客户企业ESG评级与供应商企业绿色创新

严若森, 姜潇

系统工程理论与实践 ›› 2025, Vol. 45 ›› Issue (4) : 1168-1188.

PDF(387 KB)
PDF(387 KB)
系统工程理论与实践 ›› 2025, Vol. 45 ›› Issue (4) : 1168-1188. DOI: 10.12011/SETP2023-2660
论文

客户企业ESG评级与供应商企业绿色创新

    严若森, 姜潇
作者信息 +

Customer enterprises' ESG rating and supplier enterprises' green innovation

    YAN Ruosen, JIANG Xiao
Author information +
文章历史 +

摘要

本文以2009-2022年中国全A股上市公司为研究样本, 实证检验了客户企业ESG评级与供应商企业绿色创新二者之间的关系. 实证结果表明, 客户企业ESG评级能够显著正向影响供应商企业绿色创新; 客户企业减少占用供应商企业资金、 促进供应商企业加大创新投入、 提升供应商企业管理者的绿色认知, 是客户企业ESG评级促进供应商企业绿色创新的三种作用机制; 供应商企业市场势力会负向调节客户企业ESG评级与供应商企业绿色创新二者之间的正向关系. 异质性分析发现, 当客户企业承受更强的合法性压力或采取更多的实质性ESG实践时, 以及当供应商企业缺乏可信度或面临更为严格的环境规制时, 上述正向关系均更为显著. 进一步研究发现, 在ESG评级结果不确定性较低的情形下, 客户企业ESG评级对供应商企业绿色创新的促进作用能够得到更有效的发挥; 供应商企业开展绿色创新不仅有助于提升其自身的ESG评级, 亦有助于提升其全要素生产率. 本文从供应商企业视角揭示了ESG评级压力的传导效应, 亦为有效推动企业绿色创新提供了经验证据与管理启示.

Abstract

This paper empirically examines the relationship between customer enterprises' ESG rating and supplier enterprises' green innovation, using all A-share listed companies from 2009 to 2022 as the research samples. The empirical results show that customer enterprises' ESG rating can positively influence supplier enterprises' green innovation; customer enterprises reduce the amount of funds absorbed from supplier enterprises, encourage supplier enterprises to increase innovation investment, and improve the managers' green cognition of supplier enterprises are the three mechanisms of promoting supplier enterprises' green innovation through customer enterprises' ESG rating; supplier enterprises' market power will negatively moderate the positive relationship between customer enterprises' ESG rating and supplier enterprises' green innovation. Heterogeneity analysis shows that the positive influence of customer enterprises' ESG rating on supplier enterprises' green innovation is more significant both when customer enterprises are under greater legitimacy pressure or have more substantive ESG practices, and when supplier enterprises lack credibility or face stricter environmental regulations. Further research shows that customer enterprises' ESG rating is more effective in promoting supplier enterprises' green innovation when the uncertainty of ESG rating results is low, and that supplier enterprises' green innovation contributes not only to supplier enterprises' own ESG rating but also to supplier enterprises' total factor productivity. This paper highlights the spillover effects of ESG rating pressure from the perspective of supplier enterprises, and provides empirical evidence and management enlightenments for effectively promoting enterprise green innovation.

关键词

客户企业 / 供应商企业 / ESG评级 / 绿色创新

Key words

customer enterprises / supplier enterprises / ESG rating / green innovation

引用本文

导出引用
严若森, 姜潇. 客户企业ESG评级与供应商企业绿色创新. 系统工程理论与实践, 2025, 45(4): 1168-1188 https://doi.org/10.12011/SETP2023-2660
YAN Ruosen, JIANG Xiao. Customer enterprises' ESG rating and supplier enterprises' green innovation. Systems Engineering - Theory & Practice, 2025, 45(4): 1168-1188 https://doi.org/10.12011/SETP2023-2660
中图分类号: F270   

