Dang Boyi
Capital market pricing efficiency serves as the core benchmark for measuring optimal resource allocation, while supply chain uncertainty represents a critical external risk facing modern enterprises. This paper systematically reviews research progress on the determinants of capital market pricing efficiency, supply chain risk contagion mechanisms, and the linkage between the two. Existing studies at home and abroad have revealed the driving mechanisms of pricing efficiency from multiple dimensions including institutions, information, and agent behavior, and have preliminarily identified the vertical spillover effects of supply chain shocks. However, significant gaps remain in the current literature: supply chain uncertainty has not yet been systematically incorporated into the analytical framework of pricing efficiency; the complete causal chain of risk contagion effects from firm fundamentals to capital market pricing lacks empirical verification; and the micro-level mechanisms of pricing efficiency distortion under multi-tier supply chain networks remain underexplored. This paper aims to build a theoretical bridge of "supply chain uncertainty—risk contagion—pricing efficiency," providing a logical foundation and literature support for subsequent empirical research.
Supply chain uncertainty; Risk contagion; Capital market pricing efficiency; Stock price synchronicity; Information efficiency