| China’s economy is at an important transition stage,facing the thorny problem of how to transform from a high-speed growth model to a high-quality development model.However,with the prevalence of national protectionism and unilateralism,the rise of geopolitical risks,and the invasion of the global new crown pneumonia,the stability of the industrial chain in China has been challenged unprecedentedly.Facing "unseen changes in a century",on the one hand,President Xi proposed to build a new development pattern in which domestic and international dual circulations promote each other,and maintaining the stability of the global industrial chain and supply chain is an important bridge to achieve "dual circulation",on the other hand,China urgently needs to maintain the stability of the supply chain to force the integration and coordinated development of China’s overall industrial chain,supply chain and value chain,so as to comprehensively promote the innovation-driven development strategy and enhance China’s innovation competitiveness as a whole.Enterprises are a powerful tool to help the implementation of national macroeconomic policies and strategic goals.Therefore,how to keep up with the direction of national policies and internalize national strategic goals into short-term development goals and long-term strategic goals of enterprises is a need for both the practical and academic circles to overcome the key points and difficulties.From a micro perspective,the construction of a dual-cycle pattern,especially ensure the stability and smoothness of the domestic supply chain and promote innovation-driven development based on the enterprise level.On the one hand,enterprises need to establish a stable relationship with customers and further have a spillover effect on the industry to achieve the stability of the supply chain.On the other hand,enterprises need to find their own collaborative innovation objects in the upstream and downstream in the supply chain to achieve the innovation goal of "1+1>2".Restricted by the information asymmetry between the customer company and supply company in the supply chain,downstream companies cannot fully understand the upstream companies,which hinders the establishment of cooperation between the two parties.Then,under the situation of extremely high uncertainty of external economic policies,can listed companies obtain stable customer relationships by improving the quality of information disclosure,so as to cope with external shocks and challenges?If the quality of information disclosure of listed companies can lead to stable customer relationships,what is the underlying mechanism?Furthermore,how to reshape the national innovation competitiveness by enhancing the competitiveness of China’s internal supply chain?Under the intensification of external competition and the continuous challenges of the new development pattern,can supply chain enterprises realize collaborative innovation through stable cooperation,thereby ultimately helping to improve the overall core competitiveness of the supply chain?Based on the above analysis,this paper comprehensively uses the classic theories and latest achievements of various disciplines such as information asymmetry theory,signal transmission theory,resource-based theory,dynamic competition theory,resource dependence theory and innovation theory.After comprehensively sorting out and reviewing foreign research literature,using the research method combining theoretical analysis and empirical testing,this paper conducts a systematic study on the impact of information disclosure quality on customer relationship stability,the mechanism and the spillover effect of information disclosure quality on customer relationship stability from the perspective of supply chain spillovers and industry spillovers.This paper fully reveals theinternal mechanism of improving the quality of information disclosure and obtaining stable customer relationships,and provides insights for promoting the stable customer relationship of enterprises,maintaining the core competitiveness of the supply chain,and how to guide the market and government to effectively supervise enterprises and provide theoretical basis and practical inspiration for the implement of economic virtuous circle development strategy.Based on the above research motivations,this paper selects A-share listed companies in China from 2011 to 2020,and uses multiple regression,mediation and other empirical methods to test the impact of information disclosure quality on customer relationship stability and the mechanism.There are four main research objectives in this paper.First,based on the Chinese enterprises,this paper investigates the impact of information disclosure quality on customer relationship stability and its mechanism.Second,this paper investigates the industry spillover effect.Thirdly,based on the perspective of collaborative innovation in supply chain,this paper investigates the supply chain spillover effect.Fourthly,based on empirical research conclusions,from the perspectives of enterprise management and market supervision,this paper puts forward relevant policy suggestions and point out the research deficiencies and future prospects of this paper.Based on the above research,the main conclusions reached in this article are:First,the improvement in the quality of information disclosure by listed companies helps to enhance the stability of customer relationships,implying that when the company is in an external environment with high uncertainty and a low level of trust,it is necessary for the company to improve information disclosure quality.The mechanism test found that,improving the quality of information disclosure can transmit information related to corporate value to external stakeholders such as customers to reduce the degree of information asymmetry with the outside,and help stakeholders make correct decisions.On the other hand,high-quality information disclosure can also be used as a high-quality signal to release corporate value information,helping listed companies differentiate themselves from other companies,and build trust with customers and thus be favored.That is,high-quality information disclosure reduces information asymmetry with customers and improves the stability of customer relationships through the