摘要：在“双碳”目标硬约束与全球产业链供应链加速重构背景下，提升供应链韧性与安全水平已成为关乎经济高质量发展的战略议题。供应商作为供应链关键节点，其碳信息披露影响下游企业运营稳定性。然而，部分企业策略性夸大减排成效，出现“漂绿”式迎合披露，既扭曲信号传递功能，也向下游传导风险。已有研究对不同质量碳信息披露的差异化影响及其供应链传导机制缺乏系统考察。本文以2008—2023年沪深A股上市公司及其供应商为样本，依托信号传递理论，构建碳信息披露迎合指数，实证检验供应商碳信息披露对企业供应链中断风险的差异化影响及其作用机制，为提升供应链韧性提供经验证据。研究发现:第一，供应商非迎合性碳信息披露显著抑制企业供应链中断风险，存在迎合行为时则加剧该风险，经多重内生性与稳健性检验后成立。原因在于真实披露通过“言行一致”传递可信信号，而迎合披露具有时滞性，一旦暴露便引发剧烈冲击。第二，供应商碳信息披露通过合作关系稳定性、透明度及外部资源获取能力三条路径影响中断风险，对应关系承诺、信息校准与资源协同机制。第三，地方碳排放政策趋严与企业供应链话语权提升均强化上述效应，前者通过提高违规成本放大信号可信度，后者借议价优势强化对供应商的甄别。第四，上述效应在低碳试点城市、高市场竞争、高营商环境地区及高碳排放行业中更为显著。启示如下:企业层面，应将披露质量纳入供应商考核，借助迎合指数识别“漂绿”风险并依据供应商行业属性与所在地政策强度实施差异化管控;政策层面，应推进强制性、分级分类披露制度，健全“漂绿”惩处机制，搭建行业碳管理平台，加强环境与金融监管协同，将企业碳表现纳入信用评价，构建高韧性、可持续供应链制度环境。

Abstract: Under the background of hard constraint of the “dual carbon” goal, it is of great significance for enterprises to effectively promote carbon emission reduction and maintain the authenticity and consistency of carbon information disclosure to improve supply chain security. Based on the data of China's Ashare listed companies on the Shanghai and Shenzhen Stock Exchanges and their suppliers from 2008 to 2023,this paper explores the impact of suppliers' carbon disclosure on supply chain disruption risk from the perspective of catering behavior. The findings show that suppliers' non-catering carbon disclosure significantly suppresses the risk of supply chain disruption,while the existence of catering behavior in carbon disclosure exacerbates the risk; the tightening of local carbon emission policies and the enhancement of enterprises' supply chain bargaining power both reinforce the above suppression and exacerbation effects. Mechanism tests reveal that suppliers' carbon disclosure level affects supply chain disruption risk through three pathways:catering behavior in suppliers' carbon disclosure weakens the stability of supply chain partnerships,reduces supply chain transparency, and impedes access to external resources, thereby exacerbating supply chain disruption risk,whereas non-catering carbon disclosure produces the opposite effects. Heterogeneity analysis indicates that the above effects are more pronounced in low-carbon pilot cities,highly competitive markets,regions with better business environments, and high-carbon emission industries. From the perspectives of information transmission and “greenwashing ” behavior, this paper reveals the mechanism through which suppliers' carbon disclosure affects firms along the supply chain,offering significant theoretical value and practical implications for enhancing supply chain resilience.