State subsidies, supply chain resilience, and geopolitics influencing firm strategies in a post-2020 context: case study of the German semiconductor industry
研究了2021-2023年间德国半导体投资激增的原因，发现供应链中断风险、地缘政治紧张和国家补贴三个因素共同推动了企业战略变化，对理解后疫情时代产业布局有参考价值。
Abstract For the first time in over two decades, semiconductor firms have significantly increased their manufacturing investments in Germany between 2021 and 2023. We argue three interconnecting factors have influenced these firm strategies in what we call the ‘post-2020 context’: heightened risks of supply chain disruptions, geopolitical trade tension, and state subsidies. Conceptually, we integrate these factors into the global production network 2.0 framework by discussing how risks and the de-risking state interact with the market imperative and cost–capability ratio dynamics to influence firm strategies. Drawing on interviews with semiconductor firms, we discuss the interaction between positive market dynamics for automotive semiconductors, customer concerns for supply chain resilience related to environmental risk, the effect of heightened geopolitical risk mainly concerning China, and European Union subsidy schemes which reduced Germany’s cost disadvantage. We show how these varied interactions drove unprecedented semiconductor investment in Germany.