管理层激励与产品市场竞争和企业环境信息披露

Management Incentive,Product Market Competition and Corporate Environmental Information Disclosure

为研究我国重污染企业环境信息披露工作的影响因素,选取沪深A股2016—2019年346家重污染上市企业作为样本数据进行实证分析。实证结果表明:管理层薪酬激励与环境信息披露之间存在负相关性;管理层股权激励与产品市场竞争则与环境信息披露之间呈正相关;激烈的竞争环境会抑制薪酬激励与环境信息披露之间的负相关性,但高压竞争环境会加强股权激励对环境信息披露的优化作用。因此,重污染行业应更加重视股权激励,且在薪酬激励中控制管理层的短期经营行为,并加入合理的环境信息披露工作要求。

To study the influencing factors of environmental information disclosure of heavy pollution enterprises in China,the sample data of 346 heavy pollution listed enterprises in Shanghai and Shenzhen A stocks from 2016 to 2019 are taken as samples for empirical analysis.The results show that there is a negative correlation between management compensation incentive and environmental information disclosure,while management equity incentive and product market competition are positively correlated with environmental information disclosure.The fierce competition environment will restrain the negative correlation between compensation incentive and environmental information disclosure,but the high pressure competition environment will strengthen the optimization effect on environmental information disclosure.Therefore,the heavy pollution industry should pay more attention to the equity incentive,and control the management’s short-term operation behavior in the salary incentive,and reinforce the reasonable requirement for environmental information disclosure.