Supply Chain Status,Firm Performances And Stock Returns

With the development of fierce competition and complex market environment,enterprises tend to rely on their own factor endowment to expand the allocation of resources to suppliers and customers,making the competition among enterprises evolved into competition among supply chains.Supply chain status and its economic consequences have become a hot issue that lead to concern in theoretical and practical research in recent years.It has important theoretical and practical meanings that clarify the economic consequences of the supply chain status can promote enterprises to balance the supply chain status and realize the maximization of firm value.However,the study has been confined to the static competitive or cooperative relationship and only focused on supplier concentration or customer concentration.So,this paper focusing on the influence of supply chain status on firm performances,market value,stock returns and so on.This paper are divided into seven chapters,the main contents of each chapter are as follows:The first chapter is introduction,including main problems,the purpose and meaning,research contents and the possible innovation.The second chapter is literature review,briefly introduces the main theoretical basis,and analyzes the existing literature that about the impact of supply chain status on firm performance,market value and stock returns.The third chapter puts forward the relevant research hypothesis and constructs the empirical research model;the fourth chapter is to investigate the impact of supply chain status and its changes on firm performances from four aspects(financial performances,operational performances,growth capacity,comprehensive performances)and two dimensions(firm performances and excess firm performances);the fifth chapter is to investigate the impact of supply chain status and its changes on market value and stock returns;the sixth chapter is to investigate the impact of firm performances on the relationship between status and its changes and market value and stock returns.The seventh chapter is the summary and future research prospect.This chapter summarizes the main conclusions of the paper,and put forward the relevant policy suggestions,points out the limitations of this study and future possible research directions.This paper collects the relevant data and uses empirical method to research the influence of supply chain status on firm performance,market value and stock return.The main conclusions are as follows:(1)Supply chain status has a significant inverted U-shaped impact on firm performances.The stronger the supply chain status,the more ability to allocate resources in supply chain,the more able to lead cooperation with upstream and downstream enterprises,the better its financial performances,operational performances,growth capacity and comprehensive performances.But too strong supply chain status will damage the stability of cooperation and ultimately will damage firm performances.With the improvement of the supply chain status,the bargaining power and the resource allocation ability of supply chain will be enhanced,which make the enterprise's excess firm performances,but increase too large of supply chain status will damage the interests of suppliers and customers and costs will higher than the benefits,ultimately will damage the excess firm performances.(2)Supply chain status has a significant inverted U-shaped impact on the market value of enterprise.The stronger the supply chain status,the more possibility deliver stronger value creation signal,the higher the market value of the enterprise,but too strong supply chain status will deliver a signal of the interests of stakeholders and the stability of cooperation are damaged,ultimately will damage market value of the enterprise.(3)Investors see change of supply chain status as good news,so the change of supply chain status has a significant positive impact on abnormal returns,but when supply chain status changes too large,company's strong bargaining power will cover up bad news and information asymmetry led investors fail to respond it adequately,resulting market has a certain negative reaction but not significant when supply chain status is increase too large.(4)The better the firm performances,the more attractive to the market,making the signal of supply chain status is fully interpreted,thus the higher the sensitivity of market value to the supply chain status;however,the effect of the excess firm performances on the relationship between supply chain status and abnormal returns is not significant.This paper puts forward the following suggestions:First,the government should develop the relevant system to encourage enterprises disclosure information of supply chain,because it can provide evidences of the decision-making for stakeholders;Second,enterprises should balance their own supply chain status,taking into account the benefits and costs of supply chain status;Third,strengthen the information construction,using "large data,intelligent,internet of thing,mobile internet,cloud computing" to promote supply chain integration and to achieve Pareto optimal cooperation game among enterprises in supply chain.