ESG表现对企业供应链韧性的影响  

The Impact of ESG Performance on Supply Chain Resilience Companies

作　　者：姚正海 李昊泽 姚佩怡 YAO Zhenghai;LI Haoze;YAO Peiyi(Jiangsu Normal University,Xuzhou 221116;Bank of Nanjing Investment Banking Department,Nanjing 210000)

机构地区：[1]江苏师范大学商学院,江苏徐州221116 [2]南京银行投资银行部,江苏南京210000

出　　处：《首都经济贸易大学学报》2025年第2期95-112,共18页Journal of Capital University of Economics and Business

基　　金：国家社会科学基金后期资助项目“数字经济赋能高质量发展的作用机制与影响效应研究”(22FJYB030);江苏省社会科学基金一般项目“数字技术驱动长三角文化产业转型升级的机制和对策研究”(22EYB008)。

摘　　要：制造业企业供应链中断风险问题引起了学术界和实务界的广泛关注,而维持供应链稳定、提升供应链韧性是增强其核心竞争力的关键。在此背景下,ESG表现是否可以提升制造业企业的供应链韧性?以2011—2022年沪深A股制造业企业为研究样本,探究ESG表现对其供应链韧性的影响以及作用机理。研究结果显示,ESG表现可以提升供应链韧性,并主要通过提高企业声誉、降低融资约束、增强高管薪酬激励来实现;异质性分析结果表明,对于大型、环境不确定性较高地区、法治环境较好地区以及财务状况较差的企业而言,ESG表现对供应链韧性的提升效果更明显;交互效应检验结果表明,信息不对称会弱化ESG表现对供应链韧性的提升作用;经济后果分析显示,ESG表现对企业供应链韧性的提升作用有利于推动企业可持续发展。研究结论对企业贯彻落实ESG理念、维持供应链的安全稳定具有一定的借鉴意义。This paper takes manufacturing enterprises listed on the A-share markets from 2011 to 2022 as research samples to explore the impact of ESG performance on their supply chain resilience and the underlying mechanism.The results demonstrate that ESG performance can significantly enhance the supply chain resilience of enterprises.It finds that ESG performance improves supply chain resilience by facilitating enterprises to enhance their reputation,reducing financing constraints,and enhancing executive compensation incentives.The heterogeneity analysis indicates that for large enterprises,those in regions with high environmental uncertainty or a superior legal environment,and those with poor financial conditions,the effect of ESG performance on supply chain resilience is more pronounced.The results of the interaction effect reveal that information asymmetry weakens the promoting effect of ESG performance on supply chain resilience.The economic consequence analysis indicates that the promoting effect is conducive to promoting the sustainable development of enterprises.This paper has the following contributions.Firstly,most studies focus on the direct consequences of ESG performance of enterprises.This paper,however,expands research on the economic impact of ESG performance from the conventional perspective of enterprises to the supply chain resilience encompassing other stakeholders.Secondly,current research on ESG performance and supply chains mostly focuses on the impact of ESG performance on suppliers or customers,or studies the impact on the discourse power within the supply chain,but has not yet explored the impact and mechanism of ESG performance from the perspective of the supply chain.Thirdly,it conducts a profound analysis of the internal mechanism through which ESG performance affects the supply chain resilience of enterprises from perspectives of enterprise reputation,financing constraints,and executive compensation,providing empirical support for revealing the specific paths through which ESG performance aff

关 键 词：ESG表现 供应链韧性 企业声誉 融资约束 高管薪酬激励 

分 类 号：F279.23[经济管理—企业管理]