参考文献

[1] Li D, Zhao Y, Zhang L, et al. Impact of quality management on green innovation[J]. Journal of Cleaner Production, 2018, 170: 462-470.
[2] Huang J W, Li Y H. Green innovation and performance: The view of organizational capability and social reciprocity[J]. Journal of Business Ethics, 2017, 145(2): 309-324.
[3] Dimaggio P J, Powell W W. The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields[J]. American Sociological Review, 1983, 48(2): 147-160.
[4] Berrone P, Fosfuri A, Gelabert L, et al. Necessity as the mother of `green' inventions: Institutional pressures and environmental innovations[J]. Strategic Management Journal, 2013, 34(8): 891-909.
[5] 陶锋, 赵锦瑜, 周浩. 环境规制实现了绿色技术创新的"增量提质"吗——来自环保目标责任制的证据 [J]. 中国工业经济, 2021(2): 136-154.
Tao F, Zhao J Y, Zhou H. Does environmental regulation improve the quantity and quality of green innovation: Evidence from the target responsibility system of environmental protection[J]. China Industrial Economics, 2021(2): 136-154.
[6] Huang X, Hu Z, Liu C, et al. The relationships between regulatory and customer pressure, green organizational responses, and green innovation performance[J]. Journal of Cleaner Production, 2016, 112: 3423-3433.
[7] Yalabik B, Fairchild R J. Customer, regulatory, and competitive pressure as drivers of environmental innovation[J]. International Journal of Production Economics, 2011, 131(2): 519-527.
[8] 黄伟, 陈钊. 外资进入、 供应链压力与中国企业社会责任 [J]. 管理世界, 2015(2): 91-100.
Huang W, Chen Z. Foreign capital entry, supply chain pressure and Chinese corporate social responsibility[J]. Journal of Management World, 2015(2): 91-100.
[9] Zhang H. Whether corporate social responsibility increases firm value? From the perspectives of CEO network centrality and firm customer concentration[D]. Macau: University of Macau, 2020.
[10] Huang C, Chang X, Wang Y, et al. Do major customers encourage innovative sustainable development? Empirical evidence from corporate green innovation in China[J]. Business Strategy and the Environment, 2023, 32(1): 163-184.
[11] 张冰晔, 刘紫琦, 周君, 等. 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 [J]. 系统工程理论与实践, 2024, 44(6): 1795-1814.
Zhang B Y, Liu Z Q, Zhou J, et al. How supply chain concentration affects the ESG performance of Chinese listed companies: A business perspective[J]. Systems Engineering — Theory & Practice, 2024, 44(6): 1795-1814.
[12] 刘柏, 卢家锐, 琚涛. 形式主义还是实质主义: ESG评级软监管下的绿色创新研究 [J]. 南开管理评论, 2023, 26(5): 16-28.
Liu B, Lu J R, Ju T. Formalism or substantialism: Research on green innovation under soft market supervision of ESG rating[J]. Nankai Business Review, 2023, 26(5): 16-28.
[13] 周夏飞, 周强龙. 产品市场势力、 行业竞争与公司盈余管理——基于中国上市公司的经验证据 [J]. 会计研究, 2014(8): 60-66.
Zhou X F, Zhou Q L. Product market power, industry competition, and corporate earnings management: Based on the empirical evidence of Chinese listed companies[J]. Accounting Research, 2014(8): 60-66.
[14] Chen J, Su X, Tian X, et al. The disciplinary role of major corporate customers[J]. Available at SSRN 3588351, 2023.
[15] 李井林, 阳镇, 陈劲. ESG表现如何赋能企业绿色技术创新?——来自中国上市公司的微观证据 [J]. 管理工程学报, 2024, 38(5): 1-17.
Li J L, Yang Z, Chen J. Will ESG performance drive green technology innovation? Micro evidence from Chinese listed companies[J]. Journal of Industrial Engineering and Engineering Management, 2024, 38(5): 1-17.
[16] Yang C, Zhu C, Albitar K. ESG ratings and green innovation: A U-shaped journey towards sustainable development[J]. Business Strategy and the Environment, 2024: 1-22. https://doi.org/10.1002/bse.3692.
[17] Meyer J W, Rowan B. Institutionalized organizations: Formal structure as myth and ceremony[J]. American Journal of Sociology, 1977, 83(2): 340-363.
[18] 赖红珍, 周艳菊, 陈晓红, 等. 考虑供应链上游社会责任履行的供应链协调机制研究 [J]. 系统工程理论与实践, 2023, 43(9): 2502-2519.
