |
---|---|---|---|---|
SCR | SCR | SCR | SCR | |
Vma | 0.006 ** | 0.004 ** | 0.004 ** | 0.048 ** |
(0.002) | (0.002) | (0.002) | (0.024) | |
Lev | −0.027 *** | −0.029 *** | −0.027 *** | −0.272 *** |
(0.005) | (0.004) | (0.004) | (0.049) | |
RTA | 0.010 | 0.013 * | 0.016 ** | 0.595 *** |
(0.009) | (0.007) | (0.006) | (0.103) | |
Cost | −0.055 *** | −0.041 *** | −0.038 *** | 0.386 ** |
(0.014) | (0.012) | (0.014) | (0.155) | |
Cash | −0.005 | −0.008 | −0.010 * | 0.017 |
(0.009) | (0.005) | (0.005) | (0.113) | |
Growth | −0.004 *** | −0.003 *** | −0.002 *** | −0.026 * |
(0.001) | (0.001) | (0.001) | (0.015) | |
Fixed | −0.013 | −0.009 | −0.011 | −0.041 |
(0.009) | (0.007) | (0.007) | (0.098) | |
Tech | 0.069 *** | 0.070 *** | 0.066 *** | 0.153 |
(0.012) | (0.010) | (0.010) | (0.110) | |
Constant | 0.391 *** | 0.389 *** | 0.718 ** | −0.168 *** |
(0.005) | (0.003) | (0.291) | (0.038) | |
N | 1123 | 2588 | 2600 | 2600 |
R2 | 0.496 | 0.524 | 0.538 | 0.291 |
Firm | YES | YES | YES | YES |
Year | YES | YES | YES | YES |
Ind-Year | NO | NO | YES | NO |
Variable | (1) | (2) |
---|---|---|
First | Second | |
Vma | SCR | |
LVma | 0.533 *** | 0.006 ** |
(22.74) | (2.15) | |
Lev | 0.026 | −0.029 *** |
(0.50) | (−8.20) | |
RTA | 0.014 | 0.019 *** |
(0.15) | (2.79) | |
Cost | 0.269 | −0.043 *** |
(1.58) | (−3.49) | |
Cash | 0.072 | −0.004 |
(0.71) | (−0.77) | |
Growth | 0.011 | −0.003 *** |
(0.73) | (−4.19) | |
Fixed | 0.041 | −0.014 * |
(0.45) | (−1.82) | |
Tech | −0.057 | 0.069 *** |
(−0.71) | (7.35) | |
N | 2400 | 2400 |
R2 | 0.768 | 0.513 |
Firm | YES | YES |
Year | YES | YES |
Kleibergen–Paap rk LM statistic | 83.759 (0.000) | |
Kleibergen–Paap rk Wald F statistic | 517.135 | |
10% maximal IV size | 16.380 |
Variable | (1) | (2) | (3) | (4) |
---|---|---|---|---|
High Financing Constraints | Low Financing Constraints | High Growth Potential of the Enterprise | Low Growth Potential of the Enterprise | |
Vma | 0.001 | 0.005 ** | 0.006 * | 0.003 * |
(0.002) | (0.003) | (0.003) | (0.002) | |
Lev | −0.022 *** | −0.030 *** | −0.025 *** | −0.029 *** |
(0.006) | (0.005) | (0.007) | (0.004) | |
RTA | 0.007 | 0.019 ** | 0.003 | 0.019 ** |
(0.011) | (0.007) | (0.011) | (0.009) | |
Cost | −0.041 | −0.028 * | −0.031 ** | −0.044 ** |
(0.025) | (0.014) | (0.015) | (0.017) | |
Cash | −0.021 ** | −0.001 | −0.004 | −0.006 |
(0.009) | (0.008) | (0.010) | (0.007) | |
Growth | −0.003 ** | −0.001 | −0.004 ** | −0.002 ** |
(0.001) | (0.001) | (0.002) | (0.001) | |
Fixed | 0.011 | −0.026 ** | 0.002 | −0.020 ** |
(0.008) | (0.011) | (0.013) | (0.008) | |
Tech | 0.066 *** | 0.065 *** | 0.044 *** | 0.073 *** |
(0.012) | (0.015) | (0.015) | (0.012) | |
Constant | 0.383 *** | 0.395 *** | 0.390 *** | 0.391 *** |
(0.005) | (0.005) | (0.005) | (0.004) | |
N | 1240 | 1360 | 909 | 1691 |
R2 | 0.590 | 0.473 | 0.431 | 0.540 |
