Recovering from geopolitical risk: An event study of Huawei's semiconductor supply chain

IF 9.8 1区 工程技术 Q1 ENGINEERING, INDUSTRIAL
Ying Kei Tse , Kyra Dong , Ruiqing Sun , Robert Mason
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引用次数: 0

Abstract

Amidst the ongoing globalisation of supply chains, geopolitical issues have emerged as a significant source of supply chain risk for firms. This has recently been illustrated in the trade sanctions adopted by the US against the Chinese semiconductor industry, particularly in the accessing of semiconductor chips. A notable event here, that we focus on in this paper, involves how the leading telecommunications company Huawei has been impacted by this and most interestingly how they have been able to respond, by being able to successfully launch new chip-based products during the US semiconductor chip technology blockade, despite the sanctions ban. This has been achieved with the support of key supplier, SMIC, who has become a major 7 nm chip supplier for Huawei. Employing the event study research method, this study initially examines the stock market's response to Huawei's new product release with these new SMIC-sourced semiconductor chips. It also appraises the propagation effects on Huawei's and SMIC's supply chain partners. This exposes the differential impact on the supply chain members of Huawei (focal firm) and SMIC (main supplier). The results reveal predominantly positive responses from Huawei's suppliers and customers, as well as SMIC's suppliers and customers, to these incidents, with Huawei's suppliers' and SMIC's suppliers' and customers' share prices responding positively to the release of Huawei's new product, exhibiting substantial median stock market reaction of 1.53%, 1.62%, and 2.52% on Day 0, respectively, it shows, in contrast, that Huawei's customers did not exhibit a positive share price reaction to the development of this newly sourced product. It is noteworthy that SMIC's supply of chips to Huawei has had a significantly positive impact on both Huawei and SMIC's suppliers and customers. With the impact varying across different roles within the supply chains, this study provides useful insights for understanding the propagation effect of good news in the supply chain resulting from firms' proactive action in response to imposed sanctions for a key supply component.

从地缘政治风险中恢复:华为半导体供应链事件研究
在供应链不断全球化的过程中,地缘政治问题已成为企业供应链风险的一个重要来源。最近,美国对中国半导体行业(尤其是半导体芯片的准入)实施的贸易制裁就说明了这一点。我们在本文中重点讨论的一个值得注意的事件,涉及领先的电信公司华为如何受此影响,最有趣的是他们如何应对,在美国半导体芯片技术封锁期间,不顾制裁禁令,成功推出基于芯片的新产品。这离不开主要供应商中芯国际的支持,后者已成为华为 7 纳米芯片的主要供应商。本研究采用事件研究法,初步考察了股票市场对华为发布采用中芯国际新半导体芯片的新产品的反应。研究还评估了对华为和中芯国际供应链合作伙伴的传播效应。这揭示了对华为(焦点企业)和中芯国际(主要供应商)供应链成员的不同影响。结果显示,华为的供应商和客户以及中芯国际的供应商和客户对这些事件的反应主要是积极的,华为的供应商和客户以及中芯国际的供应商和客户的股价对华为新产品的发布做出了积极的反应,股票市场反应的中位数分别为 1.53%、1.62%、1.63%。与此形成鲜明对比的是,华为的客户并没有对这一新采购产品的开发表现出积极的股价反应。值得注意的是,中芯国际向华为供应芯片对华为和中芯国际的供应商和客户都产生了显著的积极影响。由于对供应链中不同角色的影响各不相同,本研究为理解企业为应对对关键供应部件的制裁而采取的积极行动所产生的好消息在供应链中的传播效应提供了有益的启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
International Journal of Production Economics
International Journal of Production Economics 管理科学-工程:工业
CiteScore
21.40
自引率
7.50%
发文量
266
审稿时长
52 days
期刊介绍: The International Journal of Production Economics focuses on the interface between engineering and management. It covers all aspects of manufacturing and process industries, as well as production in general. The journal is interdisciplinary, considering activities throughout the product life cycle and material flow cycle. It aims to disseminate knowledge for improving industrial practice and strengthening the theoretical base for decision making. The journal serves as a forum for exchanging ideas and presenting new developments in theory and application, combining academic standards with practical value for industrial applications.
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