企业碳信息披露与客户集中度

甄皓晴¹，何理¹，陈迎²

（1. 中国社会科学院大学 应用经济学院，北京 102488；

2. 中国社会科学院 生态文明研究所，北京 100710）

摘要：碳信息披露不仅是企业响应政府号召的积极表现，也是供应链利益相关者评估企业可持续发展能力的重要依据。基于2012—2023年沪深A股上市公司数据，从微观企业视角探究碳信息披露对客户集中度的影响及其作用机制。研究结果显示，企业碳信息披露能够降低客户集中度。机制检验结果表明，企业碳信息披露通过提升分析师关注度、补充市场拓展资金、提高产品差异化程度等方式影响客户集中度。异质性分析结果表明，在重污染企业、位于环境规制强度较高地区的企业以及位于市场整合程度较高地区的企业中，碳信息披露对客户集中度的影响更为明显。上述研究结论不仅为后续的企业供应链管理研究奠定了基础，也为企业在低碳经济时代的战略决策提供了理论支撑和实践借鉴。

基金项目：国家社会科学基金一般项目“数字化赋能企业供应链高质量发展研究”（23BJY072）；中国非洲研究院2023年度中非合作研究课题“中非合作应对气候变化和推进绿色发展研究”（CAI-J2023-04）；中国社会科学院国情调研重大项目“数字化推动企业供应链高质量发展调研”（2024GQZD019）

关键词：碳信息披露；客户集中度；供应链管理；分析师关注；市场拓展资金；产品差异化

作者简介：甄皓晴，中国社会科学院大学应用经济学院博士研究生；何理，中国社会科学院大学应用经济学院副教授，通信作者；陈迎，中国社会科学院生态文明研究所研究员。

引用格式：甄皓晴,何理,陈迎.企业碳信息披露与客户集中度[J].首都经济贸易大学学报,2026,28(1):115-128.

Carbon Information Disclosure and Customer Concentration

ZHEN Haoqing¹, HE Li¹, CHEN Ying²

(1.University of Chinese Academy of Social Sciences, Beijing 102488;

2. Chinese Academy of Social Sciences, Beijing 100710)

Abstract: With the growing global consensus on addressing climate change, carbon information disclosure has increasingly become one of the key indicators for evaluating corporate environmental performance and social reputation. Customer management has been a critical factor influencing corporate revenue and profitability. For enterprises operating in international markets or positioned at the upstream of supply chains, adopting a transparent carbon information disclosure approach to demonstrate their low-carbon transition capacity can not only strengthen mutual trust with clients but also help secure more orders and cooperation opportunities in highly competitive markets. Examining the relationship between carbon information disclosure and customer concentration enables firms to better recognize the potential value of disclosure decisions and identify focal points for optimizing customer structures. Existing studies have primarily investigated the economic consequences of carbon disclosure from the perspective of internal corporate value, while neglecting its externalities and supply chain demand dimensions. Therefore, it is necessary to further leverage corporate information disclosure to enhance supply chain management, and uncover the “black box” of how carbon disclosure affects customer concentration. Moreover, prior research on customer concentration has focused mainly on its economic consequences, with limited exploration of its determinants, and few studies have examined such determinants from the perspective of carbon disclosure. Given this research gap, this paper adopts a supply chain management perspective to explore the impact of corporate carbon information disclosure on customer concentration and to analyze the underlying mechanisms. Specifically, this paper selects Chinese A-share listed companies from 2012 to 2023 as the research sample, and constructs a two-way fixed effects model to investigate the effect of carbon disclosure on customer concentration.

The findings are as follows. First, corporate carbon information disclosure reduces customer concentration. In other words, such disclosure attracts more potential customers and lowers a firm's dependence on existing major clients. This conclusion remains robust across multiple tests, providing theoretical support for corporate sustainable development and supply chain management. Second, mechanism analysis reveals that the effect of carbon information disclosure on customer relationships operates through increasing analyst attention, supplementing market expansion capital, and enhancing product differentiation. Third, the impact of carbon disclosure on customer relationships is heterogeneous. It is more pronounced in enterprises within polluting industries, in regions with stricter environmental regulation, and in areas with higher degrees of market integration. This paper lays a foundation for subsequent research on corporate supply chain management and offers theoretical guidance and practical implications for strategic decision-making in the era of a low-carbon economy.

Keywords: carbon information disclosure; customer concentration; supply chain management; analyst attention; market expansion capital; product differentiation

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