A股上市公司生物多样性信息披露对供应链韧性的影响

doi:10.17520/biods.2025342

生物多样性 ›› 2026, Vol. 34 ›› Issue (1): 25342. DOI: 10.17520/biods.2025342 cstr: 32101.14.biods.2025342

• 生物多样性保护融资与企业参与专题 • 上一篇下一篇

A股上市公司生物多样性信息披露对供应链韧性的影响

秦洋, 吾买尔江·艾山^*(), 魏文涛, 迪丽尼嘎·沙木沙克

新疆大学经济与管理学院, 乌鲁木齐 830046

收稿日期:2025-08-25 接受日期:2026-01-15 出版日期:2026-01-20 发布日期:2026-02-03
通讯作者: 吾买尔江·艾山
基金资助:
新疆生产建设兵团科技计划项目(SRS2025218);新疆生产建设兵团科技计划项目(202118140044)

The impact of biodiversity information disclosure on supply chain resilience of A-share listed companies

Yang Qin, Aishan Wumaierjiang^*(), Wentao Wei, Shamushake Diliniga

School of Economics and Management, Xinjiang University, Urumqi 830046, China

Received:2025-08-25 Accepted:2026-01-15 Online:2026-01-20 Published:2026-02-03
Contact: Aishan Wumaierjiang
Supported by:
Xinjiang Production and Construction Corps Science and Technology Plan Project(SRS2025218);Projects Commissioned by Enterprises and Institutions in Urumqi, Xinjiang Uygur Autonomous Region(202118140044)

摘要/Abstract

摘要：

在生物多样性丧失已经对全球经济构成严重威胁的背景下, 企业生物多样性信息披露能否提升供应链韧性已成为学术界关注的重点之一。本研究通过分析企业生物多样性信息披露对供应链韧性影响的理论机制, 基于文本分析法构建了企业生物多样性信息披露指标, 并使用2011-2023年中国制造业A股上市公司数据进行实证检验。研究发现, 企业生物多样性信息披露能够显著提高供应链韧性, 该结论在经过内生性和稳健性检验后仍然成立。异质性分析表明, 企业生物多样性信息披露对供应链议价能力高企业和管理者短视主义强企业的供应链韧性提升作用更强。机制检验表明, 改善企业环境、社会和治理表现, 提高供应链透明度和稳定性是提升供应链韧性的重要路径。本研究为推动企业可持续发展、提高供应链韧性和安全水平提供了重要参考。

关键词: 企业生物多样性信息披露, 供应链韧性, 文本分析法

Abstract

Background & Aim: In the context of biodiversity loss posing a serious threat to the global economy, whether corporate biodiversity information disclosure can improve the resilience of supply chains has become one of the focuses of academic attention. By analyzing the theoretical mechanism of the impact of corporate biodiversity information disclosure on supply chain resilience, this paper constructs enterprise biodiversity indicators based on text analysis methods, and uses the data of China’s manufacturing A-share listed companies from 2011 to 2023 for empirical testing.

Results: The results showed that corporate biodiversity information disclosure can significantly improve supply chain resilience, and this conclusion was still valid after the endogeneity and robustness tests. Heterogeneity analysis showed that corporate biodiversity information disclosure had a stronger effect on the improvement of supply chain resilience of enterprises with high supply chain bargaining power and short-sighted managers. The mechanism test showed that improving corporate environmental, social, and governance performance, improving supply chain transparency and improving supply chain stability were important ways for corporate biodiversity information disclosure to enhance supply chain resilience.

Suggestions & Perspectives: This paper provides an important reference for promoting sustainable development of enterprises and improving the resilience and security of supply chains.

Key words: corporate biodiversity information disclosure, supply chain resilience, text analysis methods

秦洋, 吾买尔江·艾山, 魏文涛, 迪丽尼嘎·沙木沙克 (2026) A股上市公司生物多样性信息披露对供应链韧性的影响. 生物多样性, 34, 25342. DOI: 10.17520/biods.2025342.

Yang Qin, Aishan Wumaierjiang, Wentao Wei, Shamushake Diliniga (2026) The impact of biodiversity information disclosure on supply chain resilience of A-share listed companies. Biodiversity Science, 34, 25342. DOI: 10.17520/biods.2025342.

