供应链集中度对中国上市企业ESG表现的影响分析——基于企业经营视角  

How supply chain concentration affects the ESG performance of Chinese listed companies:A business perspective

作　　者：张冰晔 刘紫琦 周君[2] 何晓奇 荆中博[2] ZHANG Bingye;LIU Ziqi;ZHOU Jun;HE Xiaoqi;JING Zhongbo(Law School,Renmin University of China,Beijing 100872,China;School of Management Science and Engineering,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]中国人民大学法学院,北京100872 [2]中央财经大学管理科学与工程学院,北京100081

出　　处：《系统工程理论与实践》2024年第6期1795-1814,共20页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(72271253,71850008);教育部人文社会科学研究项目(21YJA630124);中央财经大学青年科研创新团队支持计划。

摘　　要：供应商和客户是企业在供应链上的重要利益相关者,探讨供应链结构对企业可持续发展的影响作用是我国顺利实现“双碳”目标的微观基础.本文以2010–2022年中国A股上市公司样本为对象,探讨供应链集中度对企业ESG表现的影响及作用机制.实证结果表明:供应链集中度上升会抑制企业ESG表现,该结论在讨论测量误差、遗漏变量和反向因果后依然成立.供应链集中度对企业ESG表现的抑制作用在国有企业、占据较高市场份额、具有较低创新能力和较高机构持股的企业中更为显著.供应链集中度通过提高经营利润波动、运营冗余和未吸收财务冗余抑制企业ESG表现.经营期望顺差增强了供应链集中度对企业ESG表现的抑制作用,经营期望落差则会减弱供应链集中度的抑制作用.本文深化了人们对利益相关者与企业可持续发展之间关系的理解,为企业强化供应链管理与提升ESG表现提供了重要的科学依据.Suppliers and customers are crucial stakeholders in a company’s supply chain,and exploring the influence of supply chain structure on corporate sustainable development serves as a micro foundation for China’s successful attainment of“carbon peaking and carbon neutrality”goals.This paper focuses on the sample of Chinese A-share companies from 2010 to 2022 to investigate the effects and mechanisms of supply chain concentration on corporate environmental,social,and governance(ESG)performance.Empirical results are as follows.1)Increasing supply chain concentration suppresses corporate ESG performance,and this conclusion holds true even after considering measurement errors,omitted variables,and reverse causality.2)Supply chain concentration hinders corporate ESG performance through heightened fluctuation in operating profit,operational slack and unabsorbed financial slack.The influence of supply chain concentration on corporate ESG performance is reinforced when the performance is above the aspiration and weakened when the performance is below the aspiration.3)The inhibitory effect of supply chain concentration on corporate ESG performance is more pronounced in stateowned enterprises,those with larger market shares,lower innovation capabilities,and higher information transparency.This paper deepens our understanding of the relationship between stakeholders and corporate sustainable development and provides critical scientific evidence for strengthening supply chain management and enhancing ESG performance for businesses.

关 键 词：供应链集中度 ESG表现 经营利润波动 组织冗余 经营期望 

分 类 号：F272[经济管理—企业管理]