企业绿色投资的供应链成本分担

The Supply Chain Cost Sharing of Enterprise Green Investment

发挥多元主体的协同治理作用是实现“双碳”目标的必然要求。企业绿色投资的正外部性特征决定了供应链成本分担的客观必然性,而成本分担的经济效应则是链上企业参与绿色治理的重要驱动力。本文从供应链一体化角度出发,以2007—2021年间沪深A股上市公司为样本进行实证检验发现,绿色投资通过信号传递机制和信任机制推动供应链成本分担,这一影响作用在供应链企业地理聚集度高、媒体关注度高、企业市场竞争力弱的情境下更显著。进一步研究发现,绿色投资能促进企业与上下游企业达成战略联盟,体现了供应链其他成员企业积极向绿色投资企业学习和合作的意愿。相比供应链下游客户,绿色投资对上游供应商成本分担的促进效果更显著,揭示成本分担战略导向与不同主体现实选择的差异。本文探索了绿色投资下供应链成本分担的内在机制及效应,为我国绿色发展路径选择提供了经验证据。

In the process of rapid economic development in China,the ecological environment has always been a focus of government attention.The insufficient motivation for green investment is due to high investment costs,mismatched between short-term returns and risks,resource constraints,and other reasons.Leveraging the collaborative governance role among multiple stakeholders is an effective means to promote the achievement of the dual carbon goals.The research focuses on the relationship between enterprise green investment and supply chain cost sharing,and explores the objective inevitability and subjective possibility of supply chain cost sharing based on externality theory,signalling theory,and trust theory. Specifically,the positive externalities of green investment determine the objective inevitability of supply chain cost sharing.The green investment behavior of enterprises will have a positive spillover effect on external organizations and society,and beneficiary organizations should share the cost of green investment behavior.The signalling effect and trust relationship determine the subjective possibility of cost sharing in the supply chain.On the one hand,green investment has released positive signals through enhancing green research and development innovation capabilities,gaining social recognition,encouraging other member enterprises in the supply chain to participate in cost sharing.On the other hand,green investment promotes green knowledge spillover and brings more speculative opportunities,thereby increasing the trust perception of suppliers and customers,and promoting other member enterprises in the supply chain to actively participate in cooperation and share costs.Using samples of Shanghai and Shenzhen A-share listed companies from 2007 to 2021,the research examines the effect of green investment by enterprises on supply chain cost sharing.The research results indicate that green investment promotes supply chain cost sharing through signalling mechanisms and trust mechanisms. And this impact is more significant in situations where supply chain enterprises have high geographical clustering,more media attention,and weak market competitiveness. Further research has found that green investment can promote strategic alliances between enterprises,suppliers,and customers,reflecting the willingness of other members of the supply chain to actively learn and cooperate with green investment enterprises.Compared to downstream customers in the supply chain,green investment has a more significant promoting effect on supplier cost sharing,revealing differences in the strategic orientation of cost sharing and the actual choices of different entities. This paper explores the internal mechanism and effects of supply chain cost sharing under green investment,providing empirical evidence for China's green development path selection.It also provides policy recommendations for the establishment of a supply chain collaborative development system from the perspectives of governments at all levels and green investment enterprises.