客户集中度与非高碳企业漂绿行为

摘要/Abstract

摘要： 本文聚焦于客户与供应商关系，利用2015—2021年A股上市非高碳企业相关数据，实证检验了客户集中度对非高碳企业漂绿行为的影响以及地理邻近性和行业竞争的调节效应。研究表明，客户集中度会促进非高碳企业漂绿行为，且该影响在大客户与企业的地理距离更远、行业竞争更加激烈的企业中表现得更加明显。进一步研究发现，客户集中度对非高碳企业漂绿行为的促进效应主要是因减少了实质性信息披露造成的，且这一促进作用主要体现在直接供应商层面，尚未得到客户集中度进一步向供应链上游的上游传导的实证证据，而地理邻近性的调节效应主要体现在城际层面。该研究结论为探究企业漂绿动机提供了新的研究视角，为环境监管政策制定、供应链低碳协同发展和企业环境责任履行等提供了理论依据和决策参考。

关键词: 客户集中度, 漂绿, 地理邻近性, 行业竞争, 环境信息披露

Abstract: Using data from A-share listed non-high carbon corporations from 2015 to 2021, this paper focuses on the relationship between customers and suppliers, and empirically tests the impact of customer concentration on the greenwashing behavior of non-high carbon corporations, as well as the moderating effect of geographical proximity and industrial competition. The results indicate that customer concentration can promote the greenwashing behavior of non-high carbon corporations, and this effect is more pronounced in corporations geographically distant from their major customers and exposed to intense industry competition. Further research finds that the promoting effect of customer concentration on non-high carbon corporations’ greenwashing behavior is mainly due to the reduction of substantive information disclosure, but the impact of this effect on upstream enterprises of supplier companies is less significant. The moderating effect of geographical proximity is mainly reflected at the intercity level. The paper provides a new research perspective for exploring the motivation of corporate greenwashing, and provides theoretical basis and decision-making reference for environmental regulatory policy formulation, low-carbon collaborative development of supply chain, and the fulfillment of corporate environmental responsibilities.

Key words: customer concentration, greenwashing, geographical proximity, industrial competition, environmental information disclosure

黄珍, 石俨轩, 贾明. 客户集中度与非高碳企业漂绿行为[J]. 管理评论, 2025, 37(9): 185-197.

Huang Zhen, Shi Yanxuan, Jia Ming. Can You Have It Both Ways? Influence of Customer Concentration on Non-high Carbon Corporate Greenwashing Behavior[J]. Management Review, 2025, 37(9): 185-197.

