基地研究员李奥老师的论文“Supply network structure and firm tail risk”在重要学术期刊Research in International Business and Finance发表。

摘要：This paper examines how supply network structure affects financial stability, specifically for systemic tail risks in capital markets. We construct supply networks using data from the top five clients and suppliers disclosed in the annual reports of Chinese A-share listed companies from 2009 to 2022, and measures node-level supply network structure. Our findings indicate that improved supply network structure reduces firms’ systemic tail risks, primarily through information efficiency and risk diversification mechanisms. The effect is more pronounced with heightened analyst and media attention, superior corporate disclosures, closer proximity to clients or suppliers, and fewer financial constraints. This study provides insights into building resilient supply chains and mitigating financial risks.

关键词：Supply network structure; Systematic tail risk; Financial stability; Social network analysis

论文链接：https://doi.org/10.1016/j.ribaf.2025.103095

教师简介

李奥，中南财经政法大学金融学院讲师，研究领域为公司金融、公司治理、企业创新。本科毕业于华中科技大学管理学院会计ACCA专业，硕士毕业于英国谢菲尔德大学会计与金融系，博士毕业于厦门大学管理学院财务学系。论文发表于《世界经济》、《管理科学学报》、《International Review of Financial Analysis》、《Energy Economics》、《International Review of Economics and Finance》、《Environmental Impact Assessment Review》等国内外学术期刊。国际特许公认会计师（ACCA）会员。