客户风险信息与供应商企业研发投入——基于供应链信息溢出的视角

The Effect of Customers’ Risk Information on Suppliers’ R&D Investment:Based on the Perspective of Supply Chain Information Dissemination

文章以2008-2020年A股上市公司为样本,证实了客户企业风险信息披露与供应商企业研发投入之间存在正向的信息溢出关系,披露不足的情形下能够对供应商企业研发投入产生负面影响,研究有效支撑了风险信息内容的信息假说。分样本研究发现:上述关系在国有性质、议价能力更强的供应商企业当中体现的更为明显。机理检验发现:客户企业整体信息环境透明度更低、内在信息披露驱动力更弱时,其风险信息披露的作用后果更为明显,证实了客户企业风险信息内容主要通过影响合作双方间信息不对称程度进而影响供应商企业的研发行为选择。

Taking listed companies from 2008 to 2020 as a sample, the study found that the level of customers’ risk information is significantly positively correlated with suppliers’ R&D investment. In the case of insufficient risk information disclosure, suppliers’ R&D investment has also weakened, and the research is effectively supported the information hypothesis of the risk information content. The sub-sample study found that the above-mentioned relationship is more obvious among the state-owned suppliers and suppliers with stronger bargaining power. The mechanism test found that when the information environment of customer is less transparent and the driving force of internal information disclosure is weaker, the degree of information asymmetry between the two parties in the supply chain is significantly strengthened, the suppliers’ risk perception increases, and the consequences are also more significant.