공급망 회복탄력성은 기업 고유의 비체계적 위험을 줄이는가? 중국 A주 상장기업을 대상으로

Supply chain resilience has become a critical strategic asset for manufacturing firms navigating volatile global markets, yet its implications for firm-specific risk in capital markets remain underexplored. In recent years, increasing uncertainty in global supply chains has further underscored the importance of resilience as a core component of firms’ risk management strategies. This paper examines how supply chain resilience affects idiosyncratic risk among Chinese A-share listed firms over the period 2012–2022. We construct a firm-level supply chain resilience index using the entropy method and measure idiosyncratic risk as the standard deviation of residuals from the Fama–French three-factor model. Fixed-effects panel regressions consistently show that supply chain resilience significantly reduces firm-level idiosyncratic volatility. This result remains robust when using the Fama–French five-factor model and is further supported by instrumental variable estimations employing leave-one-out peer resilience measures. In addition, our empirical setting provides a valuable context for examining the interaction between operational decisions and financial market outcomes in an emerging market environment. Heterogeneity analyses reveal that the risk-reducing effect is more pronounced among firms with greater analyst attention, higher audit quality, and lower financing constraints, suggesting that the information environment and financial flexibility serve as key transmission channels. These findings extend the supply chain risk literature by linking operational resilience to capital market outcomes and offer implications for both corporate risk management and investor decision-making in emerging markets.