Managers often use financial metrics based on internal accounting data to gauge firm performance. In this paper, we analyze firm value and related levers of operational supply chain (SC) performance from a financial market perspective. This allows us to study the contributions of profitability (earns) and asset utilization (turns) as the two major drivers of firm value. For this purpose, we apply data envelopment analysis to a large-scale longitudinal dataset of listed US companies (2007–2015) that covers 13 manufacturing industries. In so doing, we shed light on the implications of the 2008/2009 financial crisis for operational SC performance. Our findings can be summarized as follows: First, earns and turns are negatively correlated from an internal accounting-based viewpoint that distinguishes ‘high earns/low turns’ from ‘low earns/high turns’ industries. Second, manufacturing companies mostly tend to be less efficient in translating earns as opposed to turns into firm value. Finally, we observe declining efficacy of approaches to value-based supply chain management in manufacturing industries since 2007 (the last year before the financial crisis). General firm value appreciation in the stock markets overcompensated for this decline until 2015.

管理人员经常使用基于内部会计数据的财务指标来衡量公司业绩。在本文中，我们从金融市场的角度分析了公司价值和运营供应链 (SC) 绩效的相关杠杆。这使我们能够研究作为公司价值的两个主要驱动因素的盈利能力（收入）和资产利用率（周转）的贡献。为此，我们将数据包络分析应用于涵盖 13 个制造业的美国上市公司（2007-2015）的大规模纵向数据集。通过这样做，我们阐明了 2008/2009 年金融危机对运营 SC 绩效的影响。我们的发现可以总结如下：首先，从基于内部会计的观点来看，收入和周转呈负相关，该观点将“高收入/低周转”与“低收入/高周转”行业区分开来。其次，与转化为公司价值相比，制造公司在转化收入方面往往效率较低。最后，我们观察到自 2007 年（金融危机前的最后一年）以来，制造业中基于价值的供应链管理方法的有效性正在下降。直到 2015 年，股票市场的整体公司价值升值都过度补偿了这种下跌。我们观察到，自 2007 年（金融危机前的最后一年）以来，制造业中基于价值的供应链管理方法的有效性正在下降。直到 2015 年，股票市场的整体公司价值升值都过度补偿了这种下跌。我们观察到，自 2007 年（金融危机前的最后一年）以来，制造业中基于价值的供应链管理方法的有效性正在下降。直到 2015 年，股票市场的整体公司价值升值都过度补偿了这种下跌。