企业ESG表现与供应链话语权

Enterprise ESG Performance and Supply Chain Discourse Power

《财经研究》2023年49卷第8期 页码：153 - 168 online：2023年8月3日

作者

中：李颖 , 吴彦辰 , 田祥宇

英：Li Ying, Wu Yanchen, Tian Xiangyu

作者单位：山西财经大学 会计学院，山西 太原 030006

摘要及关键词

摘要：供应链话语权体现了企业的核心竞争力，对企业可持续发展至关重要。在保护环境、承担社会责任和提高公司治理水平等理念日渐深入人心的背景下，良好的ESG表现是否有助于提升企业在供应链中的话语权？文章研究发现，良好的ESG表现确实提升了企业在供应链中的话语权，其作用机制主要在于：良好的ESG表现能够提高企业声誉并缓解融资约束，增强企业对客户或供应商的凝聚力，从而提升在供应链中的话语权。区分E、S、G三个维度的研究结果表明，企业在这三个维度的良好表现均有助于提升供应链话语权。此外，与民营企业相比，国有企业的ESG表现对其供应链话语权的提升作用更加明显。企业良好的ESG表现提升供应链话语权的作用能够降低经营风险，改善经营绩效。文章的研究在理论上不仅将企业ESG表现经济后果的文献从企业自身拓展至供应链整体，而且将供应链话语权影响因素的文献从企业一般特征或财务表现拓展至ESG综合绩效；在实践上，为企业基于ESG绩效改善视角，探寻提升供应链话语权的现实路径提供了重要启示。

关键词：企业ESG表现；供应链话语权；声誉机制；融资约束机制

Summary: The right to speak in the supply chain reflects the core competitiveness of enterprises, which is crucial for enterprises to achieve sustainable development. In the context of the increasing popularity of environmental protection, social responsibility and corporate governance, does good ESG performance help to enhance the discourse power of enterprises in the supply chain? This paper uses the data of China’s A-share listed companies from 2012 to 2020 to conduct an empirical test through the panel fixed effect model. The findings are as follows: First, better ESG performance does enhance the discourse power of enterprises in the supply chain; the main mechanism of its action is that good ESG performance of enterprises can improve reputation and alleviate financing constraints, enhance the cohesion of enterprises to customers or suppliers, and thus enhance the discourse power of enterprises in the supply chain. Second, the results of differentiating the three dimensions of E, S and G show that the better performance of enterprises in these three dimensions is conducive to the improvement of supply chain discourse power. Third, compared with private enterprises, the ESG performance of state-owned enterprises has a more obvious role in improving their supply chain discourse power. Fourth, the promotion effect of good ESG performance on the right to speak in the supply chain can reduce its business risk and improve its business performance. In theory, this paper not only expands the literature on the economic consequences of enterprise ESG performance from the enterprise itself to the whole supply chain, but also extends the literature on the factors affecting supply chain discourse power from the general characteristics or financial performance of the enterprise to ESG comprehensive performance, and further discusses the influence mechanism of enterprise ESG performance on supply chain discourse power. At the same time, based on the perspective of supply chain discourse power, it reveals the black box of ESG performance to reduce the business risk and improve the economic performance of enterprises. In practice, this paper provides important enlightenment for enterprises to explore the realistic path to enhance supply chain discourse power based on the perspective of ESG performance improvement. It also provides a theoretical basis for the government and other relevant departments to improve the relevant policies of enterprise ESG information disclosure, strengthen the supervision on the behaviors related to enterprise ESG, and urge enterprises to improve ESG performance.

Key words: enterprise ESG performance; supply chain discourse power; reputation mechanism; financing constraint mechanism

其他信息

DOI：10.16538/j.cnki.jfe.20230617.101

收稿日期：2023-03-02

基金项目：教育部人文社科规划基金项目（20YJA630038）；国家社会科学基金重点项目（22AJY025）

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