ESG表现影响客户关系稳定度吗.pdfVIP

发行上市与企业成长 ESG表现影响客户关系稳定度吗？ 1,2 1 3 陈娇娇 丁合煜 张雪梅 (1.山东财经大学会计学院，山东 济南 250014； 2.山东财经大学数智科技与会计治理文科实验室，山东 济南 250014；3.江南大学商学院，江苏 无锡 214122) 摘要：本文以2010—2021年A股上市公司为研究样本，探究企业ESG表现对客户关系稳定度的影响及其作用机理。研究发 现，企业良好的ESG表现可以提升客户关系稳定度，增强供应链韧性。机制检验表明，ESG表现通过降低信息不对称、增 强产品差异化程度、提升企业绩效来增强客户关系稳定度。异质性分析表明，ESG表现对客户关系稳定度的提升效应在重 污染行业、环境不确定性高时、法治环境较差的地区更为显著。进一步研究发现，ESG表现对客户关系稳定度持续性有影 响。本文结论为贯彻落实供应链安全稳定的相关决策部署和“双碳”战略提供了经验借鉴。 关键词：ESG表现；客户关系稳定度；信息不对称；供应链韧性；“双碳”战略 Abstract: Based on the data of A-share listed companies from 2010 to 2021, this paper explores the effect and mechanism of ESG (Environmental, Social and Governance) performance on the stability of customer relationships. The study reveals that the fine ESG performance of companies can improve the stability of customer relationships and enhance supply chain resilience. Mechanism tests show that ESG performance can improve the stability of customer relationships by mitigating information asymmetry, enhancing product differentiation, and improving corporate performance. Heterogeneity analysis reveals that the improvement is more significant in heavily polluting industries, with high environmental uncertainty, and in areas with a poor legal environment. Further analysis reveals that ESG performance has a lasting impact on the stability of customer relationships. This paper’s conclusions provide experience and reference for the relevant decisions and arrangements of supply chain security and stability as well as the dual carbon strategy (peaking carbon emissions by 2030 and achieving carbon neutrality by 2060). Key words: ESG performance, the stability of customer relationships, information asymmetry