信息披露监管模式改革能否推动供应链配置多元化?——来自行业信息披露指引的证据
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国家社会科学基金后期资助项目(23FGLB048);国家自然科学基金面上项目(71872121);教育部人文社会科学研究青年基金项目(20YJC60030)


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    摘要:

    提升供应链韧性和安全水平是推动经济高质量发展的重要支撑,而信息披露监管模式的改革为塑造多元化的供应链体系提供了新的契机。选取我国2010—2023年沪深A股上市公司为研究对象,将行业信息披露指引视为准自然实验,基于交易成本理论,运用多时点PSMDID的方法,考察了信息披露监管模式改革影响企业供应链配置多元化的作用机制、异质性情境与最终经济后果。研究发现:分行业信息披露监管模式能够通过强化企业声誉和提高会计信息可比性,进而推动企业供应链配置多元化。异质性分析表明,当供应链风险水平较高、行业信息敏感性较强以及市场化进程较高时,分行业信息披露监管模式对企业供应链配置多元化的促进效果更为显著。经济后果检验发现,分行业信息披露监管模式能够通过推动企业供应链配置多元化,进而分散经营风险,并赋能企业可持续发展。研究对信息披露监管模式改革的实施效果进行了有益的探讨,同时对我国如何增强供应链韧性以构建新发展格局提供了理论参考与实践启示。

    Abstract:

    Improving supply chain resilience and security level is an important support for promoting high quality economic development, and the reform of information disclosure supervision model provides a new opportunity for shaping a diversified supply chain system. Taking Shanghai and Shenzhen Ashare listed companies in China from 2010 to 2023 as research samples, this paper takes industry information disclosure guidelines as a quasinatural experiment. Based on the transaction cost theory, this paper adopts multitime point PSMDID method to investigate the impact mechanism, heterogeneous situation and final economic consequences of the reform of information disclosure supervision model on the diversification of enterprise supply chain configuration. Research has found that information disclosure supervision model by industry can promote the diversification of enterprise supply chain configuration by strengthening corporate reputation and improving the comparability of accounting information. Heterogeneity analysis shows that when the supply chain risk level is high, the industry information sensitivity is strong, and the degree of marketization is high, the information disclosure supervision model by industry has a more significant promoting effect on the diversification of enterprise supply chain configuration. The economic consequences test found that the information disclosure supervision model by industry can promote the diversification of enterprise supply chain configuration, thereby dispersing operational risks and empowering sustainable development of enterprises. This paper holds a useful discussion on the implementation effect of the reform of information disclosure supervision model, and provides theoretical reference and practical enlightenment on how to enhance supply chain resilience to build a new development pattern in China.

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黄宏斌,张玥杨,徐静,郭瑾.信息披露监管模式改革能否推动供应链配置多元化?——来自行业信息披露指引的证据[J].审计与经济研究,2025,40(6):94-104

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  • 在线发布日期: 2025-12-12
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