高管团队特征、环境绩效与公司价值——基于中国化工行业上市公司的实证研究

The Characteristics of Top Management Team, Environmental Performance and Corporate Value——Evidence from Chinese Chemical Industry Listed Companies

本文以2010~2014年沪深A股化工行业上市公司为研究对象,选取了公司年报和社会责任报告中披露的环保战略和环保投入作为环境绩效的衡量指标,探讨了高管团队特征与环境绩效、环境绩效与公司价值,以及高管团队特征对环境绩效与公司价值关系的调节作用。研究发现,高管团队的平均年龄、女性比例、平均任期及任期异质性显著影响了企业的环境绩效;环境绩效与公司价值呈现负相关关系,但不显著。进一步研究发现,高管团队女性比例和年龄异质性增强了环境绩效对公司价值的负相关关系,而平均年龄则明显抑制了这种负相关关系。

In this paper, we research the relationship between the characteristics of top management team （TMT） and environmental performance, the relationship between environmental performance and corporate value, and the regulating effect of the characteristics of TMT on the relationship between environmental performance and corporate value. We select chemical industry listed companies from 2010 to 2014 in Shanghai and Shenzhen A share stock markets as the research sample, and employ environmental protection strategy and investment of company disclosed in annual report or social responsibility report as a measurement of environmental performance. It is found that the average age of TMT, the proportion of women in TMT, the average duration and the duration heterogeneity of TMT have significant influence on environmental performance. We also find that environmental performance and corporate value presents a negative correlation but not significant. Further, we find that the proportion of women in TMT and age heterogeneity of TMT can enhance the negative relationship between environmental performance and corporate value, while the average age of TMT can significantly weaken the negative relationship between environmental performance and corporate value.