党组织嵌入与企业绿色转型

Party Organization Embedding and Corporate Green Transformation

本文基于2006～2016年中国沪深A股工业上市公司的经验数据,以合法性理论为基础,实证检验党组织嵌入对企业绿色转型的影响及其机制,研究发现:党组织嵌入有效地促进了企业绿色转型,且党组织嵌入董事会、监事会和管理层均显著地提高了企业绿色转型水平;新的《环境保护法》实施后,党组织嵌入对企业绿色转型的促进作用更加显著。拓展性检验与分析后发现,党组织嵌入对企业绿色转型的促进作用主要表现在国有企业、低融资约束企业以及重污染行业企业中。影响渠道探究后发现,党组织嵌入通过塑造企业绿色转型价值观、强化企业环境政策遵守以及制衡企业代理冲突,促进企业绿色转型。

Based on the empirical data of China's Shanghai and Shenzhen A-share industrial listed companies from 2006 to 2016, this paper empirically tests the impact of Party organization embedding on corporate green transformation. The result shows that: Party organization embedding effectively promotes corporate green transformation, and the Party organization embedded in the board of directors, the board of supervisors, and the management significantly improves the level of corporate green transformation;after the implementation of the new “Environmental Protection Law”, the promotion effect of Party organization embedding on corporate green transformation is more significant. After extensive testing and analysis, we find that the promotion effect mainly reflects in state-owned enterprises, low financing constraint enterprises, and heavily polluting enterprises. After exploring the channels, the result shows that the Party organization embedding can promote corporate green transformation by shaping the values of green transformation, strengthening environmental policy compliance, and balancing agency conflicts.