一、王慧强博士在Journal of International Accounting, Auditing and Taxation发表研究成果

2026年1月，苏州大学商学院智能会计系王慧强博士与吴文值博士（湖南财政经济学院）、刘拯博士（浙江师范大学）合作的论文“Customer Concentration and Firm Value: Evidence from China”在Journal of International Accounting, Auditing and Taxation上发表。Journal of International Accounting, Auditing and Taxation创办于1992年，是会计学领域的国际知名期刊，是JCR一区期刊和ABS三星期刊。

In January 2026, Dr. Huiqiang Wang from the Department of Intelligent Accounting at the Business School of Soochow University, along with Dr. Wenzhi Wu from Hunan University of Finance and Economics, and Dr. Zeng Liu from Zhejiang Normal University, jointly published a paper titled "Customer Concentration and Firm Value: Evidence from China" in the journal Journal of International Accounting, Auditing and Taxation. This journal was founded in 1992 and is an internationally renowned publication in the field of accounting.

客户集中度可能会产生风险效应或价值创造效应。本文使用 2007 年至 2020 年中国 A 股上市公司的数据，研究发现客户集中度与公司价值呈正相关。这种关系在倾向得分匹配、工具变量估计以及一系列稳健性检验中依然保持稳健。进一步的分析表明，这种价值创造效应是通过大客户向外部利益相关者传递价值信号以及提高企业管理效率来实现的。横截面证据表明，这种效应在非国有企业、小型企业、垄断行业中的企业、位于中西部的企业以及供应链透明度较低的企业中更为显著。这些发现有助于更深入地理解供应商与客户间的关系如何影响新兴市场中的企业绩效。

Customer concentration could have a risk effect or a value-creation effect. Leveraging a dataset of Chinese A-share listed firms spanning 2007 to 2020, we find that higher customer concentration is positively associated with firm value. This relationship remains robust to propensity score matching, instrumental variable estimation, and a battery of robustness checks. Further analysis suggests that the value-creation effect operates through the signaling of value to external stakeholders and through improved managerial efficiency. Cross-sectional evidence indicates that this positive effect is more pronounced among non-state-owned firms, smaller firms, those in relatively less competitive positions within their industry, those located in central and western China, and those with lower levels of supply chain transparency. These findings contribute to a deeper understanding of how supplier-customer dynamics influence firm performance in emerging markets.

二、王慧强博士在Review of Quantitative Finance and Accounting发表研究成果

2026年3月，苏州大学商学院智能会计系王慧强博士与刘拯博士（浙江师范大学）、顾乾坤副教授（苏州大学）合作的论文“ESG and trade credit: evidence from an emerging market”在Review of Quantitative Finance and Accounting上发表。Review of Quantitative Finance and Accounting创办于1991年，是金融和会计学领域的国际知名期刊，是JCR二区期刊和ABS三星期刊。

In March 2026, Dr. Huiqiang Wang from the Department of Intelligent Accounting at the Business School of Soochow University, along with Dr. Zeng Liu from Zhejiang Normal University, and Associate Professor Qiankun Gu from Soochow University, jointly published a paper titled "ESG and trade credit: evidence from an emerging market" in the journal Review of Quantitative Finance and Accounting. This journal was founded in 1991 and is an internationally renowned publication in the fields of finance and accounting.

ESG优势的公司能够从正规金融渠道获得融资支持，这会改善其外部融资需求，从而减少对商业信用的需求。本文采用 2009 年至 2020 年中国上市公司的样本，探讨了企业的ESG绩效在获取商业信用方面所起的作用。研究发现，企业的ESG绩效与商业信用融资呈负相关。潜在机制表明，具有ESG优势的公司能够获得低成本的外部融资和充足的长期银行贷款，这会挤占对商业信用的需求。这种效应在国有企业、位于金融市场化程度较高的地区的企业、外部经济不确定性较低的企业以及重污染行业的企业中更为显著。本文丰富了关于ESG绩效的经济影响的现有研究。

We propose that ESG-advantaged companies can obtain financing support from formal finance, which improves external financing needs and thus reduces the need for trade credit. We use a sample of Chinese public companies from 2009 to 2020 to explore the role of ESG performance in firms’access to trade credit. We find a negative association between ESG performance and trade credit financing. The potential mechanism shows that ESG-advantaged firms have access to cheap external financing and abundant long-term bank loans, which crowd out demand for trade credit. This effect is more pronounced in state-owned firms, firms located in the region with a high level of financial marketization, firms in the external environment with low economic uncertainty, and firms in heavily polluting industries. Our findings enrich the existing studies on the economic consequences of ESG performance.

王慧强，经济学博士，苏州大学优秀青年学者(讲师)，硕士生导师，2023年6月毕业于对外经济贸易大学国际经济贸易学院金融学专业获博士学位。主要研究兴趣是企业首次公开发行上市（IPO）、公司财务与资本市场。研究成果发表在《金融研究》(2篇)、Journal of International Accounting, Auditing and Taxation(2篇)、Review of Quantitative Finance and Accounting、Applied Economics、Finance Research Letters等期刊上。

Huiqiang Wang, a Doctor of Economics, is an outstanding young scholar (lecturer) at Soochow University. He graduated from the School of International Economics and Trade, University of International Business and Economics,in June 2023, majoring in Finance. His main research interests lie in initial public offerings (IPOs) and corporate finance. His research has been published in journals such as Journal of Financial Research (In Chinese), Journal of International Accounting, Auditing and Taxation, Review of Quantitative Finance and Accounting, Applied Economics, and Finance Research Letters.