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链接本文: https://www.biodiversity-science.net/CN/10.17520/biods.2025342

https://www.biodiversity-science.net/CN/Y2026/V34/I1/25342

图/表 6

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Box 1 企业生物多样性信息披露对供应链韧性影响的变量定义
变量类型	变量名称	变量符号	变量度量
被解释变量	供应链韧性	SCR	熵值法对5个维度的测算
解释变量	生物多样性信息披露	BD	文本分析法统计的关键词词频占比
控制变量	企业规模	Size	总资产取对数
	企业年龄	Age	当年年份 - 公司上市年份+ 1取自然对数
	资产负债率	Lev	总负债/总资产
	现金流比率	CF	经营活动产生的现金流量净额/总资产
	营业收入增长率	Growth	本年营业收入总额/上一年营业收入总额
	股权集中度	Top	第一大股东持股数量/总股数
	两职合一	Dual	董事长与总经理是否同一人
	董事会规模	Board	年末董事人数 + 1取对数
	审计水平	Big4	是否经由四大会计师事务所审计

Box 1 企业生物多样性信息披露对供应链韧性影响的变量定义
变量类型	变量名称	变量符号	变量度量
被解释变量	供应链韧性	SCR	熵值法对5个维度的测算
解释变量	生物多样性信息披露	BD	文本分析法统计的关键词词频占比
控制变量	企业规模	Size	总资产取对数
	企业年龄	Age	当年年份 - 公司上市年份+ 1取自然对数
	资产负债率	Lev	总负债/总资产
	现金流比率	CF	经营活动产生的现金流量净额/总资产
	营业收入增长率	Growth	本年营业收入总额/上一年营业收入总额
	股权集中度	Top	第一大股东持股数量/总股数
	两职合一	Dual	董事长与总经理是否同一人
	董事会规模	Board	年末董事人数 + 1取对数
	审计水平	Big4	是否经由四大会计师事务所审计

变量 Variables	样本量 Sample size	平均值 Mean	标准差 SD	最小值 Minimum	最大值 Maximum
SCR	23,908	0.1702	0.0424	0.0767	0.6648
BD	23,908	0.0002	0.0006	0.0000	0.0158
Size	23,392	22.1127	1.1325	19.9313	26.2203
Age	23,137	2.9396	0.3018	1.9459	3.5264
Lev	23,221	0.3907	0.1844	0.0533	0.8875
CF	23,238	0.0509	0.0617	‒0.1569	0.2473
Growth	23,283	0.1366	0.2847	‒0.5218	2.1005
Top	21,180	35.6378	13.8408	8.0800	75.0000
Dual	23,136	0.3320	0.4709	0.0000	1.0000
Board	22,495	2.1271	0.1600	1.7918	2.7081
Big4	23,596	0.0507	0.2194	0.0000	1.0000

变量 Variables	样本量 Sample size	平均值 Mean	标准差 SD	最小值 Minimum	最大值 Maximum
SCR	23,908	0.1702	0.0424	0.0767	0.6648
BD	23,908	0.0002	0.0006	0.0000	0.0158
Size	23,392	22.1127	1.1325	19.9313	26.2203
Age	23,137	2.9396	0.3018	1.9459	3.5264
Lev	23,221	0.3907	0.1844	0.0533	0.8875
CF	23,238	0.0509	0.0617	‒0.1569	0.2473
Growth	23,283	0.1366	0.2847	‒0.5218	2.1005
Top	21,180	35.6378	13.8408	8.0800	75.0000
Dual	23,136	0.3320	0.4709	0.0000	1.0000
Board	22,495	2.1271	0.1600	1.7918	2.7081
Big4	23,596	0.0507	0.2194	0.0000	1.0000

变量 Variables	模型1 Model 1	模型2 Model 2	模型3 Model 3	模型4 Model 4	模型5 Model 5
被解释变量 DV	SCR	SCR	SCR	SCR	SCR
BD	7.8110^***	4.6669^***	3.2630^**	3.8238^***	4.7584^***
	(1.5777)	(1.4298)	(1.4033)	(1.4698)	(1.5950)
Size			0.0162^***	0.0164^***	0.0166^***
			(0.0009)	(0.0010)	(0.0010)
Age			‒0.0007	0.0035	0.0051
			(0.0064)	(0.0067)	(0.0067)
Lev			‒0.0205^***	‒0.0202^***	‒0.0198^***
			(0.0029)	(0.0031)	(0.0032)
CF				0.0246^***	0.0223^***
				(0.0040)	(0.0041)
Growth				0.0028^***	0.0026^***
				(0.0007)	(0.0007)
Top				0.0001^***	0.0002^***
				(0.0001)	(0.0001)
Dual					0.0003
					(0.0008)
Board					0.0023
					(0.0032)
Big4					‒0.0039
					(0.0032)
固定效应Fixed effect	否 No	是 Yes	是 Yes	是 Yes	是 Yes
常数项Constant	0.1687^***	0.1693^***	‒0.1778^***	‒0.2022^***	‒0.2177^***
	(0.0007)	(0.0003)	(0.0260)	(0.0276)	(0.0286)
样本量 Sample size	23,908	23,672	22,345	19,521	18,252
R²	0.011	0.688	0.697	0.712	0.713

