The Long‐Run Roles of Supply Chain Stability: Evidence From Chinese Family Controlled IPOs
研究中国家族控制IPO中供应链稳定性对股票表现的影响，发现稳定供应链的企业初始回报和长期业绩更优，且每年产生4.8%的溢价，通过信号传递盈利前景和提升股价信息含量两种机制发挥作用。
ABSTRACT The stability of customer‐supplier relationships in initial public offerings (IPOs) constitutes a significant yet understudied source of firm‐specific information that can mitigate asymmetric information problems. Analyzing China's family‐controlled IPOs, we document that firms with stable supply chains exhibit significantly higher initial returns and superior long‐term stock performance. Portfolio tests confirm a significant annualized premium of 4.8% for a strategy that goes long in high‐stability firms and shorts low‐stability ones. This stability premium is most pronounced immediately after listing. We demonstrate that it arises through two distinct mechanisms by signaling stronger earnings prospects and by enhancing the informativeness of stock prices about fundamental value. Our findings establish supply chain stability as a credible non‐financial signal that complements traditional valuation metrics and shapes investor perception during the critical transition to public markets.