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This study aims to explore the impact of supply chain quality event (SCQE) announcements on enterprises’ stock market value.

This study adopts the event study approach and analyzes the changes in shareholder value of companies listed in China based on data from 118 SCQE announcements. In the event study, the market, market-adjusted and Carhart four-factor models are used to estimate abnormal stock market returns, and a cross-sectional regression model is performed to examine the effects of SCQE announcements on enterprises’ stock market value.

SCQE announcements have a negative impact on shareholder value. From the perspective of the supply chain network structure, the market reacts more negatively to SCQE announcements issued by the enterprises with higher supply chain concentration. From the perspective of companies’ characteristics, announcements that do not reflect the establishment of supply chain quality cooperation have a more negative effect on stock market value, which indicates that the supply chain network structure and firm-level characteristic can moderate the market reaction.

The findings demonstrate a quantitative evaluation of how SCQE announcements affect the stock market value of listed companies and provide guidance for managers to enhance the value of SCQE announcements.

This study fills the research gap on the impact of SCQE announcements on stock market value by using secondary data and first explores the relationship between SCQE announcements and stock market value from the perspective of supply chain network. Furthermore, this study contributes to the literature on SCQE using an empirical study in China.

This paper aims to improve the tribocorrosion properties of 316L, thus WC/Ni60 coated 316L was prepared by thermal spraying technique.

Composition and microstructure of WC/Ni60 coating was investigated, and tribological properties of 316 L and WC/Ni60 coating were studied under dry sliding, deionized water and artificial seawater.

The results showed that WC/Ni60 coating was lamellar structure, and the phase composition consisted of γ-Ni solid solution, carbides and borides. Furthermore, the hardness and corrosion resistance of 316 L in static seawater and wear resistance in dry sliding were improved by WC reinforced nickel-based coating. Furthermore, tribocorrosion results demonstrated that wear resistance of WC/Ni60 coating was also significantly better than 316 L, especially for higher load at artificial seawater. The reason can be attributed to the fact that the passive film of WC/Ni60 coating consisted of tungsten carbide, Ni(OH)2 and FeOOH for WC/Ni60 coating and only FeOOH for 316 L.

According to this study, it can be concluded that WC phases acted as a role in resisting the wear damages. Meanwhile, Ni-based materials performed well in corrosion resistance. Thus, the combined-effect Ni-based alloys and WC phases in WC/Ni60 coating showed better tribocorrosion performance than 316 L.