摘要
供应链信息披露和业绩操纵问题关系着我国供应链的安全运行和企业的平稳发展。以2015—2022年A股上市企业为研究样本,探究企业关联控制关系下的供应链透明度如何影响业绩操纵。研究结果表明,企业关联控制关系下的供应链透明度提升能够抑制业绩操纵;机制检验发现,企业关联控制关系下的供应链透明度通过提高客户稳定性、降低信息不对称程度和外部交易成本,进而抑制了业绩操纵;进一步分析发现,在企业供应链依赖程度较低、信息披露水平较高、市场竞争环境较弱或外部监督环境较差时,关联控制关系下的供应链透明度对业绩操纵的治理效应更显著;相较于客户透明度,关联控制关系下的供应商透明度对业绩操纵产生了更加显著的抑制作用;相较于负向业绩操纵,关联控制关系下的供应链透明度对正向业绩操纵产生了更加显著的抑制作用。研究结论对企业和监管部门完善信息披露制度以及维护资本市场公正透明秩序具有一定的启示意义。
The issues of supply chain information disclosure and performance manipulation concern the safe operation of China s supply chain and the business development of corporations.Taking listed corporations on the Shanghai Stock Exchange from 2015 to 2022 as the research sample,this study explores how supply chain transparency under associative relationships affects performance manipulation.The research shows that the enhancement of supply chain transparency under associative relationships can curb performance manipulation.Mechanism tests reveal that supply chain transparency under associative relationships suppresses performance manipulation by enhancing customer stability,reducing information asymmetry,and lowering external transaction costs.Further research indicates that the governance effect of supply chain transparency on performance manipulation is more significant when a company has low supply chain dependence,high information disclosure,a weak market competition environment,or a poor external supervision environment.Compared with customer transparency,supplier transparency under associative relationships has a more significant inhibitory effect on performance manipulation;compared with negative performance manipulation,supply chain transparency under associative relationships has a more significant inhibitory effect on positive performance manipulation.The research conclusions provide some inspiration for corporations and regulatory authorities to further improve the information disclosure system and maintain a fair and transparent order in the capital market.
作者
高明华
李扬
GAO Minghua;LI Yang(School of Economics and MBA,Beijing Normal University,Beijing 100875,China)
出处
《审计与经济研究》
北大核心
2025年第4期84-93,共10页
Journal of Audit & Economics
基金
国家高端智库重点课题(Z2538)。
关键词
关联控制关系
供应链透明度
业绩操纵
客户稳定性
信息不对称
外部交易成本
associative relationships
supply chain transparency
performance manipulation
customer stability
information asymmetry
external transaction cost
