客户数字化转型对供应商信息披露质量的影响研究  

Impact of Customer Digital Transformation on the Quality of Supplier Information Disclosure

作　　者：魏丽莉[1,2] 寇奉娟 WEI Lili;KOU Fengjuan(School of Economics,Lanzhou University,Lanzhou 730000,China;Green Finance Research Institute,Lanzhou University,Lanzhou 730000,China)

机构地区：[1]兰州大学经济学院,甘肃兰州730000 [2]兰州大学绿色金融研究院,甘肃兰州730000

出　　处：《商业经济与管理》2025年第3期20-37,共18页Journal of Business Economics

基　　金：国家社会科学基金一般项目“绿色金融赋能中国经济低碳转型的逻辑解构与实现路径研究”(23BJY239)。

摘　　要：企业信息披露质量对资本市场高质量发展至关重要,传统上其通过被动政府监管或企业业绩动机主动行为得以提升。文章从供应链上下游纵向关联视角,分析2009—2021年沪深A股上市公司上下游企业数据,发现客户数字化转型能提升供应商信息披露质量。供应商数字化转型的“示范效应”和供应商信息透明度的“信息治理效应”是其作用机制;供应商资源丰富或学习能力强时,“示范效应”更明显;供应商与客户交易规模大或供应商市场竞争弱时,“信息治理效应”更强。进一步研究可知,客户数字化转型对供应商信息披露质量的提升作用可沿供应链向上产生多级溢出效应,供应链外部整合政策可以通过提高客户数字化水平进而促进供应商信息披露质量提升。外部环境检验发现,客户数字化转型在经济不确定性强、地理距离近、分析师关注度低、数字鸿沟大时更能提升供应商信息披露质量;企业特征检验发现,客户数字化转型对高科技行业、高学历占比低、高管薪酬低及客户集中度高的供应商信息披露质量有更强的正向影响。研究结论为提升供应链信息监管水平和创造更加公平、更有活力的市场环境提供了重要启示。The quality of corporate information disclosure is crucial for the high-quality development of the capital market,traditionally improved through passive government regulation or proactive behavior driven by corporate performance motives.This article analyzes the data of upstream and downstream enterprises of Shanghai and Shenzhen A-share listed companies from 2009 to 2021 from the perspective of vertical correlation in the supply chain.It is found that customer digital transformation can improve the quality of supplier information disclosure.The“demonstration effect”of supplier digital transformation and the“information governance effect”of supplier information transparency are its mechanisms of action.When supplier resources are strong or learning ability is strong,the“demonstration effect”is more pronounced.When the transaction scale between suppliers and customers is large or the competition in the supplier market is weak,the“information governance effect”is stronger.Further research shows that the digital transformation of customers can have a multi-level spillover effect on the quality of supplier information disclosure along the supply chain.External integration policies in the supply chain can,through enhancing digital capabilities,improve the quality of supplier information disclosure.External environmental inspection has found that customer digital transformation can better improve the quality of supplier information disclosure when there is strong economic uncertainty,close geographical distance,low analyst attention,and a large digital divide.The enterprise characteristic test has found that customer digital transformation has a stronger positive impact on the quality of supplier information disclosure in high-tech industries,low proportion of high education,low executive compensation,and high customer concentration.The research conclusion provides important insights for improving the level of supply chain information regulation and creating a fairer and dynamic market environment.

关 键 词：数字化转型 信息披露质量 供应链溢出 信息治理 数字经济 

分 类 号：F275[经济管理—企业管理]