光华讲坛

主 题：The Spillover Effect of Customer Employee Disclosure on Supplier Investment Decision: Evidence from Employee Reviews on Social Media (客户员工披露对供应商投资决策的溢出效应：基于社交平台员工评价的证据)

主讲人：哈尔滨工业大学（深圳）经济管理学院 辛乾

主持人：西南财经大学会计学院 金智

时 间：2024年9月30日（周一）14:30—16:00

地 点：诚正楼 650室

主办单位：新时代中国特色财务与会计理论创新与方法体系研究团队 数字经济重大基础理论与实践创新研究团队 会计学院 科研处

主讲人简介：辛乾，哈尔滨工业大学（深圳）经济管理学院副教授、博士生导师。先后获厦门大学管理学学士、新加坡国立大学经济学硕士以及香港大学会计学博士。主要研究方向为资本市场信息中介，包括证券分析师、审计和社交媒体。主持国家自然科学基金青年科学基金项目和广东省自然科学基金面上项目。相关研究论文发表于Management Science, Journal of Economic Theory, Journal of Corporate Finance, Journal of Accounting and Public Policy以及《经济管理》等。

摘要：Recent studies highlight the value relevance of employee disclosure on social media and its role in facilitating the decision-making of capital market participants (Green et al., 2019; Hales et al., 2018; Huang et al., 2020). We investigate whether a firm’s employee disclosure has a spillover effect on supply chain partners’ investments. Utilizing a generalized difference-in-differences research design with staggered initiations of employee reviews on a social media platform (i.e., Glassdoor), we find that the supplier’s investment efficiency improves with its major customer’s employee disclosure. Regarding the specific types of information embedded in customer employee disclosure, we find a greater effect when customer employee reviews are more predictive of future sales or more relevant to supply chain management. Further analyses provide support that the positive effect of employee disclosure on suppliers’ investment efficiency is more prominent when customers’ employee disclosure is more informative, when customers have poorer or more likely biased information environment, and when suppliers have limited private access to customer information or weaker bargaining power. Overall, our findings suggest that employee disclosure provides valuable information to supply chain partners on investment decisions.

近期研究强调了社交媒体上员工信息披露的价值相关性及其在促进资本市场参与者决策中的作用(Green et al., 2019; Hales et al., 2018; Huang et al., 2020)。本文则研究企业员工信息披露是否对供应链合作伙伴的投资决策具有溢出效应。利用在社交媒体平台上披露的员工评价，本文发现供应商的投资效率随着其主要客户的员工信息披露而提高。当客户员工评论更能预测未来销售或与供应链管理更相关时，以上溢出效应更显著。进一步分析表明，当客户的员工披露信息更丰富、客户的信息环境更差或更有可能存在偏差、供应商对客户信息的私有获取渠道有限或议价能力较弱时，员工披露对供应商投资效率的积极影响更为显著。总体而言，本文的研究结果表明，员工披露为供应链合作伙伴的投资决策提供了价值相关信息。