The determinants and value-relevance of voluntary disclosure of supply chain information
研究中国股市中供应链信息自愿披露的决定因素，发现企业融资需求高或供应链集中时更倾向披露，但披露整体上降低企业估值，且供应商身份披露的价值相关性低于客户身份。
We use the voluntary nature of supply chain information disclosure in China’s stock market, including both major customers and suppliers information, to study the determinants and value relevance of proprietary information voluntary disclosure. Consistent with information asymmetry concern, disclosure is more likely when firms are seeking external finance or operating with a more concentrated supply chain where the needs of reducing information asymmetry are higher. Supply chain disclosure is found to be associated with a lower firm valuation on average. Good corporate governance reduces such voluntary disclosure, further confirming protecting proprietary information is one of the key considerations of non-disclosure. The disclosure of supplier identity is less value relevant than customer identity.