高管薪酬激励会影响企业绿色创新吗

Will Executive Compensation Incentives Affect Corporate Green Innovation?

绿色创新是国家和企业发展的主要驱动力,研究如何提高企业绿色创新能力对促进企业可持续发展具有积极意义。基于2012-2021年中国沪深A股上市公司的面板数据,探究高管薪酬激励对企业绿色创新的影响以及作用机制,并且引入内部控制和融资约束变量,进一步检验内部控制和融资约束在其中所发挥的调节作用。结果发现:高管薪酬激励能够显著促进企业绿色创新,该作用通过缓解信息不对称问题得以实现;内部控制能够强化高管薪酬激励对企业绿色创新的促进作用;融资约束会抑制高管薪酬激励对企业绿色创新的促进作用。此外,分样本检验发现,高管薪酬激励对企业绿色创新的促进作用,在非国有、重污染以及东部地区的企业中尤为显著。

Green innovation is the main driving force for the development of countries and enterprises. It is of positive significance to study how to improve the green innovation ability of enterprises to promote the sustainable development of enterprises. Based on the panel data of China’s Shanghai and Shenzhen A-share listed companies from2012 to 2021, this paper explores the impact of executive compensation incentive on corporate green innovation and its mechanism, and introduces internal control and financing constraint variables to further test the moderating role of internal control and financing constraint. The results show that executive compensation incentives can significantly promote corporate green innovation, which can be realized by alleviating information asymmetry. Internal control can strengthen the promotion effect of executive compensation incentive on enterprise green innovation;Financing constraints will inhibit the promotion effect of executive compensation incentive on corporate green innovation. In addition, the sub-sample test shows that the promotion effect of executive compensation incentive on enterprise green innovation is particularly significant in non-state-owned, heavily polluted and eastern enterprises.