A股上市公司生物多样性信息披露对供应链韧性的影响

The impact of biodiversity information disclosure on supply chain resilience of A-share listed companies

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变量 Variables	模型1 Model 1	模型2 Model 2	模型3 Model 3	模型4 Model 4
被解释变量 DV	SCR	SCR	SCR	SCR
分组变量 GV	议价能力高 HBP	议价能力低 LBP	短视强 HSS	短视低 LSS
BD	5.1530^***	3.5297	5.8280^***	4.4526^*
	(1.8281)	(3.1560)	(1.5752)	(2.6477)
Size	0.0166^***	0.0170^***	0.0149^***	0.0177^***
	(0.0015)	(0.0013)	(0.0013)	(0.0013)
Age	0.0012	0.0089	0.0099	0.0054
	(0.0105)	(0.0086)	(0.0086)	(0.0099)
Lev	‒0.0199^***	‒0.0188^***	‒0.0234^***	‒0.0177^***
	(0.0048)	(0.0041)	(0.0042)	(0.0045)
CF	0.0240^***	0.0156^***	0.0254^***	0.0194^***
	(0.0062)	(0.0054)	(0.0055)	(0.0062)
Growth	0.0029^**	0.0021^**	0.0017	0.0028^***
	(0.0013)	(0.0009)	(0.0010)	(0.0011)
Top	0.0002^**	0.0001	0.0002^***	0.0001
	(0.0001)	(0.0001)	(0.0001)	(0.0001)
Dual	0.0009	‒0.0005	‒0.0001	‒0.0001
	(0.0012)	(0.0012)	(0.0012)	(0.0011)
Board	0.0025	0.0043	0.0024	0.0057
	(0.0041)	(0.0044)	(0.0042)	(0.0044)
Big4	0.0026	‒0.0104^***	‒0.0084^**	0.0022
	(0.0047)	(0.0035)	(0.0033)	(0.0051)
固定效应 Fixed effect	是 Yes	是 Yes	是 Yes	是 Yes
常数项 Constant	‒0.2054^***	‒0.2424^***	‒0.1952^***	‒0.2451^***
	(0.0452)	(0.0359)	(0.0370)	(0.0404)
样本量 Sample size	8,528	9,286	9,084	8,517
R²	0.752	0.695	0.725	0.715

变量 Variables	模型1 Model 1	模型2 Model 2	模型3 Model 3	模型4 Model 4
被解释变量 DV	SCR	SCR	SCR	SCR
分组变量 GV	议价能力高 HBP	议价能力低 LBP	短视强 HSS	短视低 LSS
BD	5.1530^***	3.5297	5.8280^***	4.4526^*
	(1.8281)	(3.1560)	(1.5752)	(2.6477)
Size	0.0166^***	0.0170^***	0.0149^***	0.0177^***
	(0.0015)	(0.0013)	(0.0013)	(0.0013)
Age	0.0012	0.0089	0.0099	0.0054
	(0.0105)	(0.0086)	(0.0086)	(0.0099)
Lev	‒0.0199^***	‒0.0188^***	‒0.0234^***	‒0.0177^***
	(0.0048)	(0.0041)	(0.0042)	(0.0045)
CF	0.0240^***	0.0156^***	0.0254^***	0.0194^***
	(0.0062)	(0.0054)	(0.0055)	(0.0062)
Growth	0.0029^**	0.0021^**	0.0017	0.0028^***
	(0.0013)	(0.0009)	(0.0010)	(0.0011)
Top	0.0002^**	0.0001	0.0002^***	0.0001
	(0.0001)	(0.0001)	(0.0001)	(0.0001)
Dual	0.0009	‒0.0005	‒0.0001	‒0.0001
	(0.0012)	(0.0012)	(0.0012)	(0.0011)
Board	0.0025	0.0043	0.0024	0.0057
	(0.0041)	(0.0044)	(0.0042)	(0.0044)
Big4	0.0026	‒0.0104^***	‒0.0084^**	0.0022
	(0.0047)	(0.0035)	(0.0033)	(0.0051)
固定效应 Fixed effect	是 Yes	是 Yes	是 Yes	是 Yes
常数项 Constant	‒0.2054^***	‒0.2424^***	‒0.1952^***	‒0.2451^***
	(0.0452)	(0.0359)	(0.0370)	(0.0404)
样本量 Sample size	8,528	9,286	9,084	8,517
R²	0.752	0.695	0.725	0.715

