经济与管理研究2025，Vol.46Issue(9)：3-20,18.DOI:10.13502/j.cnki.issn1000-7636.2025.09.001
企业ESG表现与产业链供应链韧性
Corporate ESG Performance and Resilience of Industrial and Supply Chains
摘要
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.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Key words
ESG/resilience of industrial and supply chains/supply-demand matching/supply-demand stability/supply-demand quality enhancement/signaling/ESG rating divergence分类
管理科学引用本文复制引用
韩一鸣,胡洁,于宪荣..企业ESG表现与产业链供应链韧性[J].经济与管理研究,2025,46(9):3-20,18.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) （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) （XJ2022005）
