关键词: 环境规制, 供应链溢出, 网络位置, 可再生能源投资

Abstract: The supply chain networks formed through supplier-customer linkages promote environmental regulatory requirements and pressures in customer regions to spill over along supply chains, prompting suppliers to meet customers’ environmental demands and thereby influencing investment decisions by renewable energy suppliers. This paper, using Chinese A-share listed renewable energy firms from 2013 to 2023 as samples, constructs a customer network centered on renewable energy suppliers based on disclosed information regarding their top five customers to study the impact and underlying mechanism of environmental regulation intensity in customer regions renewable energy suppliers’ investment, while also examining the moderating roles of supplier-customer relationships and board network positions. The results show that stronger environmental regulation in customer regions encourages renewable energy suppliers to expand their investment scale. Moderating effect analysis shows that, from the perspective of relational governance, customer concentration and supplier industry competition affect supplier investment scale. From the perspective of structural embedding, higher board network centrality strengthens the impact of customer-region environmental regulation on supplier investment, whereas richer structural holes weaken this effect. Further analysis reveals that customer-region environmental regulation promotes supplier investment by affecting revenue and costs and adjusting supply-demand relationships. The findings provide reference for optimizing environmental regulation policies, promoting renewable energy investment, and improving supply chain governance.

Key words: environmental regulation, supply chain spillover, network location, renewable energy investment