产业链协同视角下的有色金属企业ESG对企业的效应研究——以洛阳钼业为例

Research on the Effects of ESG on Non-Ferrous Metal Enterprises from the Perspective of Industrial Chain Collaboration—Taking the CMOC Group as an Example

摘要: 在“双碳”目标与全球供应链重构背景下，有色金属行业长期受困于资源禀赋错配、中游产能臃肿及周期波动剧烈等结构性矛盾，亟需通过产业链与ESG的深度融合实现转型。研究以洛阳钼业为典型案例，运用过程追踪法与扎根理论三级编码，基于2019~2024年多源数据，聚焦收购IXM与刚果(金)社区纠纷两大标志性事件，系统解构ESG实践在产业链协同中的效应生成机制。研究发现：ESG协同呈现差异化释放特征——环境维度实现“成本内化→价值外溢”跃迁，清洁能源改造经下游碳足迹追溯转化为绿色溢价；社会维度发挥“风险阻隔 + 信任传导”功能，社区共建使产能损失骤降，区域品牌声誉反哺跨业务线的客户转化；治理维度达成“信息损耗压缩 + 风险感知升级”效能，套期保值工具缓冲利润降幅。产业链协同是ESG效应放大的结构性载体，收购IXM打通“矿山–贸易”梗阻，使环境价值得以在销售终端兑现；危机处置中从“合规导向”向“发展导向”的逻辑切换，是跨国矿企获取东道国社会合法性的关键拐点。本研究首次将绿色知识溢出效应纳入协同效应评估体系，揭示了非财务信息通过信任强化机制提升产业链韧性的内在规律，为有色金属企业构建ESG驱动的全球供应链体系提供了理论参照与实践指南。

Abstract: Under the backdrop of the “dual carbon” goals and the restructuring of the global supply chain, the non-ferrous metals industry has long been plagued by structural contradictions such as resource endowment mismatches, bloated midstream capacity, and severe cyclical fluctuations. There is an urgent need to achieve transformation through the deep integration of the industrial chain and ESG. This study takes the CMOC Group as a typical case, using the process tracing method and grounded theory’s three-level coding. Based on multi-source data from 2019 to 2024, it focuses on two landmark events: the acquisition of IXM and community disputes in the Democratic Republic of Congo, systematically deconstructing the mechanism through which ESG practices generate effects in industrial chain collaboration. The study finds that ESG collaboration exhibits differentiated release characteristics—the environmental dimension achieves a “cost internalization → value spillover” transition, where clean energy transformation is converted into a green premium through downstream carbon footprint tracing; the social dimension performs the functions of “risk isolation + trust transmission”, with community co-construction sharply reducing capacity losses, and regional brand reputation feeding back to cross-business line customer conversion; the governance dimension achieves the effectiveness of “information loss compression + risk perception upgrading”, with hedging tools buffering profit declines. Industrial chain collaboration serves as a structural carrier for amplifying ESG effects; the acquisition of IXM unblocked the “mine-to-trade” bottleneck, allowing environmental value to be realized at the sales terminal. In crisis management, the shift in logic from “compliance-oriented” to “development-oriented” is a critical turning point for multinational mining enterprises to gain social legitimacy in host countries. This study is the first to incorporate the green knowledge spillover effect into the evaluation system of collaborative effects, revealing the inherent mechanism by which non-financial information enhances industrial chain resilience through trust reinforcement. It provides theoretical reference and practical guidance for non-ferrous metal enterprises in building an ESG-driven global supply chain system.