Lai H Z, Zhou Y J, Chen X H, et al. Research on supply chain coordination mechanism considering the social responsibility practices of the upstream supply chain[J]. Systems Engineering — Theory & Practice, 2023, 43(9): 2502-2519.
[19] Gillan S L, Koch A, Starks L T. Firms and social responsibility: A review of ESG and CSR research in corporate finance[J]. Journal of Corporate Finance, 2021, 66: 101889.
[20] Houston J F, Shan H. Corporate ESG profiles and banking relationships[J]. The Review of Financial Studies, 2022, 35(7): 3373-3417.
[21] Xu X D, Zeng S X, Zou H L, et al. The impact of corporate environmental violation on shareholders' wealth: A perspective taken from media coverage[J]. Business Strategy and the Environment, 2016, 25(2): 73-91.
[22] Wei X, Wei Q, Yang L. Induced green innovation of suppliers: The "green power" from major customers[J]. Energy Economics, 2023, 124: 106775.
[23] Dai R, Liang H, Ng L. Socially responsible corporate customers[J]. Journal of Financial Economics, 2021, 142(2): 598-626.
[24] El Baz J, Laguir I. Third-party logistics providers (TPLs) and environmental sustainability practices in developing countries: The case of Morocco[J]. International Journal of Operations & Production Management, 2017, 37(10): 1451-1474.
[25] Cruz J M. Dynamics of supply chain networks with corporate social responsibility through integrated environmental decision-making[J]. European Journal of Operational Research, 2008, 184(3): 1005-1031.
[26] 王馨, 王营. 绿色信贷政策增进绿色创新研究 [J]. 管理世界, 2021, 37(6): 173-188.
Wang X, Wang Y. Research on the green innovation promoted by green credit policies[J]. Journal of Management World, 2021, 37(6): 173-188.
[27] 王贞洁, 王竹泉. 基于供应商关系的营运资金管理——"锦上添花"抑或"雪中送炭"[J]. 南开管理评论, 2017, 20(2): 32-44.
Wang Z J, Wang Z Q. The working capital management based on vendor relationship: "icing on the cake" or "timely help"[J]. Nankai Business Review, 2017, 20(2): 32-44.
[28] 张金昌, 范瑞真. 资金链断裂成因的理论分析和实证检验 [J]. 中国工业经济, 2012(3): 95-107.
Zhang J C, Fan R Z. Causes of enterprise capital chain rupture: Theoretical analysis and empirical test[J]. China Industrial Economics, 2012(3): 95-107.
[29] 李欢, 郑杲娉, 李丹. 大客户能够提升上市公司业绩吗?——基于我国供应链客户关系的研究 [J]. 会计研究, 2018(4): 58-65.
Li H, Zheng G P, Li D. Do big customers influence listed firms' performance? Based on supplier-customer relationship in China[J]. Accounting Research, 2018(4): 58-65.
[30] Lee M T, Raschke R L. Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations?[J]. Journal of Business Research, 2023, 155: 113393.
[31] Stucki T, Woerter M, Arvanitis S, et al. How different policy instruments affect green product innovation: A differentiated perspective[J]. Energy Policy, 2018, 114: 245-261.
[32] Scott W R. Institutions and organizations: Ideas, interests, and identities[M]. London: Sage Publications, 2013.
[33] Yuan B, Cao X. Do corporate social responsibility practices contribute to green innovation? The mediating role of green dynamic capability[J]. Technology in Society, 2022, 68: 101868.
[34] Song M, Wang S, Zhang H. Could environmental regulation and R&D tax incentives affect green product innovation?[J]. Journal of Cleaner Production, 2020, 258: 120849.
[35] 和苏超, 黄旭, 陈青. 管理者环境认知能够提升企业绩效吗——前瞻型环境战略的中介作用与商业环境不确定性的调节作用 [J]. 南开管理评论, 2016, 19(6): 49-57.
He S C, Huang X, Chen Q. Does manager's environmental cognition improve firms performance? The mediating role of proactive environmental strategy and the moderating role of business environmental uncertainty[J]. Nankai Business Review, 2016, 19(6): 49-57.
[36] Pfeffer J, Salancik G R. The external control of organizations: A resource dependence perspective[M]. Harper & Row, 1978.
[37] 杨金玉, 彭秋萍, 葛震霆. 数字化转型的客户传染效应——供应商创新视角 [J]. 中国工业经济, 2022(8): 156-174.
