城门失火,殃及池鱼:供应商环境违规对企业创新投资的传染效应  

Fire at the City Gate,Harmful to the Fish in the Pond:Infectious Effect of Supplier Environmental Violations on Innovation Investment of Enterprises

作　　者：周志方[1] 刘金豪 杨卓璇 ZHOU Zhi-fang;LIU Jin-hao;YANG Zhuo-xuan(School of Business,Central South University,Changsha 410083,China)

机构地区：[1]中南大学商学院,长沙410083

出　　处：《研究与发展管理》2024年第4期101-112,共12页R&D Management

基　　金：国家自然科学基金基础科学中心项目“数字经济时代的资源环境管理理论与应用”(72088101);国家自然科学基金重大项目“企业运营与服务创新管理理论及应用研究”(71991460)。

摘　　要：企业环境违规会给自身股价、声誉等带来严重后果,但是否会波及供应链企业仍有待考察。基于2011—2021年A股上市公司的数据,利用个体固定效应模型,从风险效应和资源效应角度探究了供应商环境违规对企业创新投资的链式传染效应。研究发现,供应商环境违规显著降低了企业的创新投资和探索式创新投资,对开发式创新投资的效果虽然为负但不显著,而ESG绩效能够帮助企业抵抗供应商环境违规的负面冲击。机制效应表明供应商环境违规主要通过增加企业经营风险及融资约束削弱了企业创新投资偏好。进一步研究发现,议价能力高的企业对供应商环境违规的敏感性较低。研究结论补充了环境违规的经济后果及企业创新投资的驱动因素,为企业供应链管理及创新投资行为提供了一定的启示。Environmental violations of enterprises have serious consequences on their stock prices,reputation,etc.,but whether they affecting supply chain enterprises remains to be examined.Based on the data of A-share listed companies from 2011 to 2021,it used an individual fixed-effect model to explore the chain contagion effect of supplier environmental violations on corporate innovation investment from the perspectives of risk effect and resource effect.The results show that supplier environmental violations significantly reduce innovation investment and exploratory innovation investment,although the effect on development innovation investment is negative but not significant,and ESG performance help enterprises to resist the negative impact of supplier environmental violations.The mechanism effect test result shows that supplier environmental violations weaken the firms’innovation investment preference mainly by increasing the firms’operating risks and financing constraints.Further research finds that firms with higher bargaining power tend to be less sensitive to supplier environmental violations.The conclusions supplement the research on the economic consequences of environmental violations and the driving factors of corporate innovation investment,providing some insights for firms’supply chain management and innovation investment behaviors.

关 键 词：环境违规 供应链 探索式创新 开发式创新 ESG绩效 

分 类 号：F205[经济管理—国民经济] F272