摘要
相比自身生产制造产生的碳排放,企业在供应链上的碳足迹更为集中,企业因此有动机将碳减排的压力传导至上游,进而影响其供应商选择策略。文章以合法性理论为分析工具,基于我国2013—2021年上市公司数据,采用多时点双重差分模型探究绿色工厂政策如何影响企业的供应商选择策略。研究发现,企业获评绿色工厂后,其主动选择与绿色供应商进行合作采购的意愿明显增强。机制检验表明,绿色工厂为寻求地方政府、社会公众和机构投资者的合法性认可,倾向于主动选择绿色供应商进行合作采购。异质性检验表明,主检验的作用效果在重污染企业、国有企业、大规模企业和具有环保背景高管的企业中更加显著。进一步分析发现,绿色工厂有助于企业在供应链上构建“绿色联合体”与“高新技术联合体”,具体表现为前五大客户与供应商中来自绿色企业与高新技术企业的销售和采购占比均明显提高。研究结果一方面为企业持续推进产业链绿色化建设提供了执行策略,另一方面为地方政府构建多元环保监督体系、引导绿色采购提供了有益参考。
Corporate carbon footprints are predominantly concentrated within supply chains,significantly surpassing the emissions generated by firms'internal production processes.Consequently,firms possess strong incentives to transfer emissionreduction pressures upstream,particularly influencing their supplier selection strategies.Utilizing legitimacy theory as a conceptual framework and employing a staggered difference-in-differences(DID)research design,this study empirically investi gates how China's Green Factory policy influences corporate supplier selection behavior.Specifically,this study leverages panel data from Chinese publicly listed companies spanning from 2013 to 2021,identifying causal effects derived from the staggered implementation of the policy across different firms and time periods.Empirical findings robustly demonstrate that firms receiving the Green Factory designation exhibit a significantly increased propensity to engage with environmentally compliant("green")suppliers in their procurement activities.Mechanism analyses grounded in legitimacy theory suggest that the observed shift toward greener suppliers primarily stems from firms'efforts to secure legitimacy approval from key external stakeholders,including local governments,the general public,and institutional investors.Firms designated as Green Factories seek practical legitimacy from local governments,aiming to align their procurement strategies with regional environmental policies and thereby secure regulatory support and preferential treatment.Moreover,they pursue moral legitimacy from the broader public,enhancing corporate image and consumer trust by visibly adhering to societal expectations regarding environmental responsibility.Additionally,cognitive legitimacy pressures from institutional investors,who increasingly value sustainability and environmental,social,and governance(ESG)criteria in investment decisions,further compel firms to align supplier choices with environmentally sustainable practices.Further heterogeneity analyses reveal that the effect of Green Factory certification on supplier selection is notably more pronounced in heavily polluting industries,state-owned enterprises,large-scale corporations,and firms managed by executives with explicit environmental backgrounds.These entities,facing heightened scrutiny and greater legitimacy pressures,exhibit stronger motivations to proactively adjust their procurement decisions.Extended analyses also indicate that the Green Factory designation facilitates the establishment of strategic supply chain alliances,specifically"green alliances"and"hightech alliances,"as evidenced by substantial increases in procurement from,and sales to,environmentally friendly and technologically advanced firms within their top-tier supplier and customer networks.Collectively,these findings underscore the importance of legitimacy theory in explaining corporate strategic behavior within supply chains.The study not only contributes theoretically by integrating legitimacy theory into the supply chain literature but also provides practical guidance for firms striving for greener supply chain practices.Furthermore,the results offer valuable insights for policymakers seeking to establish effective frameworks for environmental oversight and green procurement strategies.
作者
解子恒
王守海
Xie Ziheng;Wang Shouhai
出处
《南方经济》
北大核心
2026年第1期114-137,共24页
South China Journal of Economics
基金
教育部人文社科规划项目“会计准则体系与保险偿付能力监管规则的协调框架构建与路径优化研究”(19YJA790083)
山东省自然科学面上项目“审计委员会专业性对分析师跟踪行为的影响研究:作用机制与经济后果”(ZR2020MG033)资助。
关键词
绿色工厂
供应商
供应链
合法性理论
绿色采购
Green Factory
Supplier
Supply Chain
Legitimacy Theory
Green Procurement
