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3625在国家积极稳妥推进碳达峰碳中和目标和大力发展绿色生产力的背景下，倡导“义利并举”的ESG理念正在日益得到社会各界的广泛重视。本文利用2010—2022年A股上市公司的年度观察样本数据，基于组织期望理论分析了ESG绩效期望落差的供应链溢出效应。研究发现，目标公司的ESG绩效期望落差越大，其从供应链获得的商业信用融资水平显著越低。机制检验结果表明，ESG绩效期望落差主要是通过影响公司的不确定性风险和产品市场竞争地位两种机制，降低上市公司的商业信用融资水平。本文的异质性分析发现，ESG绩效期望落差对公司商业信用融资的负面影响在非国有企业、媒体正面报道较少、分析师关注度较低以及不遵循GRI报告指南时表现得更强。进一步，本文发现ESG绩效期望落差会加剧公司的融资约束。本文的研究不仅丰富了ESG表现经济后果和商业信用融资影响因素的相关文献，而且对于公司更好地践行ESG理念和监管部门完善ESG制度法则都具有重要的实践启示和政策建议。
ESG绩效期望落差的供应链溢出效应——来自商业信用融资的经验证据
摘要
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引用本文
罗进辉, 苏扬. ESG绩效期望落差的供应链溢出效应——来自商业信用融资的经验证据[J]. 外国经济与管理, 2025, 47(7): 3-19.
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