变量 Variables	模型1 Model 1	模型2 Model 2	模型3 Model 3
被解释变量 DV	SCR	SCR	SCR
中介变量 MV	ESG	ST	SS
BD	4.2711^***	5.2486^***	2.3814
	(1.5383)	(1.5416)	(2.4657)
ESG	0.0002
	(0.0003)
BD × ESG	1.1750^***
	(0.4445)
ST		‒0.0015
		(0.0055)
BD × ST		12.6794^*
		(7.2299)
SS			0.0001
			(0.0014)
BD × SS			6.9250^**
			(3.4715)
Size	0.0166^***	0.0165^***	0.0167^***
	(0.0010)	(0.0010)	(0.0014)
Age	0.0052	0.0052	0.0063
	(0.0067)	(0.0069)	(0.0092)
Lev	‒0.0197^***	‒0.0199^***	‒0.0164^***
	(0.0032)	(0.0034)	(0.0045)
CF	0.0221^***	0.0229^***	0.0214^***
	(0.0041)	(0.0043)	(0.0052)
Growth	0.0026^***	0.0025^***	0.0020^**
	(0.0007)	(0.0008)	(0.0009)
Top	0.0002^***	0.0001^***	0.0001
	(0.0001)	(0.0001)	(0.0001)
Dual	0.0003	0.0004	0.0005
	(0.0008)	(0.0009)	(0.0010)
Board	0.0024	0.0026	0.0034
	(0.0032)	(0.0034)	(0.0042)
Big4	‒0.0040	‒0.0043	‒0.0014
	(0.0032)	(0.0033)	(0.0041)
固定效应 Fixed effect	是 Yes	是 Yes	是 Yes
常数项 Constant	‒0.2178^***	‒0.2162^***	‒0.2221^***
	(0.0286)	(0.0294)	(0.0398)
样本量 Sample size	18,252	17,367	11,004
R²	0.713	0.714	0.702

变量 Variables	模型1 Model 1	模型2 Model 2	模型3 Model 3
被解释变量 DV	SCR	SCR	SCR
中介变量 MV	ESG	ST	SS
BD	4.2711^***	5.2486^***	2.3814
	(1.5383)	(1.5416)	(2.4657)
ESG	0.0002
	(0.0003)
BD × ESG	1.1750^***
	(0.4445)
ST		‒0.0015
		(0.0055)
BD × ST		12.6794^*
		(7.2299)
SS			0.0001
			(0.0014)
BD × SS			6.9250^**
			(3.4715)
Size	0.0166^***	0.0165^***	0.0167^***
	(0.0010)	(0.0010)	(0.0014)
Age	0.0052	0.0052	0.0063
	(0.0067)	(0.0069)	(0.0092)
Lev	‒0.0197^***	‒0.0199^***	‒0.0164^***
	(0.0032)	(0.0034)	(0.0045)
CF	0.0221^***	0.0229^***	0.0214^***
	(0.0041)	(0.0043)	(0.0052)
Growth	0.0026^***	0.0025^***	0.0020^**
	(0.0007)	(0.0008)	(0.0009)
Top	0.0002^***	0.0001^***	0.0001
	(0.0001)	(0.0001)	(0.0001)
Dual	0.0003	0.0004	0.0005
	(0.0008)	(0.0009)	(0.0010)
Board	0.0024	0.0026	0.0034
	(0.0032)	(0.0034)	(0.0042)
Big4	‒0.0040	‒0.0043	‒0.0014
	(0.0032)	(0.0033)	(0.0041)
固定效应 Fixed effect	是 Yes	是 Yes	是 Yes
常数项 Constant	‒0.2178^***	‒0.2162^***	‒0.2221^***
	(0.0286)	(0.0294)	(0.0398)
样本量 Sample size	18,252	17,367	11,004
R²	0.713	0.714	0.702