Yang J Y, Peng Q P, Ge Z T. Spillover effect of digital transformation along the supply chain: The perspective of supplier innovation[J]. China Industrial Economics, 2022(8): 156-174.
[38] 陶锋, 王欣然, 徐扬, 等. 数字化转型、 产业链供应链韧性与企业生产率 [J]. 中国工业经济, 2023(5): 118-136.
Tao F, Wang X R, Xu Y, et al. Digital transformation, resilience of industrial chain and supply chain, and enterprise productivity[J]. China Industrial Economics, 2023(5): 118-136.
[39] 底璐璐, 罗勇根, 江伟, 等. 客户年报语调具有供应链传染效应吗?——企业现金持有的视角 [J]. 管理世界, 2020, 36(8): 148-163.
Di L L, Luo Y G, Jiang W, et al. Does customers' annual report tone have a supply chain contagion effect? From the perspective of corporate cash holding[J]. Journal of Management World, 2020, 36(8): 148-163.
[40] 方先明, 胡丁. 企业ESG表现与创新——来自A股上市公司的证据 [J]. 经济研究, 2023, 58(2): 91-106.
Fang X M, Hu D. Corporate ESG performance and innovation: Empirical evidence from A-share listed companies[J]. Economic Research Journal, 2023, 58(2): 91-106.
[41] Lian G, Xu A, Zhu Y. Substantive green innovation or symbolic green innovation? The impact of ER on enterprise green innovation based on the dual moderating effects[J]. Journal of Innovation & Knowledge, 2022, 7(3): 100203.
[42] 徐佳, 崔静波. 低碳城市和企业绿色技术创新 [J]. 中国工业经济, 2020(12): 178-196.
Xu J, Cui J B. Low-carbon cities and firms' green technological innovation[J]. China Industrial Economics, 2020(12): 178-196.
[43] Wang T, Liu X, Wang H. Green bonds, financing constraints, and green innovation[J]. Journal of Cleaner Production, 2022, 381: 135134.
[44] Wurlod J D, Noailly J. The impact of green innovation on energy intensity: An empirical analysis for 14 industrial sectors in OECD countries[J]. Energy Economics, 2018, 71: 47-61.
[45] 王伟同, 谢佳松, 张玲. 人口迁移的地区代际流动偏好: 微观证据与影响机制 [J]. 管理世界, 2019, 35(7): 89-103.
Wang W T, Xie J S, Zhang L. Regional intergenerational mobility preferences of population migration: Micro evidence amd impact mechanism[J]. Journal of Management World, 2019, 35(7): 89-103.
[46] 严若森, 周燃. 外地CEO与企业创新投入: 文化的影响 [J]. 经济管理, 2021, 43(2): 139-156.
Yan R S, Zhou R. Non-local CEO and enterprise innovation investment: The influence of culture[J]. Business and Management Journal, 2021, 43(2): 139-156.
[47] Duriau V J, Reger R K, Pfarrer M D. A content analysis of the content analysis literature in organization studies: Research themes, data sources, and methodological refinements[J]. Organizational Research Methods, 2007, 10(1): 5-34.
[48] 李青原, 肖泽华. 异质性环境规制工具与企业绿色创新激励——来自上市企业绿色专利的证据 [J]. 经济研究, 2020, 55(9): 192-208.
Li Q Y, Xiao Z H. Heterogeneous environmental regulation tools and green innovation incentives: Evidence from green patents of listed companies[J]. Economic Research Journal, 2020, 55(9): 192-208.
[49] Baldini M, Maso L D, Liberatore G, et al. Role of country-and firm-level determinants in environmental, social, and governance disclosure[J]. Journal of Business Ethics, 2018, 150(1): 79-98.
[50] 俞庆进, 张兵. 投资者有限关注与股票收益——以百度指数作为关注度的一项实证研究 [J]. 金融研究, 2012(8): 152-165.
Yu Q J, Zhang B. Limited attention and stock performance: An empirical study using Baidu index as the proxy for investor attention[J]. Journal of Financial Research, 2012(8): 152-165.
[51] Li D, Zhao Y, Zhang L, et al. Impact of quality management on green innovation[J]. Journal of Cleaner Production, 2018, 170: 462-470.
[52] 刘志彪, 凌永辉. 结构转换、 全要素生产率与高质量发展 [J]. 管理世界, 2020, 36(7): 15-29.
Liu Z B, Ling Y H. Structural transformation, TFP and high-quality development[J]. Journal of Management World, 2020, 36(7): 15-29.
[53] 朱帮助, 邓雅薇, 王平, 等. 空气污染会抑制企业全要素生产率吗?[J]. 系统工程理论与实践, 2023, 43(10): 2906-2927.
Zhu B Z, Deng Y W, Wang P, et al. Does air pollution suppress firm's total factor productivity?[J]. Systems Engineering — Theory & Practice, 2023, 43(10): 2906-2927.

基金

国家社会科学基金重点项目(22AGL015); 中央高校基本科研业务费专项资金(413000390)
PDF(387 KB)

416

Accesses

0

Citation

Detail

段落导航
相关文章

/