01
原文：Chen G, Tian X, Yu M. Redact to protect? Customers' incentive to protect information and suppliers’ disclosure strategies [J]. Journal of Accounting and Economics, 2022, 74(1): 101490.
Redact to protect? Customers' incentive to protect information and suppliers’ disclosure strategies
ABSTRACT: We find that suppliers are more likely to redact mandated disclosures when major customers have proprietary information to protect (in the form of R&D intensity, trade secrets, and nondisclosure agreements), controlling for suppliers' own proprietary cost concerns. Furthermore, the effect on suppliers' redactions is concentrated in subsamples for which customers have greater power, measured by customer size, industry leadership, and the number of suppliers. Additionally, suppliers also curtail operations-related disclosures in the management discussion and analysis (MD&A) and product- and service-related press releases when customers likely have proprietary information to protect. Overall, these findings suggest that dependent suppliers internalize their customers' disclosure incentives and curtail disclosures, catering to customers’ demand for information protection.
为保护而编辑？客户保护信息的动机和供应商的披露策略
摘要：文章发现，如果主要客户拥有需要保护的专有信息（以研发强度、商业秘密和保密协议的形式），那么在控制供应商自身专有成本的前提下，供应商更有可能对强制披露的信息进行删节。此外，对供应商披露信息的影响集中在客户权力较大的子样本中，具体衡量标准包括客户规模、行业领导地位和供应商数量。此外，当客户可能有专有信息需要保护时，供应商也会减少管理讨论与分析（MD&A）以及产品和服务相关新闻稿中与运营相关的披露。总体而言，这些研究结果表明，依赖型供应商将客户的信息披露动机内部化，减少信息披露，迎合了客户对信息保护的需求。
亮点：（1）信息披露是财务会计领域经典的话题，本文从一个独特的视角-大客户专有信息保护如何影响供应商企业的信息披露-信息披露调整切入，丰富了客户和供应商关系的经济后果以及企业信息披露调整的影响因素的相关文献。总之，本文的研究视角值得借鉴；（2）本文搜集了丰富又很贴切的实例（anecdotal evidence）为研究提供支撑，值得学习。
02
原文：Chen C, Dasgupta S, Huynh T D, et al. Product Market Competition and Corporate Relocations: Evidence from the Supply Chain [J]. Management Science, 2023, 69(9): 5147-5173.
Product Market Competition and Corporate Relocations: Evidence from the Supply Chain
ABSTRACT: We show that intensified competition changes the location of business activity and, in turn, affects supply chain relationships. Using establishment-level data, we find that, when upstream product markets become more competitive, suppliers are more likely to relocate their establishments closer to customers. Following the supplier’s relocation, its sales to the customer increase, its relationship with the customer is less likely to be terminated, and its innovation is more aligned with the customer’s innovation. The relocated supplier also experiences more analyst following and institutional ownership that are in common with the customer and is more likely to issue equity than debt. However, the improved relationship, by causing the supplier to engage more in innovation dedicated to the customer, adversely affects creative innovation, which is known to drive growth.
产品市场竞争与企业迁移：来自供应链的证据
摘要：文章研究表明，竞争加剧会改变商业活动的地点，进而影响供应链关系。利用工厂级数据，文章发现，当上游产品市场的竞争变得更加激烈时，供应商更有可能将其工厂搬迁到离客户更近的地方。供应商搬迁后，其对客户的销售额会增加，与客户关系终止的可能性降低，其创新与客户的创新更加一致。搬迁后的供应商也会受到更多分析师的关注，拥有更多与客户相同的机构所有权，更有可能发行股票而不是债务。然而，关系的改善会使供应商更多地进行致力于客户的创新，从而对众所周知能推动增长的创造性创新产生不利影响。
亮点：（1）本文利用行业关税减免这个外生冲击代理供应商企业的产品市场竞争度增加，有效缓解了内生性的担忧；（2）本文利用了丰富的数据库，基于工厂级的数据，提供了更细颗粒度的研究，使本文的研究成为可能；（3）本文恰好地图形化供应商机构与客户机构的平均最小距离下降，也用图列示了为什么排他性假设不可能成立，直观地展现了本文的研究动机，达到“一图胜千言”的效果。
03
原文：Bourveau T, Kepler J D, She G, et al. Firm Boundaries and Voluntary Disclosure [J]. The Accounting Review, 2024, 99(4): 111-141.
Firm Boundaries and Voluntary Disclosure
ABSTRACT: We study how vertical integration shapes firms’ public disclosures. Theory suggests that firms can use public disclosure to coordinate with supply chain partners and predicts a substitution between vertical integration and public disclosure of future strategic plans, since the internalization of production reduces the need to publicly coordinate. Using data on the extent of vertical integration, we find that firms that become more vertically integrated reduce their public disclosures about their product strategies and that the reduction is most pronounced for vertically integrated firms with greater internalization of production and those with the largest informational and strategic frictions along the supply chain.
公司边界与自愿信息披露
摘要：文章研究了纵向一体化如何影响企业的公开披露。理论认为，企业可以利用公开披露来协调与供应链伙伴的关系，并预测纵向一体化与公开披露未来战略计划之间存在替代关系，因为生产的内部化降低了公开协调的必要性。利用纵向一体化程度的数据，文章发现纵向一体化程度越高的企业，其公开披露产品战略的程度就越低，而生产内部化程度越高的纵向一体化企业，以及供应链上信息和战略摩擦越大的企业，其公开披露程度就越低。
亮点：（1）本文为有关产业组织如何影响信息披露决策的文献做出了贡献，文章表明纵向一体化减少了企业通过公开披露产品信息协调供应链的需求；（2）本文解释了一个新颖而重要的公司信息披露的额外受众——希望更好地了解企业未来生产和技术能力的当前和潜在供应商，从而补充了非股东利益相关者在信息披露中的作用的文献。
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总编：游家兴
解析：宋伍琦
审校：朱书谊 李文卓
编辑：潘芳妍
