Demand Meets Supply: The ESG Impact of Green Procurement and Green Subsidy

IF 5.3 2区哲学 Q2 BUSINESS

Business Ethics the Environment & Responsibility Pub Date : 2026-09-15 Epub Date: 2025-12-14 DOI:10.1111/beer.70056

Lei Cheng, Xiaohong Wang, Meilin Zhao

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Abstract

Drawing on China's policy practices under the “dual carbon” goal, this study examines how green procurement (GP), a demand-side policy, and green subsidies (GS), a supply-side policy, jointly affect corporate ESG performance. Using panel data of A-share listed industrial firms from 2015 to 2022 and a two-way fixed effects model, the findings show: (1) the GP–GS policy mix significantly enhances ESG performance through complementary “market-locking” and “resource-matching” effects; (2) mechanism analysis identifies three channels—greater information transparency, stronger market competition, and higher green innovation; and (3) heterogeneity tests reveal stronger impacts among heavily polluting firms and in regions with robust institutional environments. By moving beyond single-policy analyses, this study provides evidence on the synergistic optimization of demand- and supply-side environmental policies and offers micro-level insights to refine China's green governance toolkit and strengthen ESG drivers.

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需求满足供给：绿色采购与绿色补贴的ESG影响

本研究借鉴中国“双碳”目标下的政策实践，考察了需求侧绿色采购政策和供给侧绿色补贴政策如何共同影响企业ESG绩效。利用2015 - 2022年a股工业上市公司面板数据和双向固定效应模型，研究发现：(1)gs - gs政策组合通过互补的“市场锁定”和“资源匹配”效应显著提升了ESG绩效；(2)机制分析确定了信息透明度、市场竞争和绿色创新三个渠道；(3)异质性检验表明，在高污染企业和制度环境健全的地区，影响更大。通过超越单一政策分析，本研究为需求侧和供给侧环境政策的协同优化提供了证据，并为完善中国绿色治理工具包和加强ESG驱动因素提供了微观层面的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Business Ethics the Environment & Responsibility Multiple-

CiteScore

5.20

自引率

19.00%

发文量