《中国制造2025》提出了实现制造业强国的目标，“十四五”规划和2035年远景目标纲要再次强调要深入实施制造强国战略，体现出制造业的重要经济地位。随着市场环境日趋复杂，制造业竞争不断加剧且利润提升难度增加。供应链整合作为一种参与市场竞争的有效模式可以提升企业生产效率，增强企业竞争优势，促进企业可持续发展。基于此，探究制造业企业供应链整合与财务绩效的关系对制造业整体效益的提升和高质量发展具有重要意义。

首先，本文基于相关概念与理论，在系统梳理国内外相关文献的基础上，将供应链整合划分为供应商整合、客户整合和内部整合三个维度，并对供应链整合各维度与财务绩效的关系进行机理分析。其次，选取2011年至2020年沪深两市772家制造业企业为研究样本，采用因子分析法对内部整合进行测算，根据研究假设建立面板数据模型。最后，利用线性回归和中介效应进行实证检验与分析，全面探讨供应链整合与财务绩效的关系，并通过替换财务绩效指标的方式进行稳健性检验。研究结果表明：（1）外部整合正向促进财务绩效，企业通过供应商整合和客户整合可以降低制造成本，扩大市场份额，从而提高财务绩效；（2）内部整合正向影响财务绩效，企业通过内部整合可以提高柔性生产效率，改善管理水平，从而促进财务绩效的提升；（3）内部整合在外部整合与财务绩效的关系中发挥中介作用，进一步探究发现，内部整合在供应商整合与财务绩效、客户整合与财务绩效的关系中存在部分中介效应，且内部整合在客户整合与财务绩效间的中介效应更显著。

基于上述实证结论，本文对企业实施供应链整合提出以下对策建议：第一，完善供应商管理体系，事前建立供应商评估系统，事中提高供应商参与度，事后完善供应商审核；第二，加强客户关系管理，提高企业与客户合作意识及客户参与度；第三，强化内部整合，加强企业全员参与性，并以企业自身内部整合为核心构建从供应商到客户的标准业务流程。

The "Made in China 2025" put forward the goal of becoming a manufacturing power, and the "14th Five-Year Plan" and the outline of the vision for 2035 once again emphasized the in-depth implementation of the strategy of becoming a manufacturing power, reflecting the important economic status of the manufacturing industry. As the market environment becomes more and more complex, the competition in manufacturing industry becomes increasingly fierce and the difficulty of profit promotion increases. As an effective mode to participate in market competition, supply chain integration can improve the production efficiency of enterprises, enhance their competitive advantages, and promote sustainable development of enterprises. Based on this, it is of great significance to explore the relationship between supply chain integration and financial performance of manufacturing enterprises to improve the overall efficiency and high-quality development of manufacturing industry.

First of all, based on relevant concepts and theories and on the basis of systematic review of relevant literature at home and abroad, this paper divides supply chain integration into three dimensions: supplier integration, customer integration and internal integration, and analyzes the relationship between each dimension of supply chain integration and financial performance. Secondly, 772 manufacturing enterprises in Shanghai and Shenzhen stock markets from 2011 to 2020 are selected as the research samples. The internal integration is measured by factor analysis method, and the panel data model is established according to the research assumptions. Finally, empirical test and analysis are carried out by using linear regression and mediation effect to comprehensively explore the relationship between supply chain integration and financial performance, and robustness test is carried out by replacing financial performance indicators. The results show that :(1) external integration positively promotes financial performance. Through supplier integration and customer integration, enterprises can reduce manufacturing costs and expand market share, thus improving financial performance; (2) Internal integration has a positive impact on financial performance. Enterprises can improve flexible production efficiency and management level through internal integration, thus promoting the improvement of financial performance; (3) Internal integration plays a mediating role in the relationship between external integration and financial performance. Further investigation shows that internal integration has a partial mediating effect on the relationship between supplier integration and financial performance, customer integration and financial performance, and internal integration has a more significant mediating effect on customer integration and financial performance.

Based on the above empirical conclusions, this paper puts forward the following countermeasures and suggestions for enterprises to implement supply chain integration: first, improve the supplier management system, establish a supplier evaluation system in advance, improve supplier participation during the process, and improve supplier audit afterwards; Second, strengthen customer relationship management, improve the awareness of cooperation between enterprises and customers and customer participation; Thirdly, strengthen the internal integration, strengthen the participation of all employees in the enterprise, and take the internal integration of the enterprise itself as the core to build a standard business process from suppliers to customers.

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