会计系学术讲座系列2020年第10讲

主 题：中美经济“脱钩”：贸易战，投资计划披露,以及供应链外迁

主讲人: 张金萍（新加坡国立大学博士候选人）

协调人: 张敏 张博 王玉涛

时 间：2020-12-23 09:30

地 点：Zoom 会议室

语 言：英文

会议ID：634 4261 5946

密码：345040

讲座摘要:

I investigate whether US firms utilize capital expenditure (“capex”) forecasts to commit to a level of investment so as to reconfigure supply chains after the outbreak of the US–China trade war in 2018. I find that US firms importing inputs from China are more likely to shift their supplier base out of the country after the outbreak of the trade war. To reconfigure supply chains, firms increase capex forecasts to commit not to underinvest so as to coordinate investment with suppliers. Such an effect is stronger for firms more prone to underinvestment and firms with higher interdependence with suppliers. Further, capex forecasts increase synchronicity in investment in supply chains, encourage investment, and improve investment efficiency. Collectively, the results suggest that capex forecasts act as a credible commitment to investment in achieving investment coordination and building efficient supply chains.

主讲人简介:

Jinping Zhang is a doctoral candidate in Accounting at the NUS Business School, National University of Singapore. Her research areas of interest include corporate disclosure, financial analysts, bank loans, and supply chains. She has a master degree and a bachelor degree in accounting, both from Zhongnan University of Economics and Law.