Research on the Impact of ESG Performance on Corporate Bargaining Power

YU Mao-jian; YU Yue

doi:10.16546/j.cnki.cn43-1510/f.2026.02.006

2026, 02, v.42 64-76

ESG表现对企业议价能力影响研究

于茂荐于悦

1.上海理工大学管理学院

基金项目(Foundation): 上海市哲学社会科学一般项目“政府研发资助的产业链溢出效应与政策优化研究”(项目编号：2021BGL013)

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DOI: 10.16546/j.cnki.cn43-1510/f.2026.02.006

发布时间： 2026-04-15

出版时间： 2026-04-15

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摘要：

企业议价能力关乎其在供应链上的价值获取。ESG表现作为利益相关者评估企业可持续发展能力的重要指标，是否提升了企业议价能力呢?基于资源依赖理论，ESG表现有利于企业获取关键资源，缓解企业对供应链成员的依赖，提升了企业对客户和供应商的议价能力。利用2012—2023年沪深A股上市公司数据进行实证分析，验证了上述推论。进一步的研究发现，ESG表现通过增强企业品牌声誉和技术资源，提高了企业议价能力。ESG表现对企业议价能力的提升作用，在非污染行业、市场化水平较低地区和国有企业中更为有效。研究结论深化了对ESG表现经济后果的理论认识，也为企业提升议价能力提供了新的思路和启示。

关键词： ESG表现; 议价能力; 品牌声誉; 技术资源;

Abstract：

Bargaining power is crucial for a company's value acquisition within the supply chain. As an important indicator for stakeholders to evaluate a company's sustainable development capability, does ESG performance enhance a company's bargaining power? Based on resource dependence theory, this paper proposes that ESG performance facilitates a company's access to key resources, alleviates dependence on supply chain members, and thus enhances the company's bargaining power with customers and suppliers. Empirical analysis based on data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2012 to 2021 supports this hypothesis. Further research reveals that ESG performance enhances a company's bargaining power by strengthening its possession of brand resources and innovation resources. The effect of ESG performance on enhancing a company's bargaining power is more significant in non-polluting industries, regions with higher marketization levels, and state-owned enterprises. The findings of this study deepen the theoretical understanding of the economic consequences of ESG performance and provide new insights and implications for companies to enhance their bargaining power.

KeyWords： ESG performance; bargaining power; brand reputation; innovation resources;

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① 由于版面限制，异质性回归结果留存备查。

基本信息:

DOI：10.16546/j.cnki.cn43-1510/f.2026.02.006

中图分类号:X322;F275;F832.51;F274

引用信息:

[1]于茂荐,于悦.ESG表现对企业议价能力影响研究[J].湖南财政经济学院学报,2026,42(02):64-76.DOI:10.16546/j.cnki.cn43-1510/f.2026.02.006.

基金信息:

上海市哲学社会科学一般项目“政府研发资助的产业链溢出效应与政策优化研究”(项目编号：2021BGL013)

发布时间：

2026-04-15

出版时间：

2026-04-15

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湖南财政经济学院学报

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