工工至臻论坛
2026年第6期 总第37期
报告题目：Do Green Bonds Reduce Carbon Emissions? Bounded Stewardship and Carbon Outsourcing in Supply Chains
汇报人：蔡港树，圣克拉拉大学教授
时 间： 2026年7月10日上午10:00 -11:30
地 点： 新主楼A618
讲座摘要：Firms often issue green bonds to support reductions in carbon emissions in both their internal operations and external supply chain activities. Using invoice-level data on raw material purchases to measure firms’ direct carbon emissions, we employ regression models to compare the emissions of green bond issuers and non-issuers while controlling for firm characteristics and other relevant factors. Our empirical results show that green bond issuers tend to generate lower internal emissions but higher external emissions from upstream suppliers. Overall, green bond issuance is associated with higher total supply chain emissions, suggesting that reductions in issuers’ internal emissions may be offset by increased external emissions from upstream suppliers. We further examine the role of the firm life cycle and find that green bonds issued by firms in the mature stage are more effective in reducing total carbon emissions. Moreover, stronger trust between green bond issuers in the growth or decline stage and their upstream suppliers helps reduce issuers’ direct emissions without increasing suppliers’ external emissions. We also conduct robustness checks using regressions based on self-disclosed emissions data, coarsened exact matching (CEM), difference-in-differences analysis, and sensitivity analysis. This study suggests that managers should adopt a supply chain perspective when designing emission reduction strategies by addressing both internal and external emissions. It also highlights the importance of trust between issuers and upstream suppliers in achieving more effective carbon reduction.
主讲人简介：蔡港树博士现任圣克拉拉大学教授兼系主任，国际权威学术期刊《Production And Operations Management》资深编辑，以及《Decision Sciences》领域主编。同时，他还担任管理科学与工程学会供应链与运营管理分会创始主任，善意中国企业发展研究院院长、以及硅谷数智供应链研究院创始人。蔡博士曾获得数十项国际级、校级和学院级优秀研究、教学与服务奖。迄今为止，他已在供应链金融、运营管理、市场营销、电子商务、生产制造与服务管理等领域的国际顶级和权威学术期刊上发表论文六十余篇，并著有《供应链金融：机制原理、风险分析与技术创新》一书的中英文版，并因此获得新锐作者奖。
