| 474 | 0 | 129 |
| 下载次数 | 被引频次 | 阅读次数 |
论文以中国“供应链创新与应用试点”政策为一项准自然实验，基于2012—2022年中国A股上市公司的面板数据，运用双重差分模型探讨了可持续供应链与企业ESG绩效之间的关系。研究结果表明：首先，该政策显著提升了试点企业的ESG绩效，验证了可持续供应链对企业ESG绩效的积极推动作用。其次，政策效果的影响机制主要体现在促进企业绿色创新、优化资源配置和降低经营风险。进一步分析发现，政策效果在非国有企业和环保意识较强地区的企业中尤为显著。最后，研究还发现，该政策具有外溢效应，其显著提高了试点企业的上下游企业以及同一地区其他企业的ESG绩效。研究结论为推动可持续供应链的建设与促进企业ESG绩效的提升提供了实证依据，具有重要的政策启示和实践价值。
Abstract：This study treats the Supply Chain Innovation and Application Pilot policy in China as a quasi natural experiment.Using panel data of Chinese A share listed firms from 2012 to 2022,it employs a difference-in-differences framework to examine the relationship between sustainable supply chains and corporate ESG performance.The results show that the policy significantly improves the ESG performance of pilot firms,thereby confirming the positive role of sustainable supply chains in enhancing corporate ESG outcomes.Further analysis indicates that the policy operates mainly through promoting green innovation,improving the efficiency of resource allocation,and reducing operational risk.Additional evidence reveals that the policy effects are more pronounced among non state owned enterprises and firms located in regions with stronger environmental awareness.Finally,the study documents significant spillover effects,as the policy also enhances the ESG performance of upstream and downstream firms linked to pilot enterprises,as well as other firms within the same region.Overall,the findings provide robust empirical support for advancing sustainable supply chain development and improving corporate ESG performance,and they offer important policy implications and practical relevance.
[1]NESSB,URBEL-PIIRSALU E,ANDERBERG S,et al.Categorising tools for sustainability assessment[J].Ecological economics,2007,60(3):498-508.
[2]CLARK G L,FEINER A,VIEHS M.From the stockholder to the stakeholder:How sustainability can drive financial outperformance[J].SSRN Electronic Journal,2015,2508281.
[3]ETUMNU C E.Does the climate pledge command a price premium?Evidence from Amazon[J].SSRN Electronic Journal,2002.DOI:10.2139/ssrn.4254743.
[4]FREEMAN R E.Strategic management:A stakeholder approach[M].Cambridge:Cambridge University Press,2010.
[5]FRIEDMAN M.The social responsibility of business is to increase its profits[C].Corporate ethics and corporate governance.Berlin,Heidelberg:Springer,2007:173-178.
[6]WOOD D J.Corporate social performance revisited[J].Academy of Management Review,1991,16(4):691-718.
[7]MARGOLIS J D,WALSH J P.Misery loves companies:Rethinking social initiatives by business[J].Administrative Science Quarterly,2003,48(2):268-305.
[8]EL GHOUL S,GUEDHAMI O,KWOK C C Y,et al.Does corporate social responsibility affect the cost of capital?[J].Journal of Banking and Finance,2011,35(9):2388-2406.
[9]KIM J W,PARK C K.Can ESG performance mitigate information asymmetry?Moderating effect of assurance services[J].Applied Economics,2023,55:2993-3007.
[10]ZAHID R M A,SALEEM A,MAQSOOD U S.ESG performance,capital financing decisions,and audit quality:Empirical evidence from Chinese state owned enterprises[J].Environmental Science and Pollution Research,2023,30(15):44086-44099.
[11]李伟，张译文.ESG表现能提高企业投资效率吗?：基于企业内外监管视角[J].财会通讯，2023(22)：43-47.
[12]ZHENG M,FENG G F,JIANG R A,et al.Does environmental,social,and governance performance move together with corporate green innovation in China?[J].Business Strategy and the Environment,2023,32(4):1670-1679.
[13]方明，胡鸣瑶，项柳.ESG评级对企业绿色创新的影响研究：基于媒体关注的调节作用[J].财会通讯，2024(2)：41-46.
[14]ZHOU G,LIU L,LUO S.Sustainable development,ESG performance and company market value:Mediating effect of financial performance[J].Business Strategy and the Environment,2022,31(7):3371-3387.
[15]YU X,XIAO K.Does ESG performance affect firm value?Evidence from a new ESG scoring approach for Chinese enterprises[J].Sustainability,2022,14:16940.
[16]WEI L,WU C.Company ESG performance and institutional investor ownership preferences[J].Business Ethics,the Environment and Responsibility,2024,33(3):287-307.
[17]WANG H,SHEN H,LI S.ESG performance and stock price fragility[J].Finance Research Letters,2023,56:104101.
[18]江海云.公司ESG表现、管理层能力与股价崩盘风险[J].财会通讯，2024(5)：61-65.
[19]SHU H,TAN W.Does carbon control policy risk affect corporate ESG performance?[J].Economic Modelling,2023,120:106148.
[20]ZHANG Y,ZHANG Y,SUN Z.The impact of carbon emission trading policy on enterprise ESG performance:Evidence from China[J].Sustainability,2023,15(10):8279.
[21]SUN X,ZHOU C,GAN Z.Green finance policy and ESG performance:Evidence from Chinese manufacturing firms[J].Sustainability,2023,15(8):6781.
[22]葛春瑞，韩君.绿色债券发行对企业ESG表现的影响研究[J].华东经济管理，2023，37(12)：102-113.
[23]潘玉坤，郭萌萌.空气污染压力下的企业ESG表现[J].数量经济技术经济研究，2023，40(7)：112-132.
[24]王禹，王浩宇，薛爽.税制绿色化与企业ESG表现：基于《环境保护税法》的准自然实验[J].财经研究，2022，48(9)：47-62.
[25]BéNABOU R,TIROLE J.Individual and corporate social responsibility[J].Economica,2010,77:1-19.
[26]JUNAID M,ZHANG Q,SYED M W.Effects of sustainable supply chain integration on green innovation and firm performance[J].Sustainable Production and Consumption,2022,30:145-157.
[27]徐荣贞，王森，何婷婷.绿色供应链金融视角下中小企业可持续发展的动力机制研究[J].金融理论与实践，2022(1)：76-86.
[28]赵丹妮，张亚豪，唐松.供应链金融对企业绿色转型的影响：抑制还是促进?：基于上市企业年报文本大数据识别的经验证据[J].现代财经(天津财经大学学报)，2024，44(2)：20-36.
[29]祝丹枫，李宇坤.数字化供应链变革与企业劳动力投资效率：基于供应链创新与应用试点的经验证据[J].商业研究，2023(3)：49-57.
[30]黄凯，王健，谢欣雨.供应链整合、风险管理有效性与运营绩效：以汽车制造企业上市公司为例[J].工业技术经济，2023，42(1)：38-44.
[31]李倩.供应链集中对流通企业经营风险的影响：基于风险态度视角[J].商业经济研究，2022(21)：37-40.
[32]DU Z,ZHU C,ZHOU Y.Increasing quantity or improving quality:Can soil pollution control promote green innovation in China’s industrial and mining enterprises?[J].Sustainability,2022,14(22):14986.
[33]肖仁桥，陈小婷，钱丽.异质环境规制、政府支持与企业绿色创新效率：基于两阶段价值链视角[J].财贸研究，2022，33(9)：79-93.
[34]OLLEY G S,PAKES A.The dynamics of productivity in the telecommunications equipment industry[J].Econometrica,1996,64(6):1263-1297.
[35]LEVINSOHN J,PETRIN A.Estimating production functions using inputs to control for unobservables[J].The Review of Economic Studies,2003,70(2):317-341.
[36]WOOLDRIDGE J M.On estimating firm level production functions using proxy variables to control for unobservables[J].Economics Letters,2009,104(3):112-114.
[37]ALTMAN E I.The prediction of corporate bankruptcy:A discriminant analysis[M].Los Angeles:University of California,Los Angeles,1967.
[38]OHLSON J A.Financial ratios and the probabilistic prediction of bankruptcy[J].Journal of Accounting Research,1980,18(1):109-131.
[39]ZHANG Z.Can energy internet improve corporate ESG performance?Evidence from Chinese high energy consuming companies[J].Heliyon,2024,10(2):e24175.
[40]WHITED T M,WU G.Financial constraints risk[J].The Review of Financial Studies,2006,19(2):531-559.
[41]JACOBSON L S,LALONDE R J,SULLIVAN D G.Earnings losses of displaced workers[J].The American Economic Review,1993,83(4):685-709.
[42]NUNN N,QIAN N.The potato’s contribution to population and urbanization:Evidence from a historical experiment[J].The Quarterly Journal of Economics,2011,126(2):593-650.
[43]CAI X,LU Y,WU M,et al.Does environmental regulation drive away inbound foreign direct investment?Evidence from a quasi natural experiment in China[J].Journal of Development Economics,2016,123:73-85.
[44]HECKMAN J J,ICHIMURA H,TODD P E.Matching as an econometric evaluation estimator:Evidence from evaluating a job training programme[J].The Review of Economic Studies,1997,64(4):605-654.
[45]郭梦，朱成成.环保税征收、融资约束与重污染企业经营风险：基于“税负提标”的准自然实验[J].金融市场研究，2023(10)：107-119.
[46]江艇.因果推断经验研究中的中介效应与调节效应[J].中国工业经济，2022(5)：100-120.
基本信息:
中图分类号:F832.51;F274
引用信息:
[1]汪桃红,朱成成,程钊,等.可持续供应链能促进企业ESG绩效吗?——基于“供应链创新与应用试点”政策的准自然实验[J].生态经济,2026,42(02):1-10.
基金信息:
北京市社会科学基金重点项目“北京绿色经济发展研究”(25BJ02041)
2026-01-30
2026-01-30