客户披露会影响供应商的内部资本配置决策吗？
Do Customer Disclosures Affect Suppliers' Internal Capital Allocation Decisions?
浏览论文内容
中文总结 AI 辅助
本文以SFAS 131准则采用为披露冲击，发现客户披露通过竞争威胁渠道促使供应商将资本投向增长信号较弱的分部，以维护客户关系，该调整导致相关分部ROA下降。
中文摘要 AI 辅助
本研究探讨客户披露是否影响供应商企业在各业务分部间配置资本的方式。客户披露可通过两个相互竞争的渠道影响供应商的投资决策：一是通过“信息渠道”，改善供应商对下游需求的信息，帮助其使资本与增长机会相匹配；二是通过“竞争威胁渠道”，削弱在位供应商的私人信息优势，促使其进行成本高昂的投资以维护客户关系。本文将SFAS 131准则的采用作为客户层面披露冲击，研究发现：面临扩大客户披露的供应商会经历产品市场竞争加剧，并将资本重新配置至增长机会信号相对较弱的分部；偏离增长信号预测配置的供应商，更有可能在后续年份维持市场份额并扩大客户基础。通过采用将供应商分部与客户分部关联的新方法，本文表明该重新配置是由受影响分部的产能投资驱动，而非对先前投资不足的修正。与竞争威胁渠道一致，关联大客户的分部、在更集中行业运营的分部，其投资调整更为显著；这些分部后续的资产回报率（ROA）更低，说明供应商为维护客户关系接受了更低的盈利能力。总体而言，研究结果显示披露能够影响经济关联企业的内部资本配置方式。
英文摘要
This study examines whether customer disclosures affect how supplier firms allocate capital across business segments. Customer disclosures can shape supplier investment decisions through two competing channels. They can improve suppliers' information about downstream demand, helping suppliers align capital with growth opportunities ("information channel"), or erode incumbent suppliers' private information advantage, inducing costly investments to defend customer relationships ("competitive-threat channel"). I use the adoption of SFAS 131 as a customer-level disclosure shock. Suppliers exposed to expanded customer disclosures experience increased product-market competition and reallocate capital toward segments with relatively weak growth-opportunity signals. Suppliers that deviate from allocations predicted by growth signals are more likely to preserve market share and expand their customer base in subsequent years. Using a novel approach to link supplier segments to customer segments, I show that this reallocation is driven by investing in capacity in affected segments, rather than by a correction of prior under-investment. Consistent with the competitive-threat channel, the investment adjustment is stronger for segments linked to larger customers and for segments operating in more concentrated industries. Segments making these investments subsequently experience lower ROA, consistent with suppliers accepting lower profitability to defend customer relationships. Overall, the findings show that disclosures can shape how economically linked firms allocate capital internally.
