德勤-复旦会计论坛系列讲座之一百九十二

时       间:2022年5月10日(周二)下午14:00

地       点:腾讯会议

会议链接:https://meeting.tencent.com/dm/xd58vRiLcnTy

会  议 号:665 810 76298

会议密码:046054

主  持 人:张金萍

主  讲 人:Cheng (Colin) ZENG (香港理工大学)

主       题:Suppliers’Government Subsidies and the Supplier-Customer Relationship

摘       要:Governments frequently use fiscal policy tools such as subsidies to stabilize the economy. Our study investigates the impact of government subsidies received by suppliers on the likelihood of supply chain relationship termination. Using a large sample of U.S. listed companies, we find that suppliers’ receipt of subsidies significantly decreases the likelihood of subsequent customer-supplier relationship termination. Our findings are robust to additional analyses, including those that circumvent endogeneity concerns. Moreover, we document that the mitigating effect of subsidies on supply chain relationship termination is more pronounced for suppliers with stronger corporate governance and more transparent information environments. Further tests suggest that subsidized suppliers experience significant decreases in their cost of goods sold, offer more trade credit, face lower levels of financial constraints, and provide more voluntary management earnings forecasts, which constitute the possible channels through which subsidies reduce the likelihood of customer-supplier relationship termination. Overall, our results shed novel light on how government intervention via the provision of subsidies shapes the decision-making of major stakeholders.

会计学系

2022-5-7