THE INFLUENCE OF CIRCULATION EFFICIENCY ON MANUFACTURING PERFORMANCE——The Guiding Characteristics of Circulation Industry in the Supplyside Structural Reform

Abstract

Abstract: In China's socialist market economy system, the circulation industry is not only an industry supporting the development of national economy, but also an industry leading the highquality development of economy. Under the background of supplyside structural reform, the improvement of circulation industry efficiency not only directly determines the improvement of quality and efficiency, but is also closely related to supply side problems such as cutting inventory and cutting overcapacity. On the basis of theoretical analysis, this paper empirically discusses the relationship between the efficiency of China's circulation industry and the performance of manufacturing industries based on micro enterprise data. The empirical results show that the efficiency of circulation industry has a positive effect on manufacturing performance. More specifically, the retail industry plays a positive role in the adjustment of manufacturing capacity, while the wholesale industry does not play a significant role in the improvement of manufacturing performance. In the future supplyside structural reform, we should attach great importance to the leading functions of the circulation industry, such as feedback of market information, adjustment of upstream production, and matching of supply and demand. While we continue to use new technologies to improve the efficiency of the retail industry and take advantage of its leading functions, we should also focus on improving the efficiency of the wholesale industry and its potential of guiding the allocation of production resources to match supply and demand. The improvement of the efficiency of circulation industry and its guiding roleplay is an integral part of deepening supplyside structural reform and promoting highquality economic development.

Key words: supplyside reform , leading role of circulation industry , manufacturing

摘要： 基于微观企业数据对我国流通业效率与制造业绩效的关系进行的实证结果发现：流通业效率对制造业绩效整体而言发挥正向作用。更具体地，零售业对制造业产能调整发挥着积极作用，而批发业效率提升则未对制造业绩效发挥显著作用。在未来持续推进的供给侧结构性改革中，应高度重视流通业对于有效反馈市场信息、调节上游生产、媒介供需匹配的先导性作用，在继续利用新技术提升零售业效率并发挥其先导性作用的同时，也应着力提升批发业效率及其引导产能资源配置、促进供需匹配的先导性潜能。

关键词: 供给侧改革 , 流通先导作用 , 制造业

WANG Xiaodong, CHEN Liang, WU Zixin. THE INFLUENCE OF CIRCULATION EFFICIENCY ON MANUFACTURING PERFORMANCE——The Guiding Characteristics of Circulation Industry in the Supplyside Structural Reform[J]. Economic Theory and Business Management.

王晓东, 陈梁, 武子歆. 流通业效率对制造业绩效的影响*——兼论供给侧结构性改革中的流通先导性[J]. 经济理论与经济管理.

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