| The guideline on Actively Promoting Supply Chain Innovation and Application was issued by The General Office of the State Council in October 2017,which for the first time elevated supply chain development as a national strategic direction.General Secretary Xi Jinping pointed out in his important article "Some Major Issues in the National Medium-and Long-term Economic and Social Development Strategy" that "the industrial chain and supply chain should be optimized and stabilized,and that the industrial chain and supply chain should not lose their chains at critical moments,which is an important feature of a major economy." But as the economy continues to grow,there are structural imbalances between supply and demand,such as overcapacity and low efficiency of production and investment,which are disturbing the healthy development of economy to a certain extent.At the same time,the industrial structure is constantly adjusting with the development of economy,and the competition in raw materials and products market is becoming increasingly fierce,which brings great challenges to the survival and development of enterprises.The normal operation of enterprises and the improvement of market competitiveness are affected by the stability of the supply chain system.Due to the existence of the community relationship between suppliers and customers,the economic behavior of one party in the supply chain will inevitably affect the other party.Clients of the company in the capital market information disclosure reflects both its own business status,solvency,and the future cash flow,etc.,in some way also marks the prelude to other enterprises in the supply chain relationship and the future development prospect of the industry,thus suppliers can according to enterprise customers,disclosure of information to predict its future prospects for development or market value changes,Then produce the information transfer effect in the supply chain.Customer information disclosure in the capital market contains a variety of types,and the disclosure of accounting information is to maintain separation of ownership and managerial authority as the leading management pattern of the market economy system and effective operation of the most critical information mechanism,this paper from the client's accounting information as the breakthrough point to investigate information spillover effect in the supply chain.Investment decision is the core of the three financial decisions of an enterprise and an important basis for the steady growth of cash flow in the future.Investment plays a crucial role in optimizing the allocation of resources and realizing the value of an enterprise.At present,China's enterprises generally have low investment efficiency.Inefficient investment not only damages the value of enterprises but also goes against the high-quality development of national economy.Studies have shown that information asymmetry is the key factor affecting the investment efficiency of enterprises,and high-quality accounting information has the functions of identification and governance,which can reduce the information asymmetry generated by transactions and promote the effective allocation of resources.However,relevant researches at home and abroad mainly focus on the influence of accounting information on enterprises' investment behavior.In the context of supply chain relationship,there is serious information asymmetry between customers and suppliers.Then can accounting information have cross-enterprise influence along the supply chain?Based on this,the core question of this paper is put forward:can the quality of customer accounting information affect the investment efficiency of suppliers?In this paper,the quality of customer accounting information is taken as the entry point to investigate whether the quality of customer accounting information in the downstream of the supply chain can affect the investment decisions of upstream suppliers,so as to prove whether accounting information can produce spillover effects along the vertical chain of the supply chain.Based on this,this paper constructed a theoretical analysis framework of the impact of customer accounting information quality on supplier investment efficiency,supported by supply chain related theory,asymmetry,signaling,accounting information decision usefulness theory,incomplete information game theory,etc.This paper analyzes the research problem by combining normative research method and empirical research method,and considers the difference of the impact of customer accounting information quality on supplier investment efficiency under different scenarios.Finally,the research conclusion of this paper is formed,and the policy enlightenment and research deficiency obtained through the research are discussed.This paper focuses on seven parts:Chapter one,introduction.This paper first confirms the specific analysis background and value,and then confirms the basic definition of supply chain,accounting information quality,investment efficiency and other variables involved in this paper.Then the research objectives,research content,confirm the thinking and plan of analysis.Finally,the possible innovations in this paper are proposed.Chapter two,literature review.Based on the content of the paper,this chapter conducts a literature review on the following three topics.Firstly,the relevant research on accounting information quality is sorted out,including the comparability of accounting information and its economic consequences,accounting conservatism and its economic consequences,and earnings information quality and its economic consequences.Secondly,the relevant literature of influencing factors of investment efficiency is sorted out.Finally,the paper combs the relevant literature research on the influence of customers on supplier enterprises.Chapter three,theoretical basis.The chapter reviews the analysis of relevance theory,including supply chain related theories,information asymmetry theory,signal transmission theory,accounting information decision usefulness theory,incomplete information game theory,which lays a theoretical foundation for the following analysis of the impact of customer accounting information quality on supplier investment efficiency.Chapter four,comparability of customer accounting information