| 摘要: |
| 以 2010—2022 年 A 股上市公司为研究样本,依托利益相关者和资源依赖等理论,针对供应链金融对 ESG 表现的影响及作用机理展开分析。 结果表明,企业开展供应链金融能够显著提升自身的ESG 表现,数字化转型程度在其中发挥正向的调节作用,该结论经过一系列稳健性检验后依然成立。 机制检验发现,供应链金融主要通过融资效应与关系效应助力 ESG 表现的提升。 异质性检验发现,国有性质、存在银企关系、融资约束程度高以及所处地区金融发展程度较低的企业,通过开展供应链金融提升自身 ESG 表现的效果更为显著。 研究结论对于发展供应链金融业务以推动企业可持续发展、打造绿色低碳供应链具有现实意义和实践价值。 |
| 关键词: 供应链金融 ESG 表现 数字化转型 融资效应 关系效应 |
| DOI： |
| 分类号: |
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| Supply Chain Finance and Corporate ESG Performance:The Mediating Role of Financing and Relationship Effects |
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LEI Ruoxi， ZHANG Xianhua, LI Na, ZONG Shengliang
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| Abstract: |
| Taking A-share listed companies from 2010 to 2022 as the research sample, based on stakeholder and resource dependence theories, this paper analyzes the impact and mechanism of supply chain finance on
ESG performance. The results show that enterprises’ engagement in supply chain finance can significantly enhance their ESG performance, and the degree of digital transformation plays a positive moderating role. This
conclusion remains valid after a series of robustness tests. Mechanism tests reveal that supply chain finance
mainly boosts ESG performance through financing and relationship effects. Heterogeneity tests show that stateowned enterprises, those with bank-enterprise relationships, those with high financing constraints, and those in
regions with low financial development levels benefit more significantly from supply chain finance in improving
their ESG performance. The research conclusions have practical significance and value for developing supply
chain finance business to promote sustainable development and build green and low-carbon supply chains. |
| Key words: supply chain finance ESG performance digital transformation financing effect relationship effect |
