空气污染与高管流动研究--基于秦岭-淮河线的断点回归设计

Air Pollution and Executive Migration:Based on Regression Discontinuity Design of China's Huai River Policy

利用上市企业高管简历和中国地级市的空气质量指数(AQI)数据,使用断点回归方法,本文探讨了空气污染对高管流动的影响。本文发现,空气污染显著提高了企业高管流动的可能性,高管更有可能向空气质量好的城市迁移。从高管个体、企业和外界环境因素三个层面探讨了空气污染影响高管流动可能性的边界条件。其结果表明:高管能力增大了空气污染对其流动可能性的影响;企业薪酬补偿和股权补偿削弱了空气污染对高管流动可能性的影响,并且股权补偿对其作用更为明显;外界经济政策不确定性显著削弱了空气污染对高管流动可能性的影响。异质性检验结果表明,相较于非自愿流动,空气污染提高了高管自愿流动的可能性;在非国有性质企业中,空气污染对高管流动可能性的正向影响作用更为显著;不同类型的污染物提高了高管流动可能性,细微颗粒物(PM10和PM2.5)对高管流动可能性的正向影响作用更为明显。本研究为外界环境影响个体行为决策的研究提供了微观个体的经验证据,从企业高管流动的角度丰富了空气污染方面相关研究,也从空气污染造成企业高级人力资本流失的角度说明提高环境治理能力以及实现经济发展与环境的和谐共生具有重要的现实意义。

Combined with executive resume data of listed enterprises and Air Quality Index(AQI)data of prefectural cities in China,this paper adopts a Regression Discontinuity Design(RDD)to examine the influence of air pollution on executive migration.We find that air pollution significantly increase the likelihood of executive mobility and executives are more likely to migrate to cities with better air quality than cities with poorer air quality.Fur-thermore,we discuss the indirect influencing factors from three perspectives of executive,enterprise and external environmental factors.The results show that the executives'abilityplays a positive role.Corporate salary and equity compensation reduce the impact of air pollution on the possibility of executive migration,among which,the role of equity compensation is more obvious.The Economic Policy Uncertainty significantly reduces the impact of air pollution on the Migration of executives.In addition,we also find that air pollution contributes to the possibility of executives'voluntary change.The positive relationship between air pollution of non-state-owned enterprises and the migration of senior executives is more significant.Different types of pollutants increase the likelihood of executive mobility,of which fine particulate matter(PM10 and PM2.5)plays a more important role in executive mobility.This paper enriches the relevant research on the economic consequences of air quality from the perspective of executives of enterprises,that is,air pollution has caused the loss of advanced human capital in enterprises.It also shows that it is of great practical significance to improve the ability of environmental management and realize the harmonious symbiosis between economic development and environment.