政府环境规制对市场契约关系的影响 --基于供应商客户数据的实证分析.

In the context of China' s active construction of a multi-party environmental governance system, it is worth discussing how environmental regulation policies affect the market contractual relationship. In fact, government environmental regulation can trigger interactions between enterprises. When an enterprise gets environmental penalties such as fines and halts production, this enterprise will affect the customers, and the customers may adjust their buying strategies or replace this supplier in order to avoid risks. Given that environmental regulation will increase the risk of polluting enterprises and further affect the operation of downstream customers, this paper empirically tested the impact of environmental regulation on market contractual relationship based on the data of Chinese A-share listed companies from 2009 to 2019. We found that: ① The strengthening of environmental regulation on suppliers would cause the customers to reduce the purchase quantity; thus, environmental regulation could trigger a negative market response. ② Between 2015 and 2019, with the overall and long-term tightening of environmental regulation, enterprises usually increased investment and innovation in environmental protection, resulting in a weakening of the negative market response. ③ When customers had a green reputation or the suppliers belonged to a polluting industry, the customers' negative response was significantly stronger, but when the suppliers were state-owned enterprises, customers were no longer sensitive to their environmental risks. ④ Further analysis showed that environmental regulation affected customers' adjustment of purchase share through 'risk' mechanism and 'environmental governance' mechanism. This article reveals that the government environmental regulation will impact the market contractual relationship, which complements and enriches the relevant literature on environmental governance from the micro perspective, and makes a solid attempt to promote corporate environmental governance from the perspective of the supply chain. The policy implication of this article is that we should strengthen the fairness of the implementation of environmental regulation policies and encourage the development of green supply chains. The conclusion of the study has certain implications for further improving the government environmental regulation, motivating corporate environmental governance, and realizing the multi-party co-governance environmental governance system. [ABSTRACT FROM AUTHOR]