消费经济

ESG标准在推动企业可持续发展与绿色转型中具有重要制度功能，但以生产者导向的ESG标准过度依赖信息披露与资本市场约束，在评级分散与信息失真背景下面临治理效能递减的结构性约束。本文突破供给侧单向治理框架，将社会责任感消费者培育纳入ESG框架，阐明消费者导向的ESG评级标准(CESG)与生产者导向的评级标准(PESG)协同推动绿色供应链重塑的制度逻辑。分析表明，信号传递下的绿色溢价形成、声誉机制下的社会监督强化与制度约束下的违规成本提升，共同构成CESG由消费端驱动供应链绿色转型的逆向治理机制。作为分别从需求侧与供给侧驱动绿色供应链重构的治理体系，CESG与PESG在不同经济发展阶段呈现主导力量的动态转换与协同演进特征，二者通过正反馈的循环机制形成嵌入式双层治理结构，共同推动绿色供应链治理从单一合规模式向市场驱动与制度约束并行的综合治理模式演进。

ESG standards perform important institutional functions in promoting corporate sustainability and green transformation. However, producer-oriented ESG standards, which rely heavily on information disclosure and capital market discipline, face structural constraints that diminish governance effectiveness amid rating fragmentation and information distortion. This article moves beyond the one-way, supply-side governance framework by incorporating the cultivation of socially responsible consumers into the ESG architecture. It clarifies the institutional logic through which consumer-oriented ESG rating standards(CESG) and producer-oriented ESG rating standards(PESG) jointly drive the restructuring of green supply chains. The analysis shows that the formation of green premiums through signaling mechanisms, the strengthening of social supervision through reputation effects, and the increased cost of non-compliance under institutional constraints together constitute a reverse governance mechanism through which CESG, driven from the demand side, promotes green supply chain transformation. As governance systems that respectively drive green supply chain restructuring from the demand side and the supply side, CESG and PESG exhibit dynamic shifts in dominant forces and patterns of coordinated evolution across different stages of economic development. Through a positive feedback loop, the two systems form an embedded dual-layer governance structure, jointly advancing green supply chain governance from a single compliance-based model toward a comprehensive framework in which market-driven incentives and institutional constraints operate in parallel.