and supplier investment efficiency.Starting from the comparability of accounting information,one of the quality of accounting information,this chapter theoretically analyzes the impact of comparability of customer accounting information on the investment efficiency of suppliers.Taking Non-financial listed companies in Shanghai and Shenzhen A-share markets from 2007 to 2019 as the research object,manually collates and matches the samples of both customers and suppliers as listed companies.This paper empirically tests the effect of comparability of customer accounting information on supplier investment efficiency by using relevant models.At the same time,the property rights of suppliers,inefficient investment in different situations,relative bargaining power of suppliers,the level of specific investment,the degree of competition in the product market in which suppliers are located,and the geographical distance between customers and suppliers are brought into the research framework.Finally,this chapter also examines the impact of comparability of customer accounting information on supplier investment scale.Chapter five,customer accounting conservatism and supplier investment efficiency.This chapter embarks from the accounting information quality,one of the robustness,customers are analyzed theoretically the influence of accounting conservatism to supplier investment efficiency and proposes the research hypothesis,from 2007 to 2019 in Shanghai and shenzhen a-share non-financial listed companies as the research object,manual finishing and match the customer and supplier are the samples of listed companies,The influence of customer accounting conservatism on supplier investment efficiency is empirically tested by using relevant models.At the same time,the nature of supplier property rights,inefficient investment in different situations,supplier relative bargaining power,supplier product market competition degree,geographical distance between customer and supplier,supplier specific investment differences are brought into the research framework.Chapter six,customer earnings information quality and supplier investment efficiency.This chapter from the customer surplus information of one of the quality of accounting information quality,customer surplus information quality of the supplier are analyzed theoretically the influence of investment efficiency and proposes the research hypothesis,from 2007 to 2019 in Shanghai and shenzhen a-share non-financial listed companies as the research object,manual finishing and match the customer and supplier are the samples of listed companies,This paper empirically examines the impact of customer earnings information quality on supplier investment efficiency by using relevant models.At the same time,the nature of supplier property rights,inefficient investment in different situations,supplier relative bargaining power,supplier product market competition,supplier specific investment differences,and geographical distance between customers and suppliers are brought into the research framework.Chapter seven,research conclusions,enlightenment and limitations.First summarize and analyze the specific conclusions obtained,and then puts forward corresponding policy suggestions and points out the research limitations.Based on the analysis of the paper,the following conclusions are finally obtained:(1)With the improvement of comparability of customer accounting information,the investment efficiency of supplier enterprises will be improved accordingly.High comparability of accounting information of the customer that the financial information for supplier enterprises more reliable and more accessible,supplier enterprises can through high comparability of customer information to infer its r?d investment,profit or other trade secrets related important accounting information disclosure is accurate(as a production during production,and marketing,planning),Then make the optimal investment decision.After grouping according to the property right nature of supplier enterprises,the comparability of customer accounting information has a more obvious impact on the investment efficiency of non-state-owned supplier enterprises than state-owned supplier enterprises.According to the grouping test of supplier enterprises'inefficient investment,it is found that the improvement of comparability of customer accounting information can restrain supplier enterprises' overinvestment,but has no obvious effect on supplier enterprises' underinvestment.Supply chain relationship,the strength of the bargaining power is a measure of customer and supplier relative position and market competitiveness of the key factors,after considering the bargaining power of suppliers enterprise found that compared with the relatively high bargaining power suppliers enterprise,customer accounting information comparable to the low bargaining power suppliers enterprise investment efficiency of the effect is more apparent.Based on the difference analysis of supplier's specific investment,it is found that when supplier's specific investment is high,the comparability of customer accounting information has a greater positive impact on supplier's investment efficiency.After introducing the external environment of product market competition,it is found that the comparability of customer accounting information has a more obvious impact on the investment efficiency of suppliers in the environment of higher product market competition compared with suppliers in the environment of lower product market competition.Considering the influence of geographical location on the relationship between supplier and customer,it is found that the closer the geographical distance between supplier and customer is,the more obvious the influence of comparability of customer accounting information on supplier's investment efficiency is.At the end of this chapter,the paper discusses the influence of comparability of customer accounting information on supplier enterprises' investment scale,and finds that the improvement of comparability of customer accounting information reduces supplier enterprises' fixed asset investment and proprietary investment,which is consistent with the conclusion that comparability of customer accounting information can restrain supplier enterprises' overinvestment.