集约化还是网络化：媒体ESG关注与供应链配置
学术
财经
2024-12-19 10:30
上海
集约化还是网络化：媒体ESG关注与供应链配置
Intensification or Networking: Media Focus on ESG and Supply-chain Configuration
《外国经济与管理》2024年46卷第12期 页码：101-118 online：2024年12月20日
中：谢家平1 , 董旗1 , 谭伟杰2 , 谢吉青1
英：Xie Jiaping1 , Dong Qi1 , Tan Weijie2 , Xie Jiqing1
作者单位：1.上海财经大学 商学院, 上海 200433; 2.上海财经大学 公共经济与管理学院, 上海 200433
摘要：随着ESG可持续发展理念的兴起，媒体对企业加强ESG建设起着重要助力作用。媒体关注企业ESG议题或许能够为促进我国产业链韧性提升与供应链可持续发展提供新的治理策略。本文结合机器学习与文本分析方法测算了2007—2021年我国沪深A股上市公司的媒体ESG关注度，考察了媒体ESG关注对供应链配置的影响。研究发现，媒体ESG关注能够显著促使企业降低供应链集中度，从而形成供应链网络化配置，并且这种效应主要体现在社会维度的媒体ESG关注中。机制检验结果表明，媒体ESG关注主要通过降低融资约束、缓解委托代理冲突以及加强企业声誉，促使企业降低供应链集中度，从而推动供应链网络化配置。异质性分析结果表明，在高管持股比例低、信贷规模小、评级不确定高、ESG投资者少以及城市ESG治理强度高的组别中，媒体ESG关注对企业选择供应链网络化配置的激励作用更为显著。本文揭示了媒体ESG关注服务供应链发展的具体效应和途径，为我国持续推进ESG建设和维护产业链供应链安全提供了有益的理论逻辑。
关键词：ESG；媒体ESG关注；供应链配置；信息披露理论
Summary: With the rise of the ESG sustainability concept, the media has played a crucial role in assisting firms in strengthening their ESG implementation. Media focus on ESG may offer a fresh approach to governance, thereby fostering the resilience of the industrial chain and the sustainable development of the supply chain. This paper employs Python software to scrape ESG-related news articles from the Baidu news portal. By integrating machine learning and text analysis methods, it quantifies the media focus on ESG of China’s A-share listed companies from 2007 to 2021, and investigates how this focus affects supply-chain configuration. The findings indicate that media focus on ESG significantly motivates firms to diversify their supply chain, adopting a more networking configuration, and this effect is predominantly evident in the social aspect of ESG coverage. Mechanism testing demonstrates that media focus on ESG reduces supply-chain concentration and encourages a more distributed supply chain by easing financing constraints, mitigating principal-agent conflicts, and bolstering corporate reputation. Heterogeneity analysis suggests that media focus on ESG has a more pronounced effect on firms with lower executive ownership, smaller credit size, higher rating uncertainty, fewer ESG investors, and in areas with stronger urban ESG governance. This paper sheds light on how media focus on ESG affects supply-chain development, providing valuable theoretical insights for China’s ongoing ESG implementation and efforts to maintain the security of its industrial and supply chains.
Key words: ESG; media focus on ESG; supply-chain configuration; information disclosure theory
DOI：10.16538/j.cnki.fem.20240724.202
收稿日期：2024-01-17
基金项目：国家社会科学基金重大项目（20&ZD060）；上海财经大学研究生创新基金（CXJJ-2024-334，CXJJ-2024-413）
