客户MD&A语调影响供应商投资效率吗?  

Does Customers' MD&A Tone Have an Impact on Supplier's Investment Efficiency?

作　　者：梁思源 曾庆生 LIANG Si-yuan;ZENG Qing-sheng

机构地区：[1]上海对外经贸大学会计学院 [2]上海财经大学会计与财务研究院

出　　处：《财务研究》2023年第1期45-57,共13页Finance Research

基　　金：国家自然科学基金重点项目(71632006)。

摘　　要：资源的有效配置是提升供应链竞争力的重要举措。本文基于供应链信息传递的视角,利用我国A股上市公司数据,研究客户管理层讨论与分析(MD&A)语调这一非财务信息对供应商投资效率的影响。研究发现,客户MD&A语调越积极,越容易导致供应商过度投资,不过对投资不足没有显著影响。该检验结果经过一系列稳健性检验后依然成立。进一步研究发现,当客户依赖度较高、客户分析师跟踪较少、客户地理距离较远时,客户MD&A语调对供应商投资效率的影响更强。本文在理论层面丰富了供应链中非财务信息经济后果的研究,为进一步拓展供应链中信息传递的研究作了铺垫,同时对监管部门等相关方也有一定的参考价值。The effective allocation of resources is an important measure to enhance the competitiveness of supply chain.Using the financial data and text data of A-share listed companies in China,the paper examines the impact of customers'MD&A tone on the investment efficiency of supplier.The results show that the optimism of tone in MD&A has significant impact on the supplier's investment efficiency,leading to more overinvest and lower efficiency.The main results are still valid after a series of robustness tests.Further evidence shows that the negative relation is stronger when supplier have higher customer dependence,poor information environment and higher customer geographical distance.The paper enriches the research on the economic consequences of non-financial information in the supply chain,showing that the customer's MD&A tone has information content,which can affect the investment decisions of its supplier.

关 键 词：管理层讨论与分析 语调 投资效率 供应链 

分 类 号：F275.55[经济管理—企业管理]