电商企业声誉对其绿色产出的影响

The Impact of Corporate Reputation on Environmental Performance

摘要: 在全球可持续发展背景下，电商企业环境治理机制的优化已成为重要议题。本研究利用中国A股上市电商企业2010~2024年的面板数据，构建双向固定效应模型系统考察声誉对电商企业环境绩效的影响机制。研究从碳绩效、ESG环境维度得分和绿色专利三个维度构建了综合环境绩效指标，用累积历史绩效和外部ESG评分来测度环境声誉。实证结果显示，电商企业累积环境声誉与当期环境绩效之间呈现显著的正相关关系，统计证据强烈支持声誉机制存在跨期激励效应的假设。电商企业过去的环境表现通过声誉积累能够形成持续的激励机制，有助于电商企业在当期继续保持或改善环境绩效。分组回归结果表明，声誉激励效应在不同商业模式的电商企业中存在显著差异，平台型电商企业的声誉敏感性最高。这些研究发现经过多维度稳健性检验后都保持稳定。本研究的理论贡献在于揭示了声誉机制在电商企业环境治理中的动态激励作用，为理解电商企业环境治理的长期激励机制提供了新的观察视角，同时也为政策制定者优化电商绿色物流和可持续发展激励机制提供了实证依据。

Abstract: Optimizing e-commerce corporate environmental governance mechanisms has become a critical issue in global sustainable development. This study uses a two-way fixed effects model with panel data from Chinese A-share listed e-commerce companies spanning 2010-2024 to examine how reputation affects e-commerce corporate environmental performance. We construct a comprehensive environmental performance indicator using three dimensions: carbon performance, ESG environmental scores, and green patents. Environmental reputation is measured through cumulative historical performance and external ESG ratings. The empirical results show that cumulative environmental reputation is significantly and positively associated with current environmental performance of e-commerce companies, with strong statistical evidence supporting the hypothesis of cross-period incentive effects in reputation mechanisms. Past environmental performance accumulates into reputation capital that is associated with maintaining or improving current environmental performance. Subgroup regression analysis reveals significant heterogeneity in reputation incentive effects across different e-commerce business models, with platform-based e-commerce companies showing the highest reputation sensitivity. These findings remain stable across multiple robustness tests. This study contributes theoretically by revealing the dynamic incentive role of reputation mechanisms in e-commerce corporate environmental governance, providing a new perspective for understanding long-term incentive mechanisms. The findings also offer empirical evidence for policymakers to optimize incentive mechanisms in e-commerce green logistics and sustainable development.