Firm | YES | YES | YES | YES |
Year | YES | YES | YES | YES |
Variable | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
Renewable Energy Vehicles | Solar Power Generation | Wind Power | Lithium Battery | Stored Energy | Hydrogen Energy | |
Vma | 0.002 | 0.007 *** | 0.006 | 0.005 * | −0.009 | 0.006 ** |
(0.003) | (0.002) | (0.005) | (0.003) | (0.007) | (0.002) | |
Lev | −0.023 *** | −0.022 *** | −0.033 *** | −0.038 *** | −0.033 ** | −0.024 *** |
(0.006) | (0.008) | (0.011) | (0.008) | (0.014) | (0.007) | |
RTA | 0.026 *** | −0.020 * | 0.085 * | 0.029 ** | 0.003 | −0.032 |
(0.009) | (0.011) | (0.042) | (0.012) | (0.013) | (0.024) | |
Cost | −0.033 | −0.069 *** | −0.016 | −0.006 | −0.022 | −0.047 |
(0.031) | (0.021) | (0.031) | (0.019) | (0.038) | (0.059) | |
Cash | −0.012 | 0.007 | 0.002 | −0.011 | −0.044 * | −0.012 |
(0.009) | (0.010) | (0.020) | (0.012) | (0.022) | (0.018) | |
Growth | −0.005 *** | −0.004 *** | −0.001 | 0.001 | −0.002 | −0.000 |
(0.002) | (0.001) | (0.002) | (0.001) | (0.002) | (0.003) | |
Fixed | 0.006 | −0.023 * | −0.046 ** | 0.012 | 0.003 | −0.032 *** |
(0.011) | (0.013) | (0.020) | (0.019) | (0.037) | (0.009) | |
Tech | 0.055 *** | 0.073 *** | 0.070 * | 0.060 *** | 0.081 *** | 0.068 *** |
(0.015) | (0.017) | (0.034) | (0.013) | (0.017) | (0.014) | |
Constant | 0.384 *** | 0.397 *** | 0.385 *** | 0.388 *** | 0.387 *** | 0.397 *** |
(0.005) | (0.007) | (0.008) | (0.006) | (0.012) | (0.006) | |
N | 936 | 597 | 260 | 495 | 169 | 143 |
R2 | 0.539 | 0.554 | 0.537 | 0.522 | 0.487 | 0.845 |
Firm | YES | YES | YES | YES | YES | YES |
Year | YES | YES | YES | YES | YES | YES |
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Wu, Y.; Liu, Q.; Guo, Q. Can Vertical Mergers and Acquisitions of Renewable Energy Enterprises Enhance Supply Chain Resilience?—Empirical Verification Based on Multi-Period Difference-in-Differences Model. Sustainability 2025, 17, 3211. https://doi.org/10.3390/su17073211
Wu Y, Liu Q, Guo Q. Can Vertical Mergers and Acquisitions of Renewable Energy Enterprises Enhance Supply Chain Resilience?—Empirical Verification Based on Multi-Period Difference-in-Differences Model. Sustainability. 2025; 17(7):3211. https://doi.org/10.3390/su17073211
Chicago/Turabian StyleWu, Yiding, Qing Liu, and Qiming Guo. 2025. "Can Vertical Mergers and Acquisitions of Renewable Energy Enterprises Enhance Supply Chain Resilience?—Empirical Verification Based on Multi-Period Difference-in-Differences Model" Sustainability 17, no. 7: 3211. https://doi.org/10.3390/su17073211
APA StyleWu, Y., Liu, Q., & Guo, Q. (2025). Can Vertical Mergers and Acquisitions of Renewable Energy Enterprises Enhance Supply Chain Resilience?—Empirical Verification Based on Multi-Period Difference-in-Differences Model. Sustainability, 17(7), 3211. https://doi.org/10.3390/su17073211