产权性质、公司治理与环境绩效关系研究——基于中国化工行业上市公司的实证检验

发布时间：2018-03-03 06:42

本文选题：环境绩效　切入点：股权结构　出处：《会计之友》2017年14期 　论文类型：期刊论文

【摘要】：文章以企业实施环境战略的程度作为环境绩效的替代变量,选取重污染行业中化工类上市公司2010—2014年的数据,在全样本和分组样本下检验了产权性质、公司治理与环境绩效的关系。实证结果显示:产权性质与环境绩效显著正相关,即国有企业对提高环境绩效具有积极作用;机构投资者持股比例与环境绩效显著正相关,且这种关系在国有企业更为明显,在民营企业中的影响较小;股权集中度与环境绩效的关系在全样本下不显著,但按照产权性质分样本后,表现出明显的相关关系,即高度集中的股权能够提高国有企业的环境绩效,而适度分散的股权可以改善民营企业的环境绩效;不论在国有企业还是民营企业中,董事会规模对环境绩效都具有正向影响,而独立董事比例对环境绩效的影响均不显著;董事长与总经理两职合一与环境绩效在国有企业中显著正相关,但在民营企业中表现不明显。该研究为改善国有企业和民营企业的环境绩效提供了相关的理论和实证依据。
[Abstract]:Taking the degree of implementation of environmental strategy as the substitute variable of environmental performance, the paper selects the data of chemical listed companies in heavy pollution industry from 2010 to 2014, and tests the property right nature under the whole sample and grouping sample. The empirical results show that the nature of property rights is positively correlated with environmental performance, that is, state-owned enterprises play a positive role in improving environmental performance, and the proportion of institutional investors holding shares is significantly positively correlated with environmental performance. The relationship between ownership concentration and environmental performance is not significant in the whole sample, but according to the property nature of the sample, there is a significant correlation between ownership concentration and environmental performance. That is, highly concentrated equity can improve the environmental performance of state-owned enterprises, while moderately dispersed equity can improve the environmental performance of private enterprises; whether in state-owned enterprises or private enterprises, the size of the board of directors has a positive impact on environmental performance. However, the proportion of independent directors has no significant impact on environmental performance, and the integration of chairman and general manager is significantly positively correlated with environmental performance in state-owned enterprises. However, it is not obvious in private enterprises. This study provides relevant theoretical and empirical basis for improving the environmental performance of state-owned enterprises and private enterprises.
【作者单位】：云南财经大学会计学院;乌鲁木齐职业大学经济贸易学院;
【基金】：国家自然科学课题“企业环境绩效、公司治理与公司价值关系研究”(71462032)(由余怒涛教授主持) 云南省科技计划项目“基于公司治理视角的公司环境绩效及其评价——以云南省上市企业为例”(2013FB055) 云南公司治理研究创新团队项目(2014cx06)
【分类号】：F406.7;F426.7;F832.51

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