主讲人

（单位）

孙乾

（南京理工大学）

主持人

（单位）

黄泽悦

（东南大学）

讲座时间

2025年12月31日（周三）10:30

讲座地点

经管楼B201会议室

主讲人简介

孙乾，会计学博士，南京理工大学bet365亚洲官网 助理教授。主要从事资本市场、信息披露和公司治理等跨领域的研究。近年先后在Journal of Corporate Finance, Journal of Accounting, Auditing & Finance, Humanities and Social Sciences Communications, International Review of Financial Analysis, Journal of Environmental Management以及《中国软科学》、《会计研究》、《管理评论》等国内外知名学术期刊发表论文二十余篇，作为核心成员获得中央统战部全国统战理论政策研究创新成果一等奖。担任JIFMIM, AE, IJFE, AF, IRFA, IREF, PBFJ, EAP，《管理评论》等期刊匿名审稿人。

讲座内容摘要

The empirical conclusions regarding the economic consequences of supply chain vertical integration remain inconsistent based on synergy effect and dissipation effect, respectively. This paper unifies vertical integration as a “double-edged sword” that simultaneously generates risk- and information-based synergies and liquidity- and complexity-induced dissipation, and finds that vertical integration can significantly promote trade credit financing. Mechanism tests show that trade credit financing is enhanced due to reduced operational risk and information asymmetry brought by vertical integration. Further tests show that the effect of vertical integration is more pronounced for firms facing higher levels of industry competition, holding a weaker position in the product market, exhibiting lower internal governance strength, and operating in regions with underdeveloped marketization processes.