据FM官网显示，来自山东大学的钱先航和邱善运、澳大利亚国立大学的Le Zhang，合作的论文“ Upstream propagation of shocks in supply chains: Evidence from earthquakes”在国际金融学权威期刊《Financial Management》线上正式发表。
Title: Upstream propagation of shocks in supply chains: Evidence from earthquakes
供应链中冲击的上游传导：来自地震的证据
钱先航
山东大学
邱善运
山东大学
Le Zhang
澳大利亚国立大学
We investigate how natural disaster shocks to customers propagate upstream to suppliers’ investment. Using data from the major customers of Chinese listed firms and earthquake information during 2009–2019, we investigate the impact of customers’ earthquake exposure on corporate investment. We find that firms significantly reduce investment after their customers experience earthquakes, particularly for non-state-owned enterprises, firms with higher product uniqueness, firms in competitive industries, and firms in nondurable goods industries. Furthermore, our analysis highlights firms’ sales as one of the potential channels through which customers’ earthquake exposure influences firm investment. We also find that following an earthquake supplier firms reduce their transactions with the affected customers and develop alternative customers.
本文研究了自然灾害冲击如何从客户向上游传导至供应商的投资。利用2009至2019年间中国上市公司主要客户的数据以及地震信息，本文调查了客户地震暴露对企业投资的影响。本文发现，在客户经历地震后，企业显著减少了投资，特别是在非国有企业、产品独特性高的企业、竞争激烈的行业以及非耐用品行业的企业中。此外，本文的分析强调了企业销售是客户地震暴露影响企业投资的潜在渠道之一。本文还发现，在地震之后，供应商企业减少了与受影响客户的交易，并发展了其他客户。
Tips：“社科人工智能与人工智能经济学” 冬季学术研讨会即将举办，欢迎对人工智能经济学方法及其应用感兴趣的学者和学生报名！
疯狂暗示↓↓↓↓↓↓↓↓↓↓↓
