供应链客户信息对公司信息环境的影响研究——基于股价同步性的分析

The Impact of Supply Chain Customer Information on Firm's Information Environment

本文以2007-2012年沪深A股上市公司披露的客户信息为研究对象,通过研究其对供应商公司信息环境即股价同步性的影响,试图分析供应链客户信息的内涵。我们发现,供应商披露客户身份增加了投资者获取供应商信息的渠道,使股价同步性降低;且当客户为上市公司时,公开的客户渠道信息还能促进行业共享,使供应商的股价同步性高于客户不是上市公司的供应商。这一结果在客户重要性增强、客户分析师数目增多及行业影响力变大时增强,表明上市公司披露客户信息有利于改善我国资本市场信息环境。

This paper examines the impact of supply chain information on 2007 -2012 Chinese -listed finns＇ information environment, measured by stock price synchronicity. We find that disclosing large customers＇ identities provides an important channel for investors to learn about the firm, which leads to a lower stock price synchronicity in disclosing firms. However, firms with disclosed customers being publicly listed are associated with higher stock price synchronicity than those with customers not publicly listed. We conjecture and find that it is driven by more low - cost and public available information sharing among industry level. Moreover, the effect is stronger when the customers are more concentrated, followed by more analysts, and have greater industry influence. The overall results show that the disclosure of customer information provides an extra channel for investors and improves information environment of capital market.