绿色信贷政策与企业供应链透明度

龙 睿¹　余典范¹　王 超²

（1.上海财经大学；2.华东理工大学）

内容提要：建立供应链信息披露的激励约束机制，不仅有助于企业实现绿色化转型，更对提高资本市场的信息披露效率有积极作用。本文以2012年《绿色信贷指引》的颁布为准自然实验，基于2007—2019年中国A股上市公司样本考察绿色信贷政策对企业供应链透明度的影响。研究结果表明，绿色信贷政策对供应链信息披露具有激励和约束作用，能够通过信贷成本效应和环保投资效应提高企业的供应链透明度。异质性分析结果表明，上述效应在环境规制强度更高、融资方式较为单一的地区更加明显。当企业的供应链集中度更高、生产链位置更靠下游时，绿色信贷政策的实施会带来更强的供应链透明度提升效应。此外，绿色信贷政策有利于企业供应链的绿色化转型，能够降低链上企业的股价崩盘风险。本文的研究结论为理解企业供应链信息披露的决策动机，进一步优化相关制度设计提供了经验依据。

关键词：绿色信贷政策；供应链透明度；信息披露；成本收益分析；绿色供应链

作者简介：龙睿，上海财经大学商学院博士研究生，上海，200433；余典范，上海财经大学商学院教授，通信作者；王超，华东理工大学商学院讲师，上海，200237。

基金项目：国家社会科学基金重大项目“超大规模市场优势与现代化产业体系建设研究”（23&ZD042）；上海市哲学社会科学规划课题“全球产业链重构背景下上海产业链韧性升级研究”（2024EJB009）；上海市软科学研究项目“欧美低碳转型趋势下上海企业全球供应链布局的风险挑战与应对建议研究”（25692116000）

引用格式：龙睿,余典范,王超.绿色信贷政策与企业供应链透明度[J].经济与管理研究,2025,46(7):22-42.

Green Credit Policy and Supply Chain Transparency

LONG Rui¹, YU Dianfan¹, WANG Chao²

(1.Shanghai University of Finance and Economics, Shanghai 200433;

2. East China University of Science and Technology, Shanghai 200237)

Abstract: Establishing incentive and restraint mechanisms for supply chain information disclosure helps firms to realize green transformation, playing a positive role in improving the information efficiency of the capital market. However, existing studies mainly focus on the impact of firms’ characteristics or upstream and downstream characteristics on supply chain information disclosure, with insufficient attention to the impact of external constraints. Therefore, this paper explores the impact of green credit policies on supply chain transparency, conducting an in-depth analysis of its underlying mechanisms, heterogeneity, and economic consequences.

Using the Green Credit Guidelines issued in 2012 as a quasi-natural experiment, this paper constructs a difference-in-differences (DID) model based on the sample of Chinese A-share listed companies from 2007 to 2019. The findings reveal that green credit policies can bring incentives and constraints to supply chain information disclosure, thereby improving firms’ supply chain transparency through the credit cost effect and the environmental investment effect. This conclusion remains valid after considering endogeneity problems and conducting a series of robustness tests. Heterogeneity analysis shows that both effects are more pronounced in the regions with higher environmental regulation intensity or fewer financing channels. Furthermore, green credit policies are conducive to the green transformation of the corporate supply chain and reduce the risk of stock price crashes for firms in the chain.

The potential marginal contributions are as follows. Firstly, this paper expands the effect of green credit policies on firm behavior from the perspective of supply chain information disclosure and supplements the external institutional factors that drive firms to improve their supply chain transparency. Secondly, this paper examines the differentiated impact of green credit policies on supply chain information disclosure, offering a practical reference for promoting green credit policies and optimizing the institutional design of supply chain disclosure. Thirdly, this paper further examines how improvements in supply chain transparency affect the upstream and downstream green transformation and the risk level of firms in the supply chain. These conclusions provide empirical evidence for understanding the decision-making motivation of supply chain information disclosure and further optimizing the construction of relevant institutional systems.

Based on the theoretical and empirical analysis, this paper proposes policy suggestions, including strengthening the review of green credit policies on supply chain information disclosure, accelerating the establishment of synergistic mechanisms between green finance and the existing regional policy system, and implementing differentiated policies according to firms’ characteristics to improve the efficiency of supply chain governance.

Keywords: green credit policy; supply chain transparency; information disclosure; cost-benefit analysis; green supply chain

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