Recently, Financial Research journal announced its list of outstanding papers for the year 2025. The paper titled "Supply Chain Uncertainty and Chinese Corporate Innovation – An Analysis Based on Micro-level Data from China–U.S. Supply Chains", co-authored by Associate Professor Yukun Pan of our School and his collaborators Professor  Qianqian DU of Southwestern University of Finance and Economics, Professor Qiang GONG of Zhongnan University of Economics and Law, and Master's student Kuicheng YE of Southwestern University of Finance and Economics, was among the seven papers selected for this honor. The paper was published in Issue 8, 2025 of Financial Research.

Based on over 700,000 U.S. analyst reports and more than 200,000 Chinese analyst reports, the study constructs China–U.S. supply chain uncertainty indicators and, combining micro-level data from upstream and downstream firms in the China–U.S. supply chains, systematically examines the impact of supply chain uncertainty on Chinese corporate innovation. The findings reveal that rising China–U.S. supply chain uncertainty significantly suppresses both innovation input and output of Chinese firms along the supply chain, with this effect primarily driven by investment irreversibility and changes in corporate financing conditions. Further analysis shows that high-tech firms experience a relatively weaker innovation-suppressing effect, and government support can effectively mitigate the adverse impact of external supply chain uncertainty on domestic firms' innovation. This research provides new empirical evidence for understanding how global economic uncertainty affects micro-level corporate innovation behavior, and offers valuable policy insights for enhancing the resilience of industrial and supply chains and sustaining the innovation vitality of Chinese enterprises.

Financial Research is a leading academic journal supervised by the People's Bank of China and sponsored by the China Society for Finance and Banking, with broad influence in the economics and finance academic community in China. Its annual outstanding paper selection aims to recognize distinguished research published in the previous year that demonstrates significant academic value and policy relevance. The selection of our faculty's paper as an outstanding paper of the year fully reflects the solid scholarly foundation and innovative vigor of our School's researchers, and serves as yet another important testament to the School's continuously improving research strength.

【Faculty Profile】

Yukun PAN is an Associate Professor at the School of Accounting, Dongbei University of Finance and Economics, and Deputy Director of the Department of Asset Appraisal. He holds a Ph.D. in Finance and is a Certified Public Accountant (CPA) in China. His primary research areas include corporate social responsibility, capital market institutions, and accounting information quality. In the past five years, he has published more than ten papers in journals such as Economic Research Journal, Financial Research, Journal of Quantitative & Technological Economics, China Accounting Review, Finance and Economics, Journal of Corporate Finance, Journal of Economic Behavior & Organization, Journal of Business Ethics, China Journal of Accounting Studies, Journal of Accounting Literature, and Accounting and Finance. He has participated in the completion of multiple provincial and ministerial-level research projects and has received the Second Prize of Sichuan Provincial Philosophy and Social Science Achievement Award as a key contributor.