Impact Of Supply Chain Information Disclosure On Enterprise Value

In the context of the supply chain information disclosure policy,this article studies the impact of supply chain information disclosure on corporate value.This article first sorts out and summarizes the domestic and foreign research results,and establishes the theoretical basis of this article.On this basis,this paper takes the supply chain information disclosure in the annual reports of listed companies in Shanghai and Shenzhen as the research sample from 2011 to 2016,and makes an empirical study on the relationship between supply chain information disclosure and enterprise value based on the benchmark regression model.In order to solve the endogenous problem,this paper also conducts an empirical study on the impact of mandatory / voluntary disclosure of supply chain information on corporate value through the method of trend matching and double differential.On the basis of the negative impact of supply chain information disclosure on corporate value,this paper further combines the information content and previous relevant research results to specifically analyze the impact of supply chain information content,especially supplier concentration / customer concentration on corporate value,to explain the particularity of supply chain information disclosure.In this process,this article also explores the kind of investors through which supply chain information acts on the capital market,and analyzes the differences between institutional investors and ordinary investors in supply chain information and their ability to interpret them.The research in this paper found that:(1)The disclosure of supply chain information by a company will reduce the value of the enterprise,indicating that the capital market pays more attention to the supply chain information of the enterprise,and the cost of the disclosure of the information by the enterprise is higher.(2)Compulsory disclosure of supply chain information has a negative relationship with company value,while voluntary disclosure has a negative or insignificant economic effect due to the uniqueness of the supply chain information,which is in line with most research findings of voluntary disclosure Not consistent.It shows the necessity and effectiveness of the CSRC's formulation of supply chain information disclosure policies,and the importance of strategic disclosure of supply chain information by companies.(3)The information content of the supply chain helps investors to value the enterprise,and the enterprises with higher supplier / customer concentration are more favored by investors,which is conducive to the improvement of enterprise value.(4)The impact of supply chain information disclosure on corporate value is more pronounced in companies with a higher share of institutional ownership.Explain the effect of supply chain information disclosure on the capital market,mainly through institutional investors.Ordinary investors have poorer ability to interpret supply chain information than institutional investors,and must further guide them to pay attention to nonfinancial information of enterprises.