参考文献

[1] Walker K., Wan F. The Harm of Symbolic Actions and Green-Washing: Corporate Actions and Communications on Environmental Performance and Their Financial Implications[J]. Journal of Business Ethics, 2012, 109(2):227-242
[2] Seele P., Gatti L. Greenwashing Revisited: In Search of a Typology and Accusation-Based Definition Incorporating Legitimacy Strategies[J]. Business Strategy and the Environment, 2017, 26(2):239-252
[3] Testa F., Boiral O., Iraldo F. Internalization of Environmental Practices and Institutional Complexity: Can Stakeholders Pressures Encourage Greenwashing?[J]. Journal of Business Ethics, 2018, 147(2):287-307
[4] 沈洪涛, 黄珍, 郭肪汝. 告白还是辩白——企业环境表现与环境信息披露关系研究[J]. 南开管理评论, 2014, 17(2):56-63 Shen H. T., Huang Z., Guo F. R. Confess or Defense? A Study on the Relationship between Environmental Performance and Environmental Disclosure[J]. Nankai Business Review, 2014, 17(2):56-63
[5] Li W., Li W., Seppänen V., et al. Effects of Greenwashing on Financial Performance: Moderation through Local Environmental Regulation and Media Coverage[J]. Business Strategy and the Environment, 2023, 32(1):820-841
[6] 李哲, 王文翰. “多言寡行”的环境责任表现能否影响银行信贷获取——基于“言”和“行”双维度的文本分析[J]. 金融研究, 2021, (12):116-132 Li Z., Wang W. H. Corporate Environmental Responsibility and Bank Credit: Text Analysis of Words and Deeds[J]. Journal of Financial Research, 2021, (12):116-132
[7] Delmas M. A., Burbano V. C. The Drivers of Greenwashing[J]. California Management Review, 2011, 54(1):64-87
[8] 陈正林, 王彧. 供应链集成影响上市公司财务绩效的实证研究[J]. 会计研究, 2014, (2):49-56 Chen Z. L., Wang Y. Empirical Study on Supply Chain Integration Affecting Financial Performance of Listed Firm[J]. Accounting Research, 2014, (2):49-56
[9] Gosman M., Kelly T., Olsson P., et al. The Profitability and Pricing of Major Customers[J]. Review of Accounting Studies, 2004, 9(1):117-139
[10] Zhu M., Yeung A. C. L., Zhou H. Diversify or Concentrate: The Impact of Customer Concentration on Corporate Social Responsibility[J]. International Journal of Production Economics, 2021, 240:108214
[11] 赵珊, 李桂华. 分散还是集中:客户集中度与企业绩效[J]. 管理评论, 2023, 35(2):294-305 Zhao S., Li G. H. To Disperse or to Concentrate: Customer Concentration and Firm Performance[J]. Management Review, 2023, 35(2):294-305
[12] Murfin J., Njoroge K. The Implicit Costs of Trade Credit Borrowing by Large Firms[J]. The Review of Financial Studies, 2015, 28(1):112-145
[13] 李姝, 翟士运, 古朴. 大客户关系如何影响企业技术创新?[J]. 科学学研究, 2018, 36(7):1314-1324 Li S., Zhai S. Y., Gu P. How does Large Customer Relationship Affect Enterprise Technology Innovation?[J]. Studies in Science of Science, 2018, 36(7):1314-1324
[14] 方健. 关联方大客户交易影响企业技术创新吗?——基于沪深A股上市公司的证据[J]. 管理评论, 2023, 35(2):126-134 Fang J. Does the Transactions of Ｒelated Large Customers Affect Technological Innovation?—Evidence from A-share Listed Companies[J]. Management Review, 2023, 35(2):126-134
[15] 滕飞, 夏雪, 辛宇. 客户结构特征与定向增发市场折价[J]. 管理评论, 2022, 34(11):272-288 Teng F., Xia X., Xin Y. Customer Structure and Market Discount of Private Placement[J]. Management Review, 2022, 34(11):272-288
[16] 王雄元, 高开娟. 如虎添翼抑或燕巢危幕:承销商、大客户与公司债发行定价[J]. 管理世界, 2017, 33(9):42-59 Wang X. Y., Gao K. J. Tiger with Favorable Wings or Birds Nest under Dangerous Wall? Underwriter, Large Customer and Bond Issue Pricing[J]. Journal of Management World, 2017, 33(9):42-59
[17] Kim D. Y., Zhu P. Supplier Dependence and R&D Intensity: The Moderating Role of Network Centrality and Interconnectedness[J]. Journal of Operations Management, 2018, 64:7-18
[18] Itzkowitz J. Customers and Cash: How Relationships Affect Suppliers’ Cash Holdings[J]. Journal of Corporate Finance, 2013, 19:159-180
[19] Lyon T. P., Maxwell J. W. Greenwash: Corporate Environmental Disclosure under Threat of Audit[J]. Journal of Economics & Management Strategy, 2011, 20(1):3-41
[20] Lyon T. P., Montgomery A. W. The Means and End of Greenwash[J]. Organization & Environment, 2015, 28(2):223-249
[21] Cho C. H., Laine M., Roberts R. W., et al. Organized Hypocrisy, Organizational Façades, and Sustainability Reporting[J]. Accounting, Organizations and Society, 2015, 40:78-94
[22] Crook T. R., Combs J. G. Sources and Consequences of Bargaining Power in Supply Chains[J]. Journal of Operations Management, 2007, 25(2):546-555
[23] Villena V. H., Craighead C. W. On the Same Page? How Asymmetric Buyer-Supplier Relationships Affect Opportunism and Performance[J]. Production and Operations Management, 2017, 26(3):491-508
[24] Hillman A. J., Withers M. C., Collins B. J. Resource Dependence Theory: A Review[J]. Journal of Management, 2009, 35(6):1404-1427
