摘要：文章以2014—2023年我国商业银行和上市企业为研究对象，手工整理144237条企业逐笔贷款记录以实现银企信贷关联，并创新性地基于银企专利信息及年报文本，利用机器学习算法测算银企数字化适配度与企业漂绿指标，在包含银行、企业和供应链的多部门内生增长模型的论证基础上，实证研究发现：相较于银企单侧赋能效果，银企数字化适配对企业漂绿行为的抑制作用更强，且“漂绿”抑制效果主要体现为企业绿色实践增速超过绿色宣传增速。银企数字化适配可以通过缓解企业融资约束、降低管理层委托代理问题来共同抑制企业“漂绿”行为。进一步分析发现，银企数字化适配具有显著的供应链非对称性溢出现象，虽然可以基于“融资链”和“代理链”来抑制上游供应商企业“漂绿”行为，但难以继续抑制下游客户企业的“漂绿”行为。异质性分析发现，当借款企业的客户企业面临较强的融资约束或所在地区环境规制力度较强时，可以有效缓解供应链非对称性溢出现象。当借款企业处于行业领先地位、供应链话语权较强时，不仅可以有效缓解供应链非对称性溢出现象，还可以强化供应链传导机制。
关键词：银企数字化适配；企业漂绿行为；数字专利；供应链溢出；非对称性
Digital Adaptation between Banks and Enterprises and Corporate Greenwashing Behavior
Wang Zhimao, Wang Peiyao, Zhu Bing, Ban Qi
Abstract: This paper selects China’s commercial banks and listed enterprises as research samples covering the period from 2014 to 2023. We manually sort out 144237 individual corporate loan records to construct the bank-firm credit linkage, and adopt machine learning algorithms to innovatively develop indicators for measuring bank-firm digital coupling and corporate greenwashing based on patent data and annual report texts of sampled entities. Built upon an endogenous growth model incorporating banks, individual firms and supply chain systems, our empirical analysis demonstrates that bank-firm digital coupling exerts a stronger restraining effect on corporate greenwashing compared with the unilateral digital empowerment of either banks or enterprises, and such inhibition mainly arises when the growth rate of corporate green practices outpaces that of green publicity. Moreover, this digital coupling curbs greenwashing behavior jointly by easing corporate financing constraints and mitigating management principal-agent problems. Further evidence indicates that the impact of bank-firm digital coupling presents a significant asymmetric spillover effect across supply chains. While bank-firm digital coupling can constrain greenwashing among upstream suppliers via financing chains and agency chains, its inhibitory influence fails to extend to downstream customer enterprises. In terms of heterogeneity, the asymmetric supply chain spillover can be effectively alleviated when borrowing firms’ downstream customers face severe financing constraints or operate in regions with stringent environmental regulations. Additionally, if borrowing firms hold leading positions and strong bargaining power within their supply chains, not only will the asymmetric spillover be mitigated, but the overall supply chain transmission mechanism will also be reinforced.
Keywords: Bank-Enterprise Digital Coupling; Corporate Greenwashing Behavior; Digital Patents; Supply Chain Spillover; Asymmetry
