气候政策的不确定性与企业供应链的稳定性

IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Haibo Sun , Di Cao , Zhonglu Liu
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引用次数: 0

摘要

气候政策的频繁变化必然会对供应链关系产生重大影响。本文利用2007年至2023年中国a股上市公司的4174个观察样本,实证研究了气候政策不确定性对企业供应链稳定性的影响。结果表明,气候政策不确定性的增加降低了企业供应链的稳定性。这种影响在高碳企业和面临激烈行业竞争的企业中更为明显。机制分析表明,气候政策的不确定性增加了企业现金流的波动性,降低了全要素生产率,从而破坏了企业供应链的稳定性。企业数字化转型和风险承担缓解了气候政策不确定性对供应链关系稳定性的负面影响。然而,管理上的短视加剧了这种影响。研究结果为面对气候政策不确定性如何有效防范供应链上下游风险提供了实证证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Climate policy uncertainty and corporate supply chain stability
Frequent changes of climate policies are bound to have a significant impact on supply chain relationships. This paper empirically examines the impact of climate policy uncertainty on corporate supply chain stability, using a sample of 4174 observations from Chinese A-share listed companies, from 2007 to 2023. The results indicate that increased climate policy uncertainty decreases corporate supply chain stability. This effect is more pronounced for high-carbon enterprises and those facing strong industry competitions. The mechanism analysis reveals that climate policy uncertainty increases corporate cash flow volatility and reduces total factor productivity, consequently undermining the stability of corporate supply chain. Corporate digital transformation and risk-taking alleviate the negative impact of climate policy uncertainty on supply chain relationship stability. However, managerial myopia aggravates this impact. The findings provide empirical evidence about how to effectively prevent risks upstream and downstream in the supply chain in the face of climate policy uncertainty.
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来源期刊
CiteScore
7.30
自引率
2.20%
发文量
253
期刊介绍: The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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