自然资源资产离任审计、管理层动机与企业环境治理

Natural Resource Assets Audit of Outgoing Leading Cadres,Management Motivation and Enterprise Environmental Governance

自然资源资产离任审计是具有独特人格化烙印的生态治理手段。文章将2015-2017年全国范围内正式开展的自然资源资产离任审计试点作为外生冲击事件,结合重污染企业的环境治理数据,采用多期双重差分模型,基于管理层动机的视角考察自然资源资产离任审计对重污染企业环境治理行为的影响。研究发现,自然资源资产离任审计具有积极的环境治理效应,表现为离任审计促进了企业环保总投入的提升,且环境治理效应具有持续性。进一步研究发现,自然资源资产离任审计通过影响管理层动机进而影响企业环境治理行为的选择,表现为在审计试点政策影响下,管理层基于长期转型动机推动了企业资产类环保投入水平的提升。自然资源资产离任审计的环境治理效应主要集中在政府干预较强的地区以及内部控制质量较低、融资约束程度较高的企业。国有企业和非国有企业环境治理行为均受到审计试点政策的影响,但是试点政策对国有企业的影响可能更具持续性。

Natural resource assets audit of outgoing leading cadres is an ecological governance method with a unique personification imprint.In this paper,natural resource assets audit of outgoing leading cadres carried out from 2015 to 2017 is taken as an exogenous shock event.Combined with the environmental governance data of heavily polluting enterprises,the impact of natural resource assets audit on the environmental governance behavior of heavily polluting enterprises is examined from the perspective of management motivation by using the difference-in-difference model.The results show that natural resource assets audit of outgoing leading cadres has a positive environmental governance effect,which is specifically manifested in the increase of the companies total investment in environmental protection promoted by the natural resource assets audit,and this environmental governance effect is continuous.Further test finds that natural resource assets audit of outgoing leading cadres influences the choice of enterprise environmental governance behavior by influencing the management motivation.Under the influence of the audit pilot policy,enterprise assets on environmental protection investment have been promoted by management based on the long-term transformation motivation.The impact of natural resource assets audit on corporate environmental governance behavior is more pronounced in areas with high government intervention intensity and in companies with low internal control quality and high financing constraints.Additionally,the environmental governance behavior of both state-owned enterprises and non-state-owned enterprises has been significantly affected by the audit pilot policy,but the impact of the pilot policy on state-owned enterprises may be more sustainable.