企业ESG表现与产业链供应链韧性

——基于信号传递的视角

韩一鸣1　胡洁2，3　于宪荣3

（1.南开大学；2.中国社会科学院；3.中国社会科学院大学）

内容提要：产业链供应链韧性的提升不仅影响产业的竞争力，更事关国家的经济安全，是推动实现高质量发展的重要路径。本文从供需匹配、供需稳定和供需提质三个方面对产业链供应链韧性进行界定，选取2010—2022年中国沪深A股上市公司样本，从信号传递的视角出发，实证检验企业环境、社会和治理（ESG）表现对产业链供应链韧性的影响。研究发现，企业ESG表现能够有效提升产业链供应链韧性，通过提升企业信息透明度促进了产业链供应链的供需匹配、通过提升企业社会声誉维持了产业链供应链的供需稳定、通过缓解企业融资约束推动了产业链供应链的供需提质。进一步分析结果表明，明确且积极的信号传递在韧性提高的过程中发挥了重要作用，数字基础设施建设、资本市场开放以及法治环境建设通过将信号数字化、透明化以及真实化，在提升产业链供应链韧性的过程中发挥了正向作用；而ESG评级分歧因为误导和模糊信号的传递，在提升产业链供应链韧性的过程中产生了负向作用。本文的研究在理论上为提升产业链供应链韧性提供了新视角，在实践上为践行可持续发展理念提供了经验支持。

关键词：ESG；产业链供应链韧性；供需匹配；供需稳定；供需提质；信号传递；ESG评级分歧

作者简介：韩一鸣，南开大学经济学院博士研究生，天津，300071；胡洁，中国社会科学院数量经济与技术经济研究所研究员，北京，100732；中国社会科学院大学应用经济学院教授、博士生导师，北京，102488；于宪荣，中国社会科学院大学应用经济学院博士研究生，通信作者。

基金项目：中国社会科学院国情调研重大项目“新形势下科技型中小民营企业投融资状况调研”（2024GZD007）；中国社会科学院创新工程基础研究学者项目“新发展阶段金融促进实体经济高质量发展的体制机制研究”（XJ2022005）

引用格式：韩一鸣,胡洁,于宪荣.企业ESG表现与产业链供应链韧性——基于信号传递的视角[J].经济与管理研究,2025,46(9):3-20.

Corporate ESG Performance and Resilience of Industrial and Supply Chains

—A Perspective of Signaling

HAN Yiming¹, HU Jie^2,3, YU Xianrong³

(1. Nankai University, Tianjin 300071;

2. Chinese Academy of Social Sciences, Beijing 100732;

3. University of Chinese Academy of Social Sciences, Beijing 102488)

Abstract: Against the complex background of intensifying Sino-US game, rising anti-globalization, and frequent geopolitical conflicts and extreme natural disasters, the resilience of industrial and supply chains is not only crucial for China to adapt to the new trends of economic globalization but also determines whether it can consolidate existing advantages and enhance industrial competitiveness. Therefore, effectively enhancing the resilience of industrial and supply chains is a key measure to consolidate the endogenous power of the industry and promote high-quality development.

This paper defines the resilience of industrial and supply chains from three aspects: supply-demand matching, supply-demand stability, and supply-demand quality enhancement. Based on a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2022, it empirically examines the impact of corporate environmental, social, and governance (ESG) performance on the resilience of industrial and supply chains, using signaling as the entry point. The findings reveal that corporate ESG performance can effectively enhance the resilience of industrial and supply chains. This mechanism operates mainly by improving supply-demand matching through increased corporate information transparency, maintaining supply-demand stability by enhancing corporate social reputation, and elevating supply-demand quality by alleviating corporate financing constraints. Further analysis shows that clear and positive signaling plays a great role in improving resilience, while digital infrastructure construction, capital market liberalization, and legal environment improvement exert a positive moderating effect on strengthening resilience by facilitating the digitization, transparency, and authenticity of signals. Conversely, ESG rating divergence exerts a negative moderating effect by transmitting misleading and ambiguous signals.

The findings of this paper offer the following policy implications. First, it is necessary to construct a perfect ESG disclosure standard system, strengthen the signaling role of corporate ESG performance, and comprehensively enhance the resilience and security of industrial and supply chains. Second, digital infrastructure development, capital market liberalization, and regional legal environment improvement should be advanced to amplify the magnifying glass effect on ESG signaling. Finally, the development of the ESG rating system should be standardized, and ESG supervision be strengthened. This entails systematically promoting the standardization of ESG evaluations to ensure the authenticity and comparability of corporate ESG ratings, and improving the enforcement mechanisms in the field of ESG to establish a disciplinary system to effectively increase the costs of non-compliance.

This paper provides new ideas for improving the resilience of industrial and supply chains in theory, and offers empirical support for implementing sustainable development principles and then advancing corporate ESG practices.

Keywords: ESG; resilience of industrial and supply chains; supply-demand matching; supply-demand stability; supply-demand quality enhancement; signaling; ESG rating divergence

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