供应链大股东持股、供应链数字化与企业ESG表现

Shareholding of Major Shareholders in Supply Chain, Supply Chain Digitalization and Enterprise ESG Performance

摘要: 伴随着我国双碳政策持续推进，社会各界对绿色发展和社会责任理念的关注日益增强。因此本文利用2009~2023年中国A股上市公司数据，基于供应链关系的协同效应，实证研究供应链大股东持股对企业ESG表现的影响及作用机制。研究结果显示：第一，供应链大股东持股会促进企业ESG表现，在经过稳健性检验后，结果依旧显著。第二，供应链数字化可以增强供应链大股东持股对企业ESG表现的促进作用；第三，供应链大股东持股通过增强管理者监督和降低融资约束从而促进企业ESG表现；第四，该促进作用在高市场竞争强度和企业议价能力高中的企业样本更为显著。本文研究结论为构建稳定的供应链关系和优化上市公司融资结构提供理论支撑。

Abstract: With the continuous promotion of China’s dual carbon policy, all sectors of society are paying increasing attention to the concept of green development and social responsibility. Therefore, this paper uses the data of China’s A-share listed companies from 2009 to 2023, and based on the synergistic effect of supply chain relationship, empirically studies the impact and mechanism of the shareholding of major shareholders in supply chain on the ESG performance of enterprises. The results show that: first, the ownership of major shareholders in the supply chain will promote the ESG performance of enterprises, and the results are still significant after the robustness test. Secondly, the digitalization of supply chain can enhance the promotion effect of the shareholding of supply chain major shareholders on the ESG performance of enterprises. Thirdly, the shareholding of major shareholders in supply chain promotes ESG performance by enhancing managers’ supervision and reducing financing constraints. Fourthly, the promotion effect is more significant in the enterprise samples with high market competition intensity and high bargaining power. The conclusion of this paper provides theoretical support for building a stable supply chain relationship and optimizing the financing structure of listed companies.