ABSTRACT Due to technological complexity and capital expenditure, many companies seek supply chain collaboration to develop smart manufacturing (SCCSM) and issue SCCSM announcements. This study aims to empirically analyse the impact of SCCSM announcements on companies’ stock market value. The event study method is used to estimate the change of stock market value to 92 SCCSM announcements of Chinese listed companies. The main results are threefold. First, SCCSM announcements improve enterprises’ stock market value. Second, they, involving interconnection and constructing SM subsystems instead of an integrated SM system, have a more positive impact on stock market value. Third, SCCSM announcements issued by companies with higher degree of digital technology and higher customer concentration, have a more negative impact on stock market value. In addition, the type of resources reflected by the partners’ type has no moderating effect. This study inspires managers on how to enhance enterprises’ market stock value through SCCSM activities.
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