基于利益相關者理論和信息外部性理論,本文選取2008-2014年間滬深A股中供應商和客戶均為上市公司的數據作為樣本,檢驗中國情境下供應鏈中客戶盈余信息的傳遞效應及其影響因素。研究發現:我國企業供應鏈中存在顯著的客戶盈余信息傳遞效應,供應商經濟上越依賴于客戶,供應鏈中客戶盈余信息的傳遞效應越強。此外,本文還提供了社會資本影響我國企業供應鏈中客戶盈余信息傳遞效應的獨特證據。

Based on the stakeholder theory and information externalities hypothesis,we investigate whether earnings-related information transfers exist or not along supply chain in Chinese capital market and the determinants of such information transfers.Using the sample of Chinese listed firms during the period of 2008-2014,we find the significant information transfer from major customers to their suppliers.The information transfers are increasing in the strength of the economic bond between a supplier and its major customer. Further,we find an increase in information transfers along the supply chain is associated with stronger social relations between suppliers and customer.