我国上市公司高管薪酬与环境绩效的关系研究

Research on the Relationship between Executive Compensation and Environmental Performance of Chinese Listed Corporation

以我国沪深两市157家上市公司2010~2013年的环境绩效为切入点,基于合法性理论,利用多元线性回归模型对我国上市公司高管薪酬与环境绩效的相关关系进行研究。研究发现：我国上市公司高管薪酬与环境绩效之间存在显著的倒U型关系;高环境绩效水平下,我国上市公司高管薪酬与环境绩效负相关,且企业是否属于重污染行业不影响这种负相关关系,而企业的国有性质会弱化这种负相关关系;低环境绩效水平下,我国上市公司高管薪酬与环境绩效正相关,重污染行业企业会强化这种正相关关系,而企业的国有性质则会弱化这种正相关关系。

Based on the theory of legitimacy,taking the sample of 157 corporations’ environmental performance from 2010 to2013,this paper analyzes the relationship between executive compensation and environmental performance of listed corporation in Shanghai and Shenzhen stock markets by multiple linear regression models. Result shows that there is an inverted U shape relationship between executive compensation and environmental performance in Chinese listed corporations; under the high environmental performance level,executive compensation and environmental performance are negatively correlated. In addition,whether the enterprise belongs to heavy pollution industry does not affect this negative correlation while stateowned enterprises will weaken this negative correlation; under the low environmental performance level,executive compensation and environmental performance are positively correlated,heavy pollution industry will strengthen this positive correlation while state-owned enterprise will weaken this positive correlation.