客户低碳转型是否提升了供应商的绿色全要素生产率  

Does Customers'Low-Carbon Transition Enhance Suppliers'Green Total Factor Productivity?

作　　者：黄宏斌 余慧 孙浩瑜 Huang Hongbin;Yu Hui;Sun Haoyu(School of Accounting,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学会计学院,天津300222

出　　处：《金融发展研究》2025年第2期16-29,共14页Journal Of Financial Development Research

基　　金：国家社会科学基金项目“基于横纵价值链视角的企业协同创新研究”(23FGLB048);国家自然科学基金面上项目“上市公司自媒体信息披露及互动的影响因素及经济后果:基于微博、微信的研究”(71872121)。

摘　　要：基于2010—2022年A股上市公司数据,考察下游客户低碳转型对上游供应商绿色全要素生产率的影响及其内在机制。研究结果表明,客户低碳转型对供应商的绿色全要素生产率具有显著的促进作用。机制检验发现,客户低碳转型通过推动供应商绿色创新水平的提升、缓解其融资约束和优化其人力资本结构,为供应商绿色全要素生产率的提升提供了有力支持。异质性分析发现,这种促进作用在规模较小、处于成长期以及与客户关系更平等的供应商企业中更为显著。拓展性分析表明,客户低碳转型在提升供应商的绿色全要素生产率后,进一步促进了供应商履行社会责任,提升了其社会责任表现。本研究丰富了供应链绿色溢出与传导的相关研究,也为绿色供应链建设、可持续发展目标的实现提供了实践指导。Based on data from A-share listed companies from 2010 to 2022,this study investigates the impact of downstream customers'low-carbon transition on the green total factor productivity(GTFP)of upstream suppliers and its underlying mechanisms.The findings reveal that customers'low-carbon transition significantly enhances suppliers’GTFP.Mechanism analysis indicates that customers'low-carbon transition supports the improvement of suppliers'GTFP by promoting green innovation,alleviating financing constraints,and optimizing human capital structure.Heterogeneity analysis further demonstrates that this promoting effect is more pronounced in smaller-scale suppliers,those in the growth stage,and those with more equitable relationships with customers.Extended analysis shows that customers'low-carbon transition not only improves suppliers’GTFP but also further encourages suppliers to fulfill social responsibilities,thereby enhancing their social responsibility performance.This study enriches the literature on green spillover and transmission in supply chains and provides practical guidance for building green supply chains and achieving sustainable development goals.

关 键 词：绿色全要素生产率 低碳转型 可持续发展 溢出效应 

分 类 号：F830[经济管理—金融学]