(2)With the improvement of accounting conservatism of customers,the investment efficiency of suppliers will increase accordingly.After considering the bargaining power of supplier firms,it is found that the impact of customer accounting conservatism on the investment efficiency of supplier firms with lower bargaining power is more obvious than that of supplier firms with higher relative bargaining power.It is found that the improvement of customer accounting conservatism can restrain the overinvestment and alleviate the underinvestment of suppliers.After distinguishing the property rights,it is found that compared with state-owned suppliers,customer accounting conservatism has a more significant impact on the investment efficiency of non-state-owned suppliers.Compared with suppliers with low product market competition,the impact of customer accounting conservatism on the investment efficiency of suppliers with high product market competition is more obvious.Considering the influence of geographical location,it is found that the closer the geographical distance between supplier and customer is,the more significant the impact of customer accounting conservatism on supplier's investment efficiency is.Based on the difference analysis of supplier specific investment,it is found that customer accounting conservatism has a more significant impact on the investment efficiency of suppliers with higher specific investment than those with lower specific investment.(3)The higher the quality of customer earnings information,the higher the investment efficiency of suppliers.After considering the bargaining power of suppliers,it is found that the quality of customer earnings information has a more significant impact on the investment efficiency of suppliers with lower bargaining power than those with higher relative bargaining power.The group test of supplier's inefficient investment shows that the quality of customer earnings information improves the supplier's investment efficiency by alleviating the under-investment,but the effect on supplier's over-investment is not obvious.Compared with state-owned suppliers,the quality of customer earnings information has a more significant impact on the investment efficiency of non-state-owned suppliers.After introducing the external market environment of product market competition,it is found that the quality of customer earnings information has a more significant impact on the investment efficiency of suppliers in the environment of higher product market competition compared with suppliers in the environment of lower product market competition.The results show that the quality of customer earnings information has a more significant impact on the investment efficiency of suppliers with higher specific investment than those with lower specific investment.After taking into account geographical factors,found that when the supplier company geographical distance is relatively close,businesses and their customers supplier companies can at a lower cost"into" communication with customers,directly observe its business investment activity,etc.,to reduce customer information search costs,more to master the customer's production,management and financial conditions,such as private information,At this point,the customer company's manipulation of earnings information has little influence on the supplier.Therefore,when the geographical distance between supplier firms and customer firms is long,the impact of customer earnings smoothing on supplier firms'investment efficiency is more obvious.The contributions and innovations of analysis include the following:(1)Previous studies only statically examined the impact of customer concentration on enterprises from the economic importance of customers(the proportion of the business revenue of the top five customers in the total revenue of a company),while few literatures focused on the impact of customer information disclosure on suppliers in the vertical chain of the supply chain.With most of the existing literature on customer concentration effect on suppliers,based on the supplier enterprises mainly the quality of accounting information of listed clients as the breakthrough point,explored the relation between across the enterprise customer quality of accounting information of the supplier under the influence of the investment behavior,confirmed the customer high quality accounting information play a positive role in the supply chain,Thus the research on information spillover and supply chain risk management can not be ignored is extended.(2)The research of this paper enriches the related research on the influencing factors of enterprise investment efficiency.There are abundant researches on the influencing factors of corporate investment efficiency both at home and abroad.However,the previous analysis focused on the specific impact of internal governance and macro factors on decision-making,few scholars from the perspective of supply chain to discuss this problem,this article research results not only help to better understand the connotation of supply chain information,also to understand the enterprise investment decision-making provides a new perspective,Moreover,the research on the influencing factors of enterprise investment efficiency is supplemented and expanded.(3)The research of this paper enriches the research on the related economic consequences of accounting information quality.Literature at home and abroad for the measurement of quality of accounting information and didn't reach consistency point of view,this study analyzes the including positive variables(comparability of accounting information,accounting conservatism)and negative variables(such as surplus smoothness)representative of the accounting information quality indicators,from empirical evidence shows that the customer quality of accounting information of the supplier enterprise investment behavior and the effect of It presents more comprehensive and objective evidence that accounting information can play a positive role in supply chain relations.This study extends the governance function of high-quality accounting information to supply chain level and deepens the research field of economic consequences of accounting information. |
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