德勤－复旦会计论坛系列282期讲座

时间：2026年10月29日（周四）上午10:00

 

地点：史带楼303教室

 

主持人: 倪晨凯 教授

 

报告人:  Yucheng (John) Yang（Chinese University of Hong Kong）

 

题  目:  Geopolitics, Regulatory Scrutiny, and Supply Chain Disclosures: Evidence from Shipment Redactions

 

摘 要:  We examine whether geopolitical tensions between the U.S. and foreign countries influence U.S. firms’ disclosure of suppliers in those countries. U.S. firms sourcing from higher-tension countries may face more intense regulatory and government scrutiny at home over these business ties and, as a result, be more reticent in disclosing these suppliers. Using shipment-level data covering 98 million U.S. import shipments from 147 countries, we find that supplier identities are more likely to be redacted in import shipments from countries facing higher geopolitical tensions with the U.S. To provide more direct evidence that firms conceal foreign suppliers to avoid regulatory scrutiny, we examine an information-sharing agreement between regulators. Using a difference-in-differences design, we find that identity redaction declines in import shipments of products overseen by participating regulators after they join the agreement, especially in imports from higher-tension countries, consistent with redaction being less useful for avoiding scrutiny when regulators face lower information frictions. We find consistent results in the broader sample-the association between geopolitical tensions and identity redaction is more pronounced in industries facing higher regulatory scrutiny and, additionally, in industries with a greater presence of public firms. Examining product characteristics, we find that this association is more pronounced for more geopolitically sensitive products, for capital goods, and for more complex products. Overall, we highlight geopolitical tensions as an important force shaping supply chain disclosures in today’s global economy.