供给网络结构与企业尾部风险

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103095

Rongsheng Zhuo , Zheng Qiao , Ao Li , Bo Sang , Yu Cai

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引用次数: 0

摘要

本文研究了供给网络结构如何影响金融稳定，特别是资本市场的系统性尾部风险。本文利用2009 - 2022年中国a股上市公司年报中披露的前五大客户和供应商数据构建了供应网络，并测度了节点级供应网络结构。研究发现，供给网络结构的改善主要通过信息效率和风险分散机制降低了企业的系统性尾部风险。随着分析师和媒体关注度的提高、公司信息披露的完善、与客户或供应商的距离更近以及财务约束的减少，这种影响更为明显。这项研究为建立弹性供应链和减轻金融风险提供了见解。

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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Supply network structure and firm tail risk

This paper examines how supply network structure affects financial stability, specifically for systemic tail risks in capital markets. We construct supply networks using data from the top five clients and suppliers disclosed in the annual reports of Chinese A-share listed companies from 2009 to 2022, and measures node-level supply network structure. Our findings indicate that improved supply network structure reduces firms’ systemic tail risks, primarily through information efficiency and risk diversification mechanisms. The effect is more pronounced with heightened analyst and media attention, superior corporate disclosures, closer proximity to clients or suppliers, and fewer financial constraints. This study provides insights into building resilient supply chains and mitigating financial risks.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance