地方政府财政竞争影响上市公司碳排放绩效的机制——以供应链视角  

The Influencing Mechanism of Local Governments Fiscal Competition on the Carbon Emission Performance of Listed Companies——from the Perspective of Supply Chain

作　　者：杨宗翰 雷良海[1] 段江娇[1] YANG Zong-han;LEI Liang-hai;DUAN Jiang-jiao(School of Management,Shanghai University of Technology,Shanghai 200093,China;Guangxi Aviation Logistics Research Center,Guilin University of Aerospace Technology,Guilin 541004,Guangxi,China)

机构地区：[1]上海理工大学管理学院,上海市200093 [2]桂林航天工业学院广西航空物流研究中心,广西桂林541004

出　　处：《中国流通经济》2024年第6期38-53,共16页China Business and Market

基　　金：国家社会科学基金一般项目“证券发行注册制改革背景下信息披露机制完善及策略研究”(21BGL087)。

摘　　要：在我国致力于实现碳中和、碳达峰与经济高质量发展的大背景下,从政府财政行为的角度,探讨上市公司碳排放绩效对地方政府财政竞争的微观反应机制。具体从地方政府财政收入竞争和财政支出竞争两个维度,研究两种地方政府财政竞争行为对上市公司碳排放绩效的影响,并分析客户集中度与供应商集中度等供应链特征在公司碳排放绩效影响机制中的作用。研究表明,地方政府的财政竞争程度越高,上市公司碳排放绩效越低。地方政府财政收入竞争会降低上市公司碳排放绩效,主要原因在于地方政府招商引资形成的财政压力会促使政府放松环境管理约束,导致上市公司碳排放管理政策较宽松,其碳排放绩效因此降低。地方政府财政支出竞争会降低上市公司碳排放绩效,具体机制是地方政府财政支出会挤占金融资源,影响上市公司的研发投入和经营效率,导致上市公司碳排放绩效降低。对供应链客户集中度的研究发现,在地方政府财政收入竞争对上市公司碳排放绩效负面影响下,客户集中度高的上市公司碳排放绩效更高;在地方政府财政支出竞争对上市公司碳排放绩效负面影响下,客户集中度高的上市公司碳排放绩效更高。而供应商集中度则不具有类似客户集中度的调节效应。因此,为保护环境和消除地方政府财政收入竞争对碳排放的不利影响,中央和省级政府应该进一步规范碳排放的监督和管理机制,将财政转移支付和上市公司等重点企业碳排放绩效挂钩;消除财政支出竞争的不利影响,进一步拓宽普惠金融的覆盖范围,缓解企业面临的资金压力;鉴于客户集中度对碳排放绩效具有正向的调节作用,上市公司监管部门可以进一步完善上市公司供应链碳排放信息披露要求,促使企业提高碳排放绩效。Against the background of China's commitment to achieving carbon neutrality,peak carbon emissions,and highquality economic development,the authors explore the micro response mechanism of carbon emission performance of listed companies to local fiscal competition from the perspective of government fiscal behavior.Specifically,from the dimensions of government revenue competition and fiscal expenditure competition,the authors investigate the impact of two types of fiscal competition behaviors of local governments on the carbon emission performance of listed companies,and analyzes the role of supply chain characteristics,such as customer concentration and supplier concentration,in the mechanism of performance impact of corporate carbon emission.It is found that the higher the level of fiscal competition of local governments,the lower the carbon emission performance of listed companies.The competition for fiscal revenue of local governments will reduce the carbon emission performance of listed companies.The main reason is that the financial pressure formed by local governments to attract investment will encourage the government to relax environmental management constraints,which leads to relatively loose corporate carbon emission management policies of listed companies,resulting in a decrease in the carbon emission performance of listed companies.Competition for fiscal expenditure of local governments will reduce the carbon emission performance of listed companies.The specific mechanism is that fiscal expenditure of local governments will squeeze financial resources,affecting the research and development investment and operational efficiency of listed companies,thereby leading to a decrease in carbon emission performance of listed companies.A study on customer concentration in the supply chain finds that:under the negative impact of fiscal revenue competition of local governments on the carbon emission performance of listed companies,listed companies with high customer concentration have higher carbon emission perfor

关 键 词：财政竞争 上市公司 碳排放绩效 客户集中度 

分 类 号：F274[经济管理—企业管理]