“党建入章”与企业绿色转型——基于我国A股公司企业章程文本识别的经验证据

“Integration of Party Building into Articles of Association”and Green Transformation of Enterprises:Empirical Evidence on the Textual Recognition of Articles of Association in China’s listed Companies

党建工作融入企业治理,是我国现代企业制度的重要特色。本文搜集2010—2020年中国A股上市公司的公司章程,在文本识别的基础上实证检验了“党建入章”对企业绿色转型的影响。研究发现:“党建入章”显著促进了企业的绿色转型,保障了企业对国家绿色发展政策的响应度和执行力,并且这种影响在民营企业以及非重污染企业更为显著。进一步分析发现:(1)“党建入章”可以帮助企业转变绿色价值观,基于“价值引领”的自发内驱力进行绿色转型;(2)企业运营效率是强化“党建入章”对企业绿色转型正向效应的驱动力,同时企业运营效率超过一定门槛后,“党建入章”对企业绿色转型的促进效应会显著增强。

The integration of Party building into corporate governance is a prominent characteristic of China's contemporary business framework.This paper collects the articles of association of listed companies on China's A-share market between 2010 and 2020 and empirically examines the impact of"integration of Party building into articles of association"on the green transformation of enterprises based on textual recognition.The research concludes that"integration of Party building into articles of association"considerably encourages the green transformation of businesses and guarantees the responsiveness and implementation of national green development policies.This phenomenon is more pronounced in the private enterprises,and non-heavily polluting enterprises.Further analysis indicates:(1)"integration of Party building into articles of association"can help businesses change their green values and perform green transformation autonomously based on the internal driving force of"value leadership".(2)Operational efficiency is a crucial factor in enhancing the positive impact of"integration of Party building into articles of association"on the green transformation of businesses.Moreover,the promotional effect will significantly increase once the operational efficiency of businesses exceeds a certain threshold.