537 
392随着ESG可持续发展理念的兴起，媒体对企业加强ESG建设起着重要助力作用。媒体关注企业ESG议题或许能够为促进我国产业链韧性提升与供应链可持续发展提供新的治理策略。本文结合机器学习与文本分析方法测算了2007—2021年我国沪深A股上市公司的媒体ESG关注度，考察了媒体ESG关注对供应链配置的影响。研究发现，媒体ESG关注能够显著促使企业降低供应链集中度，从而形成供应链网络化配置，并且这种效应主要体现在社会维度的媒体ESG关注中。机制检验结果表明，媒体ESG关注主要通过降低融资约束、缓解委托代理冲突以及加强企业声誉，促使企业降低供应链集中度，从而推动供应链网络化配置。异质性分析结果表明，在高管持股比例低、信贷规模小、评级不确定高、ESG投资者少以及城市ESG治理强度高的组别中，媒体ESG关注对企业选择供应链网络化配置的激励作用更为显著。本文揭示了媒体ESG关注服务供应链发展的具体效应和途径，为我国持续推进ESG建设和维护产业链供应链安全提供了有益的理论逻辑。
集约化还是网络化：媒体ESG关注与供应链配置
摘要
参考文献
1 陈西婵, 刘星. 供应商(客户)集中度与公司信息披露违规[J]. 南开管理评论, 2021, 24(6): 213-224. DOI:10.3969/j.issn.1008-3448.2021.06.021
3 杜勇, 娄靖, 胡红燕. 供应链共同股权网络下企业数字化转型同群效应研究[J]. 中国工业经济, 2023, (4): 136-155. DOI:10.3969/j.issn.1006-480X.2023.04.008
5 方先明, 胡丁. 企业ESG表现与创新——来自A股上市公司的证据[J]. 经济研究, 2023, 58(2): 91-106.
11 刘亦文, 陈熙钧, 高京淋, 等. 媒体关注与重污染企业绿色技术创新[J]. 中国软科学, 2023, (9): 30-40.
22 王云, 李延喜, 马壮, 等. 媒体关注、环境规制与企业环保投资[J]. 南开管理评论, 2017, 20(6): 83-94. DOI:10.3969/j.issn.1008-3448.2017.06.009
25 Bauer A M, Henderson D, Lynch D P. Supplier internal control quality and the duration of customer-supplier relationships[J]. The Accounting Review, 2018, 93(3): 59-82. DOI:10.2308/accr-51889
26 Bolton P, Kacperczyk M. Do investors care about carbon risk?[J]. Journal of Financial Economics, 2021, 142(2): 517-549. DOI:10.1016/j.jfineco.2021.05.008
27 Cantoni D, Chen Y Y, Yang D Y, et al. Curriculum and ideology[J]. Journal of Political Economy, 2017, 125(2): 338-392. DOI:10.1086/690951
28 Chen Y, Zheng Y J, Lv G T, et al. Quantifying the effect of ESG-related news on Chinese stock movements[J]. Journal of Environmental Management, 2024, 354: 120301. DOI:10.1016/j.jenvman.2024.120301
29 De Vincentiis P. ESG news, stock volatility and tactical disclosure[J]. Research in International Business and Finance, 2024, 68: 102187. DOI:10.1016/j.ribaf.2023.102187
30 Hartmann J, Moeller S. Chain liability in multitier supply chains? Responsibility attributions for unsustainable supplier behavior[J]. Journal of Operations Management, 2014, 32(5): 281-294. DOI:10.1016/j.jom.2014.01.005
31 He F, Guo X Y, Yue P P. Media coverage and corporate ESG performance: Evidence from China[J]. International Review of Financial Analysis, 2024, 91: 103003. DOI:10.1016/j.irfa.2023.103003
32 Li X C, Wang N M, Jiang B, et al. Institutional pressures and proactive environmental strategy: The mediating effect of top managerial environment attitude and the moderating effect of new media pressure[J]. Business Strategy and the Environment, 2023, 32(8): 6106-6123. DOI:10.1002/bse.3475
33 Liang C Y, Zhu L, Zeng J B. Analysis on the impact of media attention on energy enterprises and energy transformation in China[J]. Energy Reports, 2024, 11: 1820-1833. DOI:10.1016/j.egyr.2024.01.051
34 Nichols B S, Stolze H, Kirchoff J F. Spillover effects of supply chain news on consumers' perceptions of product quality: An examination within the triple bottom line[J]. Journal of Operations Management, 2019, 65(6): 536-559. DOI:10.1002/joom.1033
35 Perry P, Wood S, Fernie J. Corporate social responsibility in garment sourcing networks: Factory management perspectives on ethical trade in Sri Lanka[J]. Journal of Business Ethics, 2015, 130(3): 737-752. DOI:10.1007/s10551-014-2252-2
36 Spence M. Job market signaling[J]. The Quarterly Journal of Economics, 1973, 87(3): 355-374. DOI:10.2307/1882010
37 Tetlock P C. All the news that's fit to reprint: Do investors react to stale information?[J]. The Review of Financial Studies, 2011, 24(5): 1481-1512. DOI:10.1093/rfs/hhq141
38 Vu T N, Junttila J P, Lehkonen H. ESG news and long-run stock returns[J]. Finance Research Letters, 2024, 60: 104915. DOI:10.1016/j.frl.2023.104915
39 Zhai Y M, Cai Z H, Lin H, et al. Does better environmental, social, and governance induce better corporate green innovation: The mediating role of financing constraints[J]. Corporate Social Responsibility and Environmental Management, 2022, 29(5): 1513-1526. DOI:10.1002/csr.2288
引用本文
谢家平, 董旗, 谭伟杰, 等. 集约化还是网络化：媒体ESG关注与供应链配置[J]. 外国经济与管理, 2024, 46(12): 101-118.
导出参考文献，格式为：
上一篇：联合型忠诚计划研究现状与展望
