Supply‐Chain Network Centrality and Expected Stock Returns
研究中国供应链网络中企业位置对预期股票收益的影响，发现外围企业因承担更高系统性风险而获得更高收益，对投资者和供应链管理者有参考价值。
ABSTRACT This paper examines how firms' positions in supply chain networks affect expected stock returns in China. Using PageRank centrality to measure network embeddedness, we document a robust negative relation between centrality and returns: peripheral firms earn higher returns than central firms. The effect survives extensive controls, alternative centrality measures, and a wide range of robustness tests. Pricing tests indicate that the return differential reflects compensation for systematic risk rather than mispricing. Further analysis shows that peripheral firms face higher operating and asset‐specificity risks, particularly in high‐asymmetry industries and among firms with weaker bargaining power, stronger competition, and tighter resource constraints.