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供应链数字化驱动绿色创新的非对称影响机制研究
The asymmetric impact mechanism of supply chain digitalization driving green innovation
供应链数字化是驱动企业绿色技术创新的核心引擎。本文以2013—2023年中国A股上市公司为研究样本,构建包含三阶交互效应的实证模型,系统检验供应链数字化对企业绿色技术创新的影响机制,并重点揭示环境、社会和治理绩效(ESG)、吸收能力(AC)的调节作用,以及供应链金融(SCF)对上述调节效应的高阶影响。研究发现,供应链数字化显著促进企业绿色技术创新,且该效应在经过一系列稳健性检验后依然成立。进一步检验,揭示了这一驱动路径在面临外界干预时,展现出的非对称特征:企业吸收能力通过强化知识整合与转化效率,显著增强数字化对绿色技术创新的促进作用,且这一强化效应不受供应链金融短期属性的干扰;而环境、社会和治理绩效的调节作用则呈现条件性,其长期价值导向需要企业长期战略支持,也因此易受供应链金融短期逐利属性的抑制,体现出战略承诺与运营效率之间的内在张力。供应链金融虽可提升短期资金效率,但其短期财务导向会削弱ESG对绿色创新的赋能效果。本研究不仅揭开了数字供应链转化为绿色创新的黑箱,解析了企业绿色创新中长期战略与短期战术的协同与冲突机理,更为企业优化数字供应链治理、平衡可持续转型与短期运营效率提供了针对性的理论依据与实践路径。
Supply chain digitalization serves as a core engine driving corporate green technology innovation. Using a sample of China's A-share listed companies from 2013 to 2023, this study constructs an empirical model incorporating third-order interaction effects to systematically examine the impact mechanism of supply chain digitalization on green technology innovation. It particularly highlights the moderating roles of Environmental, Social and Governance (ESG) performance and Absorptive Capacity (AC), as well as the higher-order influence of Supply Chain Finance (SCF) on these moderating effects. The findings indicate that supply chain digitalization significantly promotes corporate green technology innovation, an effect that remains robust after a series of robustness tests. Further analysis reveals that the driving path exhibits asymmetric characteristics when confronted with external intervention. Absorptive Capacity strengthens the positive impact of digitalization on green innovation by enhancing knowledge integration and transformation efficiency. This enhancing effect is not disrupted by the short-term nature of supply chain finance. Conversely, the moderating role of ESG performance exhibits conditionality. Its long-term value orientation requires sustained strategic commitment from firms, rendering it susceptible to suppression by the short-term profit-seeking nature of supply chain finance. This highlights the inherent tension between strategic commitment and operational efficiency. Although supply chain finance can enhance short-term capital efficiency, its near-term financial orientation weakens ESG's enabling effect on green innovation. This study not only unveils the black box of how digital supply chains translate into green innovation and elucidates the synergy and conflict between long-term strategy and short-term tactics in corporate green innovation, but also provides targeted theoretical foundations and practical pathways for firms to optimize digital supply chain governance and balance sustainable transformation with short-term operational efficiency.
供应链数字化 / 绿色技术创新 / ESG绩效 / 吸收能力 / 供应链金融
supply chain digitalization / green technology innovation / environmental, social, and governance performance / absorptive capacity / supply chain finance
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Taking the small and medium-sized board manufacturing enterprises from 2010 to 2016 as samples, this study uses fixed effect regression model to empirically analyze the impact of finance oriented and supply chain oriented supply chain finance on the performance of core enterprises, and uses the data from 2017 to 2019 to test the robustness. The results show that finance oriented supply chain financial activities can not reduce the risk of enterprises, and the impact on operational efficiency is inverted U-shaped. Supply chain oriented supply chain financial activities can significantly improve operational efficiency and reduce enterprise risk. Finance oriented supply chain finance can increase financial performance, while supply chain oriented supply chain financial activities and financial performance exist inverted U relationship.
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