How Does the Organic Composition of Capital in Manufacturing Enterprises Affect Supply Chain Resilience: Evidence from Chinese A-Share Listed Companies

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.