关键词: 重大突发事件, 库存敏捷性, 库存管理

Abstract: During business operations, companies often face unexpected challenges such as environmental instability, fluctuating demands, and supply chain disruptions caused by sudden emergencies. This paper explores the relationship between enterprise inventory agility and business performance under the influence of such major emergencies, from the perspective of inventory management. It also examines the moderating effect of enterprise debt financing costs and working capital management capabilities. Using quarterly data from 1533 publicly listed manufacturing enterprises in the A-share market, it employs the method of ordinary least squares to explore the impact of inventory agility on business performance. The findings suggest that under the influence of major emergencies, an enterprise’s inventory agility can enhance its cash flow performance, having a significant positive impact on business performance. The cost of debt financing can constrain an its use of cash flow, negatively moderating the relationship between inventory agility and corporate performance. Specifically, the higher the cost of debt financing, the weaker the positive impact of inventory agility on corporate performance. The stronger an enterprise’s working capital management capabilities, the more it can leverage the advantages brought by inventory agility, showing a positive moderating effect on the relationship between inventory agility and corporate performance. These findings extend traditional management theories that primarily focus on lean inventory practices and provide valuable guidance for enterprises in adjusting their inventory management strategies in response to major emergencies.

Key words: major emergencies, inventory agility, inventory management