How Supply Chain Finance Affects Stock Price Synchronicity
Using the data of"accounts receivable financing"disclosed by Chinese A-share listed companies,this paper constructs Multi-Period DID model to explore the impact of supply chain finance on stock price synchronicity.The results show that disclosing"accounts receivable financing"data by enterprises can significantly reduce stock price synchronicity,and this effect has a greater impact on enterprises with shorter debt maturities,lower investment levels,and higher agency costs in the previous period.Mechanism testing finds that the disclosure of"accounts receivable financing"data by enter-prises affects stock price synchronicity in terms of financing channels,future development prospects,and financial report information quality.The economic consequences test reveals that disclosing"accounts receivable financing"data by enter-prises helps lower the stock price crash risk.
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