Abstract
Using data from listed companies in China, we find that changes in supply chain relationships have a significant negative impact on the level of enterprise internationalization, including internationalization scale, boundary and depth. The deterioration of financial conditions and the decrease in innovation ability are the transmission mechanisms by which changes in supply chain relationships inhibit enterprise internationalization. In addition, to cope with the business risks brought by changes in supply chain relationships, enterprises tend to adopt diversified business strategies, which also weakens the adverse impact of these changes on the internationalization to a certain extent. Heterogeneity research shows that the negative impact of changes in supply chain relationships on internationalization is mainly manifested in nonstate-owned enterprises and enterprises with high supply chain concentration. These conclusions provide a theoretical and practical reference for enterprises to optimize supply chain relationships and promote the process of internationalization.
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