| 供应链上所有权重叠对公司信息披露质量的影响 |
| The Impact of Overlapping Ownership in Supply Chains on Corporate Information Disclosure Quality |
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| 中文关键词:供应链 所有权重叠 共同股东 公司信息披露质量 |
| 英文关键词:supply chain ownership overlap common shareholders corporate information disclosure quality |
| 基金项目:教育部人文社会科学研究一般项目（24YJA790082）；北京市教育科学十四五规划重点课题（CDAA23048）；中国政法大学新兴学科培育与建设计划。 |
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| 中文摘要: |
| 供应链企业所有权重叠是减少供应链摩擦的有效方式，也是影响中国产业链供应链韧性和安全的微观基础。基于资源基础观和嵌入理论，利用2012-2022 年深证A 股上市公司数据，通过构建面板固定效应模型实证研究供应链所有权重叠对公司信息披露质量的影响及作用机制。研究发现，供应链所有权重叠提高了公司信息披露质量。机制检验结果表明，供应链共同股东通过在横向竞争层面发挥反竞争效应以巩固供应链关系，以及在纵向合作层面发挥监督效应以抑制大股东机会主义行为，共同提升了信息披露质量，且良好的法制环境与活跃的投资者能显著强化此积极治理作用。进一步分析发现，该治理效应对于销售潜力更强的客户企业和销售能力较弱的供应商企业更为突出。研究不仅丰富了共同所有权治理效应的理论内涵，也为通过优化微观股权结构以提升产业链供应链透明度和稳定性，提供了重要的经验证据与政策启示。 |
| 英文摘要: |
| Overlapping ownership among fi rms in a supply chain is an eff ective mechanism for reducing supply chain frictions and constitutes a micro-level foundation infl uencing the resilience and security of China’s industrial and supply chains. Drawing on the resource-based view and embeddedness theory, this study employs panel data of Chinese A-share listed fi rms from 2012 to 2022 and adopts a fi xed-eff ects panel model to empirically investigate the impact of supply chain ownership overlap on corporate information disclosure quality and its underlying
mechanisms. The results show that overlapping ownership in supply chains significantly enhances corporate information disclosure quality. Mechanism tests reveal that common shareholders improve disclosure quality through two channels: (1) exerting anti-competitive eff ects at the horizontal level to stabilize supply chain relationships, and (2) exercising monitoring effects at the vertical level to curb controlling shareholders’ opportunistic behaviors. Moreover, a sound legal environment and active investor participation significantly strengthen this positive governance eff ect. Further analysis indicates that the governance eff ect is more pronounced for customer fi rms with higher sales potential and supplier fi rms with weaker sales capabilities. This study not only enriches the theoretical understanding of the governance role of common ownership but also provides valuable empirical evidence and
policy implications for enhancing transparency and stability in industrial and supply chains through optimizing microlevel equity structures. |
| 尹美群,耿晋,徐嘉泽.供应链上所有权重叠对公司信息披露质量的影响[J].科学决策,2025,(11):1~23 |
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