摘要
本文探究了客户进行盈余公告后的市场反应对供应商是否具有传染效应,研究发现:客户公告盈余后,供应商股价的市场反应与客户股价的市场反应正相关,即客户盈余公告对价值链上的供应商具有纵向传染效应;客户盈余公告的纵向传染效应受到客户同行业横向传染效应的影响,且方向具有一致性,与同行业企业为协同关系时这种影响更大;相对于供应商同行业公司的盈余公告,供应商的投资者更关注其客户的盈余公告信息;营业收入、营业成本变动越大,未预期盈余越高,盈余持续性越强,客户盈余公告对供应商的传染效应越强;客户供应商关系越紧密,客户盈余公告对供应商的传染效应越强。
This paper investigates whether customers' annual earnings announcements could affect the stock price reaction of their suppliers.The research finds as followings:firstly,after the release of annual earnings announcements,the stock cumulated abnormal return(CAR)of suppliers is positively related with the CAR of their customers.Secondly,the information contagion effect experienced by a supplier is increasing in the intra-industry information transfer at the time of a customer's annual earnings announcements,the investors of the suppliers pay more attention on the clients' information.Thirdly, When the stocks are larger absolute value or negative of unexpected earnings,high variance operating income and costs,lower the level of earnings management and the stronger earnings persistence is stronger, the customer earnings announcements have stronger contagions effect on suppliers.Finally,the information contagion effect is improving in the bonds between customers and suppliers.Based on intra-industry contagion effects,this paper expands related research to the contagion of supply chain,and contributes to the literatures on contagion effect and supply chain.
出处
《中南财经政法大学学报》
CSSCI
北大核心
2017年第3期3-13,共11页
Journal of Zhongnan University of Economics and Law
基金
国家自然科学基金项目"公司职工薪酬成本的影响因素
产出效应与控制策略研究"(71172221)
国家自然科学基金项目"风险信息披露
风险感知与资本市场风险识别行为"(71472188)
关键词
传染效应
客户供应商关系
盈余公告
市场反应
Contagion Effect
Earnings Announcement
Customer Supplier Relationships
Market Reaction
