Purpose

This study aims to analyze and discuss whether and how consumer-to-manufacturer (C2M) mode empowered by e-commerce retail platforms’ big data affects the stock returns of firms in supply chains.

Design/methodology/approach

This study selects 195 companies affected by four C2M events as samples and empirically analyzes the impact mechanisms of C2M mode on supply chain firms’ stock returns by event study.

Findings

This paper finds that C2M announcements own a positive impact on the stock returns of supply chain firms. Further, the results show that the business and financial characteristics play a significant impact on the relationship between the C2M mode and firm stock return performance. For example, C2M mode leads to huge stock returns when firms cooperate with the platforms related to their business content. In addition, the business scope can strengthen the positive promotion of C2M mode in stock returns, while business concentration weakens the positive promotion of C2M mode in stock returns.

Originality/value

The results found in this paper can provide practical guidance for the firms in supply chains to further apply C2M mode from the business characteristics and financial performance view.

中文翻译：

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基于事件研究的大数据赋能C2M模式企业价值影响

目的

本研究旨在分析和讨论电商零售平台大数据赋能的消费者对制造商（C2M）模式是否以及如何影响供应链企业的股票收益。

设计/方法论/途径

本研究选取受四次C2M事件影响的195家企业作为样本，通过事件研究实证分析了C2M模式对供应链企业股票收益的影响机制。

发现

本文发现C2M公告对供应链企业的股票收益有正向影响。进一步，研究结果表明，业务和财务特征对C2M模式与公司股票回报绩效之间的关系具有显着影响。例如，C2M模式，当企业与与其业务内容相关的平台合作时，会带来巨大的股票回报。此外，经营范围可以强化C2M模式对股票收益的正向促进作用，而业务集中度则削弱C2M模式对股票收益的正向促进作用。

原创性/价值

本文研究结果可以从业务特征和财务绩效角度为供应链企业进一步应用C2M模式提供实践指导。