Research on the Conduction Effect and Mechanism of Enterprise ESG Performance in Supply Chain

企业ESG表现是实现绿色转型的重要内容。如何通过供应链上形成的上下游关系，推动供应链上企业ESG的提升，对于推动供应链全链条低碳发展和绿色转型具有重要意义。本文采用2009~2022年沪深A股上市公司数据，研究供应链上企业ESG表现是否存在传导效应、传导方向以及传导机制。研究表明：下游企业ESG表现对中游企业ESG表现具有显著的正向影响，上游企业ESG表现对中游企业ESG表现不存在显著影响；信息传递和动态竞争是主要传导机制。异质性分析表明，下游企业集中度和数字化转型程度越高，中游企业为非国企和重污染的企业，下游企业ESG表现对中游企业ESG的影响更大。本文对于从供应链的角度推进绿色转型具有重要政策启示。Enterprise ESG performance is an important part of achieving green transformation. How to promote the improvement of enterprise ESG in the supply chain through the upstream and downstream relationship formed in the supply chain is of great significance for promoting the low-carbon development and green transformation of the whole chain of the supply chain. Using the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2022, this paper studies whether there is a transmission effect, transmission direction and transmission mechanism in the ESG performance of enterprises in the supply chain. The results show that the ESG performance of downstream enterprises has a significantly positive impact on the ESG performance of midstream enterprises, while the ESG performance of upstream enterprises has no significant impact on the ESG performance of midstream enterprises. Information transmission and dynamic competition are the main transmission mechanisms. Heterogeneity analysis shows that the higher the concentration of downstream enterprises and the degree of digital transformation, the higher the midstream enterprises are non-state-owned enterprises, the heavily polluting enterprises, and the greater the impact of downstream enterprises’ ESG performance on midstream enterprises’ ESG. This paper has important policy implications for promoting green transformation from the perspective of supply chain.