intermediary role of transmitting value-related information and releasing value signals.Second,from the perspective of the demonstration effect of leading companies caused by industry information spillover,it is found that the change in the information disclosure quality has an industry spillover effect on customer relationship stability.The improvement of the information disclosure quality of leading companies has a significant positive relationship with the stability of customer relations in the same industry,that is,a demonstration effect is produced.Further analysis found that the mechanism of the demonstration effect is that under the condition of dynamic competition,the improvement of the information disclosure quality of leading companies guides other companies in the industry to improve the quality of their information disclosure,that is,to enhance the awareness of information disclosure and actively fulfill the responsibility of information disclosure,thereby improving the company’s own customer relationship stability,to achieve the stability of the entire industry supply chain.In addition,the demonstration effect is more obvious when the innovation capability,customer stickiness and investor attention of leading companies are improved,but the demonstration effect has heterogeneity characteristics in industries and different regions with different levels of competition.Third,from the perspective of customer-supplier collaborative innovation caused by supply chain information spillover,it is found that the quality of information disclosure has a supply chain spillover effect on customer relationship stability.The establishment of a stable cooperative relationship between customers and suppliers promotes the convergence of the investment levels of both parties,which in turn promotes the collaborative innovation of both parties.Mechanism analysis found that a stable customer-supplier relationship can promote the convergence of investment between the two parties through information sharing,technical association and trust building.The heterogeneity test found that under the closer geographical distance between customers and suppliers and the more intense competitive environment,the more inclined they were to establish stable cooperative relationships for collaborative innovation to enhance the overall market competitiveness of the supply chain.Taking the Sino-US trade war and the new crown pneumonia epidemic as the impact of exogenous events,it is found that in a turbulent external environment,a stable supply relationship has a more obvious effect on promoting collaborative innovation between the two parties,which further proves the unique advantage of supply chain stability.In addition,the collaborative innovation strategy of customers and suppliers will significantly improve the long-term business performance of both parties.The research innovation and research contribution in this paper are mainly shown as follows:First,this paper enriches the relevant research on the impact of information disclosure quality on customer relationship stability.Existing literature mostly studies the impact of information disclosure on capital markets and corporate investment behavior.The supply chain,which is an important part of the entire economy,affects global economic stability during the globalization.How accounting information disclosure plays a role in the economic stability and healthy development of enterprises,industries and even countries has not yet accumulated enough evidence.From the perspective of customer relationship stability,an important feature of the supply chain,this paper confirms that the improvement of the quality of information disclosure by listed companies brings significant improvements to the stability of their customer relationships,thereby expanding the literature on information disclosure quality and supply chain relationships.Second,this paper deepens the research on the spillover effect of information disclosure quality on customer relationship stability at the industry level.Information disclosure is a behavior with strong externalities.Most of the existing literature examines the impact of the improvement of information disclosure quality on the enterprise itself based on the enterprise level,and rarely extends the improvement of information disclosure quality to the industry level.Focusing on the industry level,this paper examines the demonstration effect of the improvement of the quality of information disclosure of leading companies on the information disclosure behavior of other enterprises and the ultimate improvement of the stability of the industry supply chain,so as to provide micro evidence for the spillover effect of the behavioral signal of improving the quality of information disclosure at the industry level.Based on the dynamic perspective,it deepens the research on the influence of leading companies in the industry.It not only confirms the effectiveness and importance of leading companies playing an exemplary role in the development of the industry,but also provides empirical evidence for the strategy of realizing the stability of the industrial chain and supply chain proposed by the Chinese government from the perspective of micro dynamics.Third,this paper deepens the research on the spillover effect of information disclosure quality on customer relationship stability at the supply chain level.The manufacturing industry is an important foundation of my country’s real economy.During the period in which traditional manufacturing industry needs to transform and upgrade,it is of great practical significance to explore how to help enterprises break through the difficulties of technological innovation and achieve industrial upgrading.Previous studies have put forward suggestions for enterprises to enhance innovation based on the perspectives of innovation capability,organizational structure and corporate governance.This paper focuses on the perspective of supply chain stability and studies the realization mechanism of establishing a stable cooperative relationship between customers and suppliers to promote collaborative innovation between the two parties,and provide micro-evidence for the manufacturing’s strategy to move up the global value. |
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