“链主”企业ESG表现的溢出效应研究

Spillover Effect of "Chain Master" Firms′ ESG Performance

充分发挥“链主”企业作用是提升供应链韧性、实现经济高质量发展的重要途径。基于2013—2022年沪深A股上市公司数据,本文实证检验了“链主”企业ESG表现的溢出效应。研究发现:“链主”企业的ESG表现能够带动供应链节点企业的ESG表现提升,该结论通过了一系列内生性和稳健性检验;“链主”企业ESG表现的溢出效应通过压力机制、知识溢出机制和生态网络协同机制实现;“链主”企业与节点企业之间的信任强度对该溢出效应具有正向调节作用;当“链主”企业处于节点企业上游、节点企业受商帮文化的影响较大时,“链主”企业ESG表现更加具有引领性。本文研究揭示了供应链网络中企业ESG表现联动的微观机制,为强化“链主”企业的积极作用提供了决策参考。

Giving full play to the role of"chain master"is critical to enhance the supply chain's resilience and realize high-quality economic development.This paper empirically examines the spillover effect of ESG performance of"chain master"based on the data of A-share listed enterprises in Shanghai and Shenzhen from 2013 to 2022.The result shows that the ESG performance of"chain master"can positively influence the chain node enterprises.The above conclusion has passed a series of endogeneity and robustness tests.Further research shows that the ESG performance of"chain master"exerts pressure mechanism,knowledge spillover mechanism,and ecological network synergy mechanism on node enterprises.Moreover,the trust intensity between the"chain master"and the node enterprise has a positive moderating effect on this spillover effect.Additionally,the ESG performance of"chain master"is more exemplary when"chain master"enterprises are on the supply side or the merchant guild culture gangs more deeply influences node enterprises.We reveal the micro-mechanism of ESG performance of firms in the supply chain network,and provide practical references for strengthening the driving role of"chain master"firms.