企业高管的政府背景与企业社会责任事件的溢出效应——基于“环保风暴”下金沙江水电项目紧急叫停案的研究

Political Connections and the Spillover Effects of CSR Accidents:Evidence from China's "Environmental Storm"

2009年6月11日中国两大电力公司"华能"与"华电"在金沙江的项目被环境保护部紧急叫停,这是一起典型的环境保护社会责任事件。这一事件不仅对涉事两家企业产生了影响,而且具有显著的行业溢出效应。本文运用事件研究法发现,电力行业的投资者对该事件普遍做出消极的市场反应,而且对企业高管曾担任过政府官员的电力行业企业,投资者的反应更为消极。具体表现为股价下跌更厉害、资金流出率更高。这一研究结果意味着,在面临社会责任事件所引发的政府管制时,企业通过高管建立的政治关系对股东而言可能具有负面效应。本文认为,政治关系对股东的负面效应是因为具有政治背景的高管的激励来自于其所任职企业的财富激励较低,而主要取决于政治升迁激励,相应地,他们会更有动力去执行政府的意志。

The projects in Jinshajiang of two big electricity corporations in China, Huaneng and Huadian, was suspended urgently by Ministry of Environment Protection of China on June 11,2009, and this is a traditional accident on CSR of environment protection. Our event study finds that investors in electricity industry react negatively to this event, and there negative reactions are more significant when companies＇ top managers are or used to be gov- ernment officials. For those companies, their stock prices decline more dramatically and net order outflow ratios are higher. Our research results indicate that the political connections of top managers have negative effects on shareholders in face of government regulation events. The reason, we think, may be that those politically-connected top managers care more about their political career promotion than about their monetary income from companies which are generally low, therefore they have more incentives to implement government＇s policies.