环境规制、代理成本与公司绩效——来自化工行业上市公司的经验证据

Environmental Regulation, Agency Cost and Corporate Performance——Empirical Evidence from Listed Companies in the Chemical Industry

本文选取2014-2018年A股化工行业上市公司为研究对象,采用中介效应模型研究环境规制、代理成本和公司绩效的关系。研究结果显示,环境规制具有降低代理成本的作用,在此基础上能够对公司绩效产生积极影响。进一步地,将总样本按照地区进行划分,发现环境规制对代理成本的降低程度在东、中、西部地区无明显差异,但对公司绩效的提升作用存在地区性差异。具体来说,命令控制型环境规制会降低公司绩效,代理成本能削弱该降低作用;市场激励型和公众参与型环境规制会提升公司绩效,代理成本能强化该提升作用,以上结论在分地区样本中仍然成立,并且市场激励型环境规制对东部地区公司绩效的提升作用明显高于中、西部地区。

This paper selects listed companies in the A-share chemical industry from 2014 to 2018 as the research object,and adopts fixed effect and intermediary effect models to study three types of environmental regulation(command-and-control type,market incentive type and public participation type),agency cost and corporate performance relationship.It is found that the three kinds of environmental regulations can effectively reduce agency costs and have a positive impact on corporate performance.Further,the total sample is divided by region,and it is found that environmental regulation has no significant difference in agency cost reduction in eastern,central and western regions,but there are regional differences in the improvement effect of environmental regulation on company performance.Specifically,command-and-control environmental regulation can weaken corporate performance,while agency cost can play a masking effect on the weakening effect.Market incentive type and public participation type environmental regulation can improve corporate performance,and agency cost can play a part of the intermediary effect on the improvement.The above two effects are significant in all regions,and the effect of market-motivated environmental regulation on the improvement of corporate performance in the eastern region is significantly higher than that in the central and western regions.