企业ESG表现有助于稳定供应链合作关系吗？

信春华¹　张笑愚¹　王鑫怡²

（1. 中国矿业大学（北京）管理学院；2. 北京工商大学商学院）

     

内容提要：实体经济中的供应链中断风险及产业链外移问题引起了当下学术界与实务界的广泛关注，而提升产业链供应链韧性与安全水平是当前发展实体经济的关键所在。本文基于组织合法性理论，以2009—2021年A股实体企业为样本，实证分析企业的环境、社会与治理（ESG）表现对供应链关系稳定性的影响及作用机制。研究结果显示，企业ESG表现对供应链关系稳定性的影响具有差异性，可以增强客户关系稳定性，但对于供应商关系稳定性的增强作用较弱；企业ESG表现带来的信息优势、资金优势、产品优势与合法性的跨链溢出效应是其增强客户关系稳定性的重要机制。企业ESG表现不仅会通过客户稳定性促进自身高质量发展，还会促进供应链上客户的高质量发展。本文的研究揭示了企业ESG表现在供应链中的具体作用，为进一步推进产业链供应链韧性与安全水平提供了理论参考与经验借鉴。　　

关键词：ESG；供应链关系稳定性；组织合法性；产业链供应链韧性；高质量发展

作者简介：信春华，中国矿业大学（北京）管理学院教授、博士生导师，北京，100083；张笑愚，中国矿业大学（北京）管理学院博士研究生，通信作者；王鑫怡，北京工商大学商学院博士研究生，北京，100048。

基金项目：国家社会科学基金一般项目“重大突发事件下企业ESG投资赋能供应链安全的机制与路径研究”（23BJY084）；北京市自然科学基金面上项目“京津冀流域生态补偿多元主体网络型协同体系及福利效应研究”（9222026）；国家自然科学基金青年科学基金项目“互联网信息交互网络对企业劳动力投资的影响研究”（72302226）

引用格式：信春华,张笑愚,王鑫怡.企业ESG表现有助于稳定供应链合作关系吗?[J].经济与管理研究,2024,45(1):35-54.DOI:10.13502/j.cnki.issn1000-7636.2024.01.003.

　　

　　

Can Corporate ESG Performance Contribute to Supply Chain Partnership Stability?

XIN Chunhua¹, ZHANG Xiaoyu¹, WANG Xinyi²

(1. China University of Mining and Technology-Beijing, Beijing 100083;
2. Beijing Technology and Business University, Beijing 100048)

　　

　　Abstract: Accelerating the stability of enterprises’ supply chains becomes a major practical issue in promoting the high-quality development of the real economy. An increasing number of real-economy enterprises are integrating the concept of sustainable development, encompassing environmental, social, and governance (ESG) principles, into their corporate strategies. This trend prompts transformations in business models and management theories, offering novel insights for exploring the influencing factors of stable supply chains from a micro perspective. Therefore, rooted in the organizational legitimacy theory, this paper aims to explore the impact and mechanisms by which corporate ESG performance affects supply chain stability.

　　The paper reveals variations in the impact of ESG performance on supply chain stability, with a more substantial influence on customer stability than on supplier stability. Mechanism tests indicate that information advantage, capital advantage, product advantage, and the cross-chain spillover effect of legitimacy brought by corporate ESG performance are major mechanisms for its enhancement of customer relationship stability. Specifically, the reinforcing effect of ESG performance on customer stability is prominent in samples concealing adverse news, and characterized by the greater geographic distance between enterprises and customers, higher financial constraints, and lower innovation levels. Moreover, ESG performance demonstrates legitimacy-driven cross-chain spillover effects, notably reducing the financial constraints faced by customers. Further investigations underscore that ESG performance enhances enterprises’ total factor productivity by fostering customer relationships and augments the total factor productivity of customers, thereby empowering high-quality development.

　　The innovations of this paper lie in three aspects. First, leveraging the organizational legitimacy theory, it expands the theoretical framework of supply chain stability from the perspective of corporate ESG performance, broadening the understanding of influencing factors of supply chain stability. Second, it enriches the research perspective of ESG performance based on the supply chain spillover dimension. By integrating ESG performance into the analysis framework at the supply chain level, the findings offer new ideas for the research on the economic consequences of ESG from the perspective of supply chain spillover. Third, from the perspectives of customer stability and supply chain spillover effects, it unveils the paths of ESG performance within the supply chain, offering theoretical references and experiential insights for further making China’s industrial and supply chains more resilient and secure.

　　Keywords: ESG; supply chain stability; organizational legitimacy; industrial and supply chain resilience; high-quality development

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