以2009~2023年沪深A股上市公司为样本，实证检验核心企业绿色供应链管理对链上企业环境绩效的影响。研究发现：核心企业绿色供应链管理能够显著提升上下游企业的环境绩效。即其对上下游企业环境绩效的影响机制具有“向上刚性，向下柔性”的异质性特征，且通过倒逼绿色创新与强制环境信息披露提升上游企业环境绩效，并经由加强创新合作与激励环保投资提升下游企业环境绩效；同时，其对上游企业的资金支持来源于供应链内部的资金溢出，对下游企业的资金支持来源于市场中的融资吸引。企业产权性质、行业污染程度与行业竞争程度均对绿色供应链管理在上下游企业中产生的环境效应有异质性影响。进一步分析表明，核心企业绿色供应链管理显著提升了上下游企业的经济绩效，实现了经济与环境的双赢。

Taking the A-share listed companies in Shanghai and Shenzhen from 2009 to 2023 as samples, this paper empirically tests the impact of green supply chain management of core enterprises on the environmental performance of chain enterprises. It is found that the green supply chain management of core enterprises can significantly improve the environmental performance of upstream and downstream enterprises. That is, its impact mechanism on the environmental performance of upstream and downstream enterprises has the heterogeneous characteristics of “upward rigidity and downward flexibility”, and it can enhance the environmental performance of upstream enterprises by forcing green innovation and environmental information disclosure, and enhance the environmental performance of downstream enterprises by strengthening innovation cooperation and encouraging environmental protection investment. At the same time, its financial support for upstream enterprises comes from the capital spillover within the supply chain, and its financial support for downstream enterprises comes from the financing appeal in the market. The nature of enterprise property rights, the degree of industry pollution and the degree of industry competition all have heterogeneous effects on the environmental effects of green supply chain management in upstream and downstream enterprises. Further analysis shows that the green supply chain management of core enterprises has significantly improved the economic performance of upstream and downstream enterprises and achieved a win-win situation for economy and environment.