[25] 时乐乐, 赵军. 环境规制、技术创新与产业结构升级[J]. 科研管理, 2018, 39(1):119-125 Shi L. L., Zhao J. Environmental Regulation, Technological Innovation and Industrial Structure Upgrading[J]. Science Research Management, 2018, 39(1):119-125
[26] Wang C. H., Juo W. J. Sustainable Environmental Performance: The Mediating Role of Green Reputation in the Choice of Green Marketing or Green Demarketing[J]. Corporate Social Responsibility and Environmental Management, 2024, 31(3):1756-1768
[27] 杨晓燕, 周懿瑾. 绿色价值:顾客感知价值的新维度[J]. 中国工业经济, 2006, (7):110-116 Yang X. Y., Zhou Y. J. Green Value : A New Dimension of Customer Perceived Values[J]. China Industrial Economy, 2006, (7):110-116
[28] 王腊芳, 袁甜, 谢锐. 环境违法违规行为与债务融资成本[J]. 管理科学学报, 2023, 26(4):193-208 Wang L. F., Yuan T., Xie R. Corporate Environmental Violations and Debt Financing Cost[J]. Journal of Management Sciences in China, 2023, 26(4):193-208
[29] 陈峻, 郑惠琼. 融资约束、客户议价能力与企业社会责任[J]. 会计研究, 2020, (8):50-63 Chen J., Zheng H. Q. Financing Constraints, Customer Bargaining Ability and Corporate Social Responsibility[J]. Accounting Research, 2020, (8):50-63
[30] Chang H., Liu S., Mashruwala R. Customer Bargaining Power, Strategic Fit, and Supplier Performance[J]. Production and Operations Management, 2022, 31(4):1492-1509
[31] 宛晴, 程小可, 杨鸣京, 等. 大客户地理邻近性能够抑制公司违规吗?[J]. 中国软科学, 2019, (8):100-119 Wan Q., Cheng X. K., Yang M. J., et al. Can the Geographical Proximity of Large Customers Inhibit Corporate Fraud?[J]. China Soft Science, 2019, (8):100-119
[32] 程小可, 宛晴, 高升好. 大客户地理邻近性与企业技术创新[J]. 管理科学, 2020, 33(6):70-84 Cheng X. K., Wan Q., Gao S. H. Geographical Proximity of Key Clients and Enterprise Technological Innovation[J]. Journal of Management Science, 2020, 33(6):70-84
[33] Wang L., Wu Y., Chen Y., et al. Distance Produces the Fear of Loss: Customer Geographic Proximity and Corporate Cash Holdings[J]. International Review of Financial Analysis, 2023, 87:102572
[34] 陈正林. 客户集中、行业竞争与商业信用[J]. 会计研究, 2017, (11):79-85 Chen Z. L., Customer Concentration, Industry Competition and Business Credit[J]. Accounting Research, 2017, (11):79-85
[35] 谭雪. 行业竞争、产权性质与企业社会责任信息披露——基于信号传递理论的分析[J]. 产业经济研究, 2017, (3):15-28 Tan X. Industry Competition, Ownership and Disclose of Corporate Society Responsibility Information: Based on Signaling Theory[J]. Industrial Economics Research, 2017, (3):15-28
[36] Zhang A., Tay H. L., Alvi M. F., et al. Carbon Neutrality Drivers and Implications for Firm Performance and Supply Chain Management[J]. Business Strategy and the Environment, 2023, 32(4):1966-1980
[37] 黄溶冰, 陈伟, 王凯慧. 外部融资需求、印象管理与企业漂绿[J]. 经济社会体制比较, 2019, (3):81-93 Huang R. B., Chen W., Wang K. H. External Financing Demand, Impression Management and Enterprise Greenwashing[J]. Comparative Economic & Social Systems, 2019, (3):81-93
[38] Testa F., Miroshnychenko I., Barontini R., et al. Does It Pay to Be a Greenwasher or a Brownwasher?[J]. Business Strategy and the Environment, 2018, 27(7):1104-1116
[39] Du X., Jian W., Zeng Q., et al. Do Auditors Applaud Corporate Environmental Performance? Evidence from China[J]. Journal of Business Ethics, 2018, 151(4):1049-1080
[40] Xing C., Zhang Y., Tripe D. Green Credit Policy and Corporate Access to Bank Loans in China: The Role of Environmental Disclosure and Green Innovation[J]. International Review of Financial Analysis, 2021, 77:101838
[41] Kassinis G. I., Kay A. A., Papagiannakis G., et al. Stigma as Moral Insurance: How Stigma Buffers Firms from the Market Consequences of Greenwashing[J]. Journal of Management Studies, 2022, 59(8):2154-2190
[42] Darendeli A., Law K. K. F., Shen M. Green New Hiring[J]. Review of Accounting Studies, 2022, 27(3):986-1037
[43] Kim E. H., Lyon T. P. Greenwash vs. Brownwash: Exaggeration and Undue Modesty in Corporate Sustainability Disclosure[J]. Organization Science, 2015, 26(3):705-723
[44] 朱炜, 孙雨兴, 汤倩. 实质性披露还是选择性披露:企业环境表现对环境信息披露质量的影响[J]. 会计研究, 2019, (3):10-17 Zhu W., Sun Y. X., Tang Q. Substantive Disclosure or Selective Disclosure: The Impact of Corporate Environmental Performance on the Quality of Environmental Information Disclosure[J]. Accounting Research, 2019, (3):10-17
[45] Romero S., Ruiz S., Fernandez-Feijoo B. Sustainability Reporting and Stakeholder Engagement in Spain: Different Instruments, Different Quality[J]. Business Strategy and the Environment, 2019, 28(1):221-232
[46] 王宇, 赵宇亮, 张东源. 客户集中度对企业避税的影响机制研究——来自中国上市公司的实证分析[J]. 中国软科学, 2022, (7):118-128 Wang Y., Zhao Y. L., Zhang D. Y. Study on the Influencing Mechanism of Customer Concentration on Corporate Tax Avoidance: Empirical Data from Listed Companies in China[J]. China Soft Science, 2022, (7):118-128
[47] Yun M. S., Cheng L. Y., Zhao Y. Customer Concentration and Target Price Accuracy[J]. Review of Quantitative Finance and Accounting, 2023, 61(3):995-1028