Research on the Value Effect of Supply Chain Finance Information Disclosure

Abstract

Currently, the global industrial chain is undergoing restructuring and the standards for ESG information disclosure are becoming increasingly strict. Supply chain finance has become a key tool for enhancing the resilience of enterprises. However, there is a lack of conclusive empirical research to prove how supply chain finance information disclosure affects the market valuation of enterprises. This study uses A-share listed companies from 2019 to 2023 as samples and constructs a supply chain finance information disclosure index based on five indicators to examine its impact on the enterprise valuation (Tobin's Q). The empirical results show that high-quality supply chain finance information disclosure did not immediately bring a valuation premium in the capital market. Moreover, the "enterprise-led" and "bank-led" models did not show significant structural differences in the value of enterprise development. This study finds that the macro shocks caused by the pandemic and the lag in investor cognition temporarily masked the benefits brought by supply chain finance. This research provides a new perspective for understanding the pricing efficiency of supply chain transparency in the capital market and lays a theoretical foundation for the optimization of future information disclosure regulation.