环境业绩与上市公司高管薪酬的相关性研究

发布时间：2018-05-01 17:20

本文选题：环境业绩 + 高管薪酬　；参考：《长沙理工大学》2015年硕士论文

【摘要】：随着日趋严格的环境规制和利益相关者对公司环境行为的持续关注,越来越多的公司已逐步意识到了环境业绩对自身财务成长及持续竞争优势的重要性。根据委托代理模型,明确的薪酬契约有助于激励高管积极履行环境责任、提升公司环境业绩,并为高管在环境决策方面的努力提供回报。在实践中,一些大公司大集团已经开始这样做了,并在其对外公布的信息报告中明确表明将环境考核纳入到高管绩效考核范围内。基于此,本文结合当前的宏观背景和微观发展阶段,探讨环境业绩与高管薪酬的相关性,并进一步从公司内部治理及外部法律环境两个角度,分别检验董事会、地区法律制度环境对二者相关性的影响。希望通过本文的研究,为公司完善薪酬契约,优化治理机制提供实证支持。本文首先总结了国内外环境业绩与高管薪酬的相关研究,在考虑组织合法性理论、企业声誉理论、利益相关者理论和委托代理理论的基础上,对国内外环境业绩的评价标准和测量方法进行归纳总结,并在构建出本文环境业绩评价体系后,提出相关假设。本文选取2011-2013年沪市A股重污染行业上市公司的数据资料,构建回归模型进行实证分析。经研究发现：(1)环境业绩与高管薪酬正相关；(2)董事会持股比例越高,环境业绩与高管薪酬的相关性越强,独立董事比例对二者相关性的影响不显著；(3)地区法律制度环境越好,环境业绩与高管薪酬的相关性越强。根据实证研究结论,本文提出了以综合业绩为依据优化薪酬契约；提高董事会持股比例,构造社会责任型董事会；强化法制对公司环境行为的激励与约束效应的建议。
[Abstract]:With the increasingly stringent environmental regulation and stakeholders' continuous attention to corporate environmental behavior, more and more companies have gradually realized the importance of environmental performance to their financial growth and sustainable competitive advantage. According to the principal-agent model, a clear compensation contract can encourage executives to actively fulfill their environmental responsibilities, improve their environmental performance, and provide rewards for executives' efforts in environmental decision-making. In practice, a number of large companies and groups have begun to do so, and in their publicly released information reports clearly indicate that environmental reviews are included in executive performance reviews. Based on this, this paper discusses the correlation between environmental performance and executive compensation, and further examines the board of directors from two angles of corporate governance and external legal environment, combined with the current macro-background and micro-development stage. The influence of the regional legal system environment on the correlation between the two. Through the research of this paper, I hope to provide empirical support for the company to perfect the compensation contract and optimize the governance mechanism. This paper first summarizes the research on environmental performance and executive compensation at home and abroad, on the basis of considering organization legitimacy theory, corporate reputation theory, stakeholder theory and principal-agent theory. The evaluation standards and measurement methods of environmental performance at home and abroad are summarized and the relevant assumptions are put forward after the construction of the environmental performance evaluation system in this paper. This paper selects the data of Shanghai A-share heavy pollution industry listed companies from 2011-2013 to construct a regression model for empirical analysis. The study found that the higher the proportion of environmental performance and executive compensation is, the stronger the correlation between environmental performance and executive compensation is, and the better the regional legal system environment is, the less significant the impact of the ratio of independent directors on the correlation between the two is. The stronger the correlation between environmental performance and executive compensation. According to the conclusion of the empirical research, this paper puts forward some suggestions on how to optimize the salary contract based on the comprehensive performance, to increase the proportion of the board of directors, to construct the socially responsible board of directors, and to strengthen the incentive and restraint effect of the legal system on the corporate environmental behavior.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.92;X322

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