The Effect of Supplier IPOs on Major Customer Firm Value
研究了供应商IPO如何通过增强供应商议价能力和客户多元化，导致客户企业长期价值下降，对供应链管理者有警示作用。
ABSTRACT This paper examines how supplier IPO events impact customer firms' value. Building on a bargaining‐power framework, we argue that supplier IPOs provide suppliers with opportunities to reduce their reliance on existing customers, potentially leading to adverse outcomes for these customers. Our analysis reveals that customers experience significant value loss following supplier IPOs. Specifically, customers exhibit negative abnormal returns over long‐term horizons, and Tobin's Q for customer firms declines significantly post‐IPO. Exploring the underlying mechanisms, we find that supplier IPOs lead to increased customer‐base diversification and reductions in trade credit extended to customers, reflecting a shift in suppliers' reliance and bargaining power. These findings highlight the broader implications of supplier IPOs for customer firms within supply chain networks.