【摘要】 在全球绿色低碳转型的背景下,绿色投资者是连接资本逐利性与环境可持续性的绿色金融主体.既有研究多从单一主体视角考察绿色投资者的影响,尚未系统检验其是否能够跨越组织边界进而推动供应链的低碳化发展.本文使用2008—2022年中国A股上市企业数据探究焦点企业绿色投资者对上下游节点碳减排的影响及作用机理.研究发现,焦点企业绿色投资者对其供应商、客户的碳减排均存在显著促进作用,且这一效应在焦点企业环保资质较为优良、上下游企业产品差异化程度较低和供应链关系依赖程度较高时更显著.机制分析表明,焦点企业绿色投资者通过强化供应商面临的外部公众环境压力以及激发其内部管理层的绿色发展动机来促进供应商碳减排,客户则更多体现为外部公众环境压力强化机制下的策略性减排行为.进一步分析立足于国际化与本土化协同演进的战略视野,揭示了绿色投资者无论是顺应国际还是国内层面的投资标准,均放大了其对供应链的环境正外部性.本文为发挥绿色金融战略在供应链低碳转型中的资本驱动作用,更为中国在供应链环境中落实“双碳”目标提供了政策借鉴.更多还原

【Abstract】 In the context of the global green and low-carbon transition,green investors are green financial actors that bridge capital’s profit-seeking nature with environmental sustainability.Existing studies have largely examined the impact of green investors from a single-actor perspective,but have not systematically tested whether they can transcend organizational boundaries to promote the low-carbon development of supply chains.Using data on Chinese A-share listed firms from 2008 to2022,this study investigates the impact of focal firms’ green investors on carbon emission reductions among upstream and downstream supply chain partners,as well as the underlying mechanisms.The results show that green investors of focal firms significantly promote carbon emission reductions among both suppliers and customers.This effect is more pronounced when focal firms possess stronger environmental credentials,when product differentiation among upstream and downstream firms is lower,and when supply chain relationships exhibit higher levels of dependence.Mechanism analyses indicate that green investors facilitate suppliers’ carbon emission reductions by intensifying external public environmental pressure and stimulating internal managerial incentives for green development.In contrast,carbon reductions among customers are more strongly characterized by strategic emission-reduction behaviors driven by heightened external public environmental pressure.Further analyses,from a strategic perspective of the co-evolution of internationalization and localization,reveal that green investors amplify positive environmental externalities along the supply chain regardless of whether their investment standards align more closely with international or domestic norms.This study provides policy implications for the capitaldriven role of green finance in advancing low-carbon supply chain transformation and China’s efforts to achieve its "dual-carbon" goals through environmental governance of supply chains.更多还原