Government Digital Procurement, Corporate ESG Performance and Supply Chain Spillover

Abstract

Abstract: As a crucial policy instrument for demand-side management, government digital procurement has emerged as a key initiative to advance economic digital transformation and promote corporate sustainable development. However, whether and how government digital procurement can affect corporate environmental, social, and governance (ESG) performance still remains under-explored. By using the matched data between government digital procurement and the listed firms from 2015 to 2023, this study systematically examines the impact of government digital procurement on corporate ESG performance. The results indicate that government digital procurement significantly enhances corporate ESG performance. Heterogeneity analysis reveals that this positive effect is more pronounced in small-sized enterprises, non-state-owned enterprises, and industries that rely more on government procurement. Mechanism tests show that government digital procurement improves corporate ESG performance primarily through three channels: driving corporate digital transformation, stimulating green innovation, and optimizing resource allocation. Further analysis demonstrates an asymmetric spillover effect within supply chain networks. That is, government digital procurement generates a significant backward spillover effect by improving the ESG performance of upstream suppliers, but no significant forward spillover effect is found on downstream customers. This study not only offers policy insights into leveraging the demand-pull effect of government digital procurement, but also provides empirical evidence and practical implications for promoting ESG collaboration across supply chains.

Key words: Government Digital Procurement, Corporate ESG Performance, Digital Transformation, Green Innovation, Factor Allocation, Supply Chain Spillover

摘要： 政府数字采购作为需求侧管理的重要政策工具,正日益成为推动经济数字化转型和企业可持续发展的关键举措,但其能否及如何影响企业环境、社会和治理(ESG)表现尚未得到深入探讨。本文基于2015—2023年政府数字采购与上市公司的匹配数据,系统分析了政府数字采购对企业ESG表现的影响。研究结果表明,政府数字采购能够显著提升企业ESG表现。异质性分析发现,这一促进效应在小规模企业、非国有企业及政府采购依赖度较高的行业中更为显著。机制检验揭示,政府数字采购主要通过驱动企业数字化转型、激励企业绿色创新以及优化企业要素配置等三种途径提升企业ESG表现。进一步分析发现,政府数字采购对企业ESG表现的影响,在供应链网络中具有显著的非对称溢出效应,即政府数字采购主要对中标企业的上游企业ESG表现具有明显的促进作用,能够产生后向溢出效应,而对其下游企业的ESG表现则未能产生显著影响。本文不仅为发挥政府数字采购的需求牵引作用提供了政策参考,也为推动供应链上下游企业ESG协同发展提供了经验依据与政策启示。

关键词: 政府数字采购, ESG表现, 数字化转型, 绿色创新, 要素配置, 供应链溢出

CLC Number:

F812.45
X322

SHEN Yanyan, ZHOU Jingwen, LI Zhen. Government Digital Procurement, Corporate ESG Performance and Supply Chain Spillover[J]. Collected Essays on Finance and Economics, 2026, 42(10): 17-27.

沈言言, 周静雯, 李振. 政府数字采购、企业ESG表现与供应链溢出[J]. 财经论丛, 2026, 42(10): 17-27.

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