| 摘要: |
| 基于2010—2023年沪深A股非金融类上市公司披露的前五大客户ID信息,识别作为上游供应商的上市公司与其核心客户间存在的高管联结,理论分析与实证考察客户高管联结对供应商绿色投资的影响及其作用机理,以揭示其能否以及如何助力下游客户绿色供应链建设。研究发现,客户高管联结对供应商绿色投资具有显著的正向影响,尤其当双方关系较稳定时,客户高管联结有助于客户推动其上游供应商采取积极的绿色投资行为。进一步分析发现,客户高管联结具有“资源效应”与“监督效应”,能够提升供应商绿色投资能力与动力,有助于缓解供应商融资约束,但该影响依赖于客户议价能力；客户高管联结对供应商绿色投资的促进效应在低竞争行业企业、低行政监管企业以及高法治化进程地区企业中表现更为显著,表明高管联结的促进效应受供应商所处的外部制度环境因素影响。 |
| 关键词: 高管联结 绿色投资 供应商—客户关系 绿色供应链 |
| DOI：10.13216/j.cnki.upcjess.2026.02.0012 |
| 分类号:F272.91;F832.48 |
| 基金项目:国家社会科学基金一般项目(23BJY102)；山东省自然科学基金面上项目(ZR2022MG060) |
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| Customer Executive Interlocking and Supplier Green Investment |
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WANG Yong1, XU Wenjia1, WANG Hua2
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(1.School of Economics and Management, China University of Petroleum (East China), Qingdao 266580, Shandong, China;2.Finance Office, Petro China Qinghai Oilfield Company, Jiuquan 736202, Gansu, China)
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| Abstract: |
| Based on the ID information of the top five customers disclosed by China 's A-share non-financial listed companies from 2010 to 2023, this study theoretically analyzes and empirically examines the impact of the executives interlocking between listed companies, acting as upstream suppliers, and their core customers on the suppliers green investment and its underlying mechanism, in order to reveal whether and how it can help downstream customers build green supply chains. Research has found that customer executives interlocking has a significantly positive impact on suppliers green investment, especially when the relationship between them is stable. The analysis of the influence mechanism shows that the customer executives interlocking assists in alleviating suppliers financing constraints, and the above influence depends on customers bargaining power, indicating that customer executives interlocking has "resource effect" and "supervision effect," which enhances suppliers green investment ability and motivation, thus promotes suppliers green investment. Further analysis shows that the promotion effect of customer executives interlocking on suppliers green investment is more pronounced in low competitive industry enterprises, low industry regulatory enterprises, and enterprises in high legalization areas, which indicates that the promotion effect also depends on the external institutional environment faced by suppliers. |
| Key words: executives interlocking green investment supplier customer relationship green supply chain |
