环境绩效与经济绩效:控制权类型和高管激励的调节作用

Environmental Performance and Economic Performance:The Modulation Effects of the Corporate Control and Senior Administrator Incentive Scheme

利用我国上市化工企业数据,实证分析了环境绩效(以下简称"ENP")对经济绩效(以下简称"ECP")影响过程中控制权类型和高管激励机制的调节作用。研究结果不仅支持了ENP与ECP的显著正相关性(以下简称"ENECPE效应"),而且还发现:中央政府所有权控制的企业并未在通过改进环保技术提高经济效益方面发挥表率作用,相反,在非政府部门控制的企业中,ENECPE效应更得到了充分体现;如果总经理从上市公司领取薪酬,那么当上市公司ENP较低时,ECP也将处于一种较低的水平;高管持股并不能显著调节上市公司ENP对ECP的影响作用。

Employing the data from the listed companies of chemical industry in China, the article analyzed the modulation effects of the corporate control and the top management incentive scheme on the relationship between environmental performance（ ENP） and economic performance（ECP）. The results of the study support not only that there is a significant positive effect between ENP and ECP（ENECPE）, it is also found that central government ownership controlled enterprises have not exerted example function in the aspect of improving ECP through ameliorating environmental technology; on the contrary, ENECPE has been significantly embodied in non-governmental controlled enterprises; In those listed companies that senior administrators get their pay directly from the enterprises, when the ENP is at its low level, the ECP of these companies will also be comparatively low; senior administrators＇ share holding could not significantly adjust the effects of ENP on ECP as well.