Abstract: Risk information disclosure in customers' annual reports affects suppliers' risk perception and information acquisition. By using data from the top five listed customer firms of A-share listed companies from 2005 to 2020, this paper studies the impact of risk information disclosure in customers' annual reports on supplier firms' innovation and its underlying mechanisms. The study finds that the increase in the level of risk information disclosure in customers' annual reports significantly promotes supplier firms' innovation performance, and that the improvement in innovation performance comes from the significant increase in the number of invention patents. The above findings remain valid after a series of robustness tests. Mechanism tests show that the risk disclosure in customers' annual reports promotes suppliers' innovation performance by alleviating the information asymmetry between customers and suppliers, and by serving as the roles of “pressure pushing” and “innovation guiding”. Further analyses reveal that the improvement in innovation performance comes from the two-way improvement in innovation investment and innovation efficiency, the promotion effect of idiosyncratic risk disclosure is more significant than that of systematic risk disclosure, and the improvement in the readability of risk information, higher customer concentration and lower customer stability of suppliers can enhance the innovation promotion effect of risk disclosure. This paper reveals the innovation spillover effect of risk information disclosure along the supply chain, providing theoretical references for enhancing the corporate innovation ability and supply chain resilience.

Key words: Supply Chain, Risk Information, Spillover Effect, Innovation Performance

摘要： 客户年报风险信息披露影响着供应商的风险感知和信息获取。利用A股上市公司前五名客户企业数据,本文研究客户年报风险信息披露对供应商企业创新的影响及其作用机制。研究发现,客户年报风险信息披露水平的提高,显著促进了供应商企业创新绩效,并且,创新绩效的提升来自发明专利数量的显著增长。机制检验表明,客户年报风险信息披露是通过缓解客户与供应商的信息不对称,发挥了“压力倒逼”和“创新引导”的作用,促进了供应商企业创新绩效的提升。进一步分析发现,创新绩效的提升源于创新投入和创新效率的双向提高;相较于系统性风险信息披露,特质性风险信息披露的促进效应更加显著;风险信息可读性的提高、供应商较高的客户集中度和较低的客户稳定性,均能增强客户年报风险信息披露的创新促进效应。本文揭示了客户年报风险信息在供应链上的创新溢出效应,为提升企业创新能力、增强供应链韧性提供了理论参考。

关键词: 供应链, 风险信息, 溢出效应, 创新绩效