摘要
随着供应商遭遇“黑天鹅”事件的频繁发生,考察供应链中断的溢出效应以及如何管理供应链中断风险正逐渐成为理论界与实务界的一个热门话题。利用我国上市公司对于前5名客户信息的自愿披露这一数据,本文从现金持有的角度考察了客户是否以及如何应对供应商年报MD&A部分语调所隐含的供应链中断风险。本文的研究结果表明,客户会考虑供应商年报MD&A部分语调所隐含的供应链中断风险,供应商年报MD&A部分的语调越消极,客户出于预防性动机会持有更高水平的现金。进一步的研究发现,当客户对供应商的依赖性越大、供应商信息质量越好以及供应商所处地区的营商环境越好时,上述两者之间的正相关关系有所增强。本文的研究不仅在供应链中断风险管理与公司文本信息披露的溢出效应方面具有重要的理论意义,而且对于我国企业从公司披露的文本信息方面积极识别与管理供应链中断风险,提高供应链韧性与构建可持续供应链,进而提升我国全球竞争力也具有重要的现实启示意义。
With increasing“Black swan”incidents suffered by suppliers,exploring the spillover effects of supply chain disruption and managing supply chain disruption risk has emerged as a hot topic both in academics and practice.Using a dataset from voluntary information disclosure of top five customers by Chinese listed firms,this paper investigates whether and how customers manage potential supply chain disruption risk implied in suppliers'Management Discussion and Analysis(MD&A)tone from the perspective of cash holdings.Our results show that,customers do consider potential supply chain disruption risk implied in suppliers'MD&A tone.The more negative the MD&A tone of suppliers,the higher the level of cash held by customers.Further evidence shows that,the above results are stronger for suppliers with more dependence by customers,for suppliers with better information quality,and for suppliers located in regions with better business environment.Our paper not only contributes to the literatures on supply chain disruption risk management and spillover effects of corporate textual information disclosure,but also provides insight into actively identifying and managing supply chain disruption risk from textual information disclosed by firms,and enhancing supply chain resilience and thus building sustainable supply chain,which plays a significant role on improving China'global competitiveness.
出处
《会计研究》
CSSCI
北大核心
2024年第3期94-108,共15页
Accounting Research
基金
国家自然科学基金面上项目(72072071)的资助
关键词
年报语调
供应链中断风险
溢出效应
现金持有
Annual Report Tone
Supply Chain Disruption Risk
Spillover Effects
Cash Holdings
