【摘要】 建立并完善市场导向的绿色创新体系是推动经济社会发展全面绿色转型的关键。客户环境关注作为一种市场需求信号，是驱动企业进行绿色创新的重要经济动力。本文从理论与实证两个方面研究客户环境关注对供应商企业绿色创新的影响。首先，通过将产品质量区分为物理质量与绿色质量，构建包含客户环境关注的企业决策模型，揭示其激励供应商企业绿色创新的理论路径。其次，使用包含非上市公司客户的供应商企业—客户配对数据进行实证检验，发现客户环境关注每增加1个单位，供应商企业绿色专利申请总量增加19.6%，其中压力传导是主要作用机制。最后，经济效应分析表明，客户环境关注驱动的绿色创新能够有效提升供应商企业的产品市场表现与财务绩效。本研究从供应链传导视角拓展了企业绿色创新的市场内生动力，为融合市场激励与政府环境规制的政策设计提供依据。更多还原

【Abstract】 Against the backdrop of increasingly severe global ecological and environmental challenges, green development has become the core direction of technological and industrial transformation, as well as an inherent requirement for high-quality development. Since the 18 th National Congress of the Communist Party of China(CPC), China has continuously advanced ecological conservation. The report to the 20 th National Congress of the CPC further emphasized “pursuing green development and promoting harmony between humanity and nature”. As the key agents of green innovation, enterprises play a crucial role in advancing the green transformation of the economy and society through sustained innovation efforts. The market plays a decisive role in resource allocation, and can transform society’s latent demand for green products into effective market signals and economic incentives, thereby stimulating enterprises’ endogenous motivation for green innovation and resolving the dilemma of enterprises being “unwilling or hesitant to transform”. Promoting a coordinated shift in green innovation from “government-led” to “market-driven” helps establish a long-term mechanism for positive government-market interaction, providing crucial support for achieving the “dual carbon” goals and building a beautiful China.Despite the importance of customer environmental concern as a market driver, whether it can be transmitted through supply chain pressure and transformed into suppliers’ sustained green innovation, and its boundary conditions and economic consequences, remain underexplored. Therefore, this study investigates the impact of customer environmental concern on suppliers’ green innovation and its underlying mechanisms from both theoretical and empirical perspectives. First, by constructing a firm decision-making model, the study theoretically reveals how customer environmental concern incentivizes green innovation via a pressure mechanism. Then, using matched supplier-customer pair data that includes non-listed customers, the empirical test demonstrates that a one-unit increase in customer environmental concern leads to a 19.6% rise in suppliers’ green patent applications. Mechanism tests indicate that pressure transmission is the primary driver, and this explanation holds after ruling out alternative explanations such as environmental regulation, spillover effects, and suppliers’ own environmental concern. Moreover, green innovation driven by customer environmental concern can effectively enhance suppliers’ product market performance and financial performance.The incremental contributions of this paper are mainly reflected in the following three aspects. First, it reveals the economic motivations for corporate green innovation from the perspective of customer environmental concern, thereby expanding the understanding of the “Porter Hypothesis”. Existing research has largely focused on the impact of environmental regulation or firm characteristics on green innovation, paying insufficient attention to the economic motivations stemming from the market side, especially customer demand. Based on supply chain relationships, this paper empirically finds that customer environmental concern significantly promotes suppliers’ green innovation through the pressure mechanism, offering a new perspective for understanding the synergy between corporate economic and environmental benefits. Second, it enriches related research by evaluating the economic consequences of green innovation across multiple dimensions. Previous literature has predominantly focused on the environmental performance of green innovation. Starting from economic motivations, this paper quantitatively analyzes the impact of customer-driven green innovation on suppliers’ market and financial performance. Third, by incorporating non-listed customers into the sample, the study enhances the generalizability of the conclusions. Due to constraints in data availability, existing literature has focused primarily on listed customers, even though non-listed firms represent the predominant component of the supply chain. Including non-listed customers makes the sample more comprehensive and strengthens the general significance and applicability of the research findings.更多还原