Market Value And Spillover Effects Of Collaboration

In the 1980 s,the word supply chain management began to appear in people’s vision,with the continuous promotion and development,now supply chain management has become an important indicator to measure the competitive advantage of enterprises.As the economy has entered the new normal,supply chain management has entered a new journey.The general office of the State Council issued the guiding opinions on actively promoting the innovation and application of supply chain,which points out that supply chain management can effectively improve international competitiveness at the national strategic level,inject new vitality into China’s traditional industries,provide transformation power for emerging industries,and help China’s economy move forward steadily.First of all,in the research of enterprise,product trading,outsourcing strategy and strategic alliance can help members quickly share information,obtain scarce resources,and bring competitive advantage for enterprise operation and management.Based on the deficiency of existing academic content,from the perspective of operation management,this paper uses event research method to study the impact of enterprise collaboration events on market value.Secondly,in the research of supply chain,this paper studies whether there is spillover effect in the supply chain by constructing the upstream and downstream supply chain,and further analyzes the value impact of collaborative events on the members of the supply chain by using the resource dependence theory.Finally,in the research of industry,there often are two opposite effects of collaborative events: "competition effect" and "contagion effect".According to the industry classification standard,through the event study method,this paper further studies the impact of the announcement on the market value of the competitors in the photovoltaic industry,and analyzes which one of the competition effect and the contagion effect is dominant.Based on the photovoltaic industry collaboration events,this paper collected 258 collaboration announcements issued by global photovoltaic listed companies from 2010 to2017.It is found that there is a significant positive effect of the cooperative behavior among enterprises on the enterprises themselves,which shows that they can obtain 1.683% positive abnormal return.The solvency and information disclosure of cooperative enterprises also have a significant impact on the market value of listed companies.At the same time,the supply chain is constructed on the basis of event enterprises,and the sample number is 643.It is found that the spillover effect of collaborative events occurs in the supply chain,which shows that the abnormal return is 0.449%,and is regulated by the resource dependence between enterprises.Finally,according to the industry classification standard of Wind,the number of samples is1856.The results show that collaboration events will have an impact on the market value of competitors in the industry,especially in the U.S.stock market.Therefore,this paper suggests that decision-makers can choose to disclose good information to the public to improve the market value of enterprises,establish a good relationship with partners in supply chain management,and pay more attention to the strategic decisions of other competitors in the industry.