垂直型环境规制、高管薪酬激励与重污染企业商业模式创新——政府补助的调节作用

Vertical Environmental Regulations,Executive Compensation Incentives,and Business Model Innovation for Heavy Polluting Enterprises:Regulatory Role of Government Subsidies

使用省级环境规制数据与2015—2019年重污染行业上市公司数据相匹配,通过固定效应模型和广义估计方程(GEE)模型,探究垂直型环境规制与企业商业模式创新的关系特征,并探讨存在两者关系中的影响机制。研究结果得出:(1)垂直型环境规制与重污染企业商业模式创新之间显著正相关;(2)高管薪酬激励在垂直型环境规制与重污染企业商业模式创新之间存在部分中介作用;(3)政府补助正向调节了垂直型环境规制与企业商业模式创新的关系;(4)区分企业规模大小后,发现大规模企业相较于小规模企业,更能适应环境规制制度。因此,政府应发挥垂直型环境规制与政府补助的激励作用,因企业制宜;企业应重视高管作用,促进商业模式的创新,助力企业可持续发展。

This paper uses provincial environmental regulation data to match the data of listed companies in heavy pollution industries from 2015 to 2019.Through the fixed effect model and the generalized estimating equation (GEE) model,this article explores the relationship between vertical environmental regulation and corporate business model innovation.And then it explores the influence mechanism in the relationship between the two.The results of the study are as follows:(1) There is a significant positive correlation between vertical environmental regulation and business model innovation of heavy-polluting companies;(2) Executive compensation incentives have a partial mediating effect between vertical environmental regulation and business model innovation of heavy polluting enterprises;(3) Government subsidies have positively adjusted the relationship between vertical environmental regulations and enterprise business model innovation;(4) After distinguishing the size of enterprises,it found that large-scale enterprises are more able to adapt to environmental regulations than small-scale enterprises.Therefore,the government should give full play to the incentive role of vertical environmental regulations and government subsidies to suit corporate conditions;companies should attach importance to the role of executives,promote business model innovation,and help companies develop sustainably.