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

摘要： 企业在经营过程中，往往需要面对重大突发性事件所带来的环境动荡、需求波动与供应链中断等挑战。本研究从库存管理的视角出发，探讨在重大突发性事件影响下，企业库存敏捷性与企业绩效之间的关系，并分析债务融资成本与营运资金管理能力在其中的调节作用。基于1 533家A股上市制造类企业的季度数据，采用最小二乘法进行实证分析，考察企业库存敏捷性对企业绩效的影响。研究结果表明：在重大突发性事件冲击下，企业库存敏捷性能够提升企业的现金流表现，并对企业绩效具有显著的正向影响。企业的债务融资成本会限制企业对现金流的使用，对企业库存敏捷性与企业绩效之间的关系产生负向调节作用，即企业债务融资成本越高，企业库存敏捷性对于企业绩效的正向影响越弱。此外，企业的营运资金管理能力越强，越能发挥库存敏捷性所带来的优势，企业营运资金管理能力对于企业库存敏捷性与企业绩效之间的关系具有正向调节效应。本研究结果拓展了传统以精益库存管理为主的库存管理理论，对企业调整自身库存管理策略以应对重大突发性事件冲击具有参考价值。

关键词: 重大突发事件, 库存敏捷性, 库存管理