内部控制、环境绩效与高管薪酬业绩敏感性  

作　　者：李辰颖[1,2] 

机构地区：[1]北京林业大学经济管理学院 [2]上海财经大学

出　　处：《企业经济》2019年第10期109-115,共7页Enterprise Economy

基　　金：中央高校基本科研业务费专项资金项目“林工一体化企业环境会计确认、计量与报告”（项目编号：2018RW12）;国家社会科学基金重大项目“基于自然资源资产负债表系统的环境责任审计研究”（项目编号：15ZDB160）

摘　　要：在环境规制日益严格、环境治理好坏影响企业可持续发展的情况下,企业制定高管薪酬契约时不仅要考虑财务绩效,也需将环境绩效纳入考核范畴。选取2013-2017年沪深两市A股重污染行业上市公司为样本,检验高管薪酬与环境绩效、财务绩效的敏感性,以及内部控制在其中的调节作用。研究发现:内部控制强的企业环境绩效显著优于内部控制弱的企业;内部控制可以强化高管薪酬与财务绩效的敏感性;内部控制弱的企业环境绩效提升会降低高管薪酬,而内部控制强的企业不存在这种现象。建议政府通过奖励与惩罚双重机制,督促企业保护环境;企业加强内部控制,合理激励高管;高管增强环保意识,辅助企业实现绿色经营,三方协力提升企业环境绩效。Under the circumstances that environmental regulations are increasingly strict and environmental governance affects the sustainable development of enterprises, enterprises should not only consider financial performance, but also bring environmental performance into the category of evaluation when formulating executive compensation contracts. The listed companies in A-share heavily polluting industries in Shanghai and Shenzhen stock markets from 2013 to 2017 are selected as samples to test the sensitivity of executive compensation to environmental performance and financial performance, as well as the moderating effect of internal control. The empirical results show that, the environmental performance of enterprises with strong internal control is significantly better than that of enterprises with weak internal control;internal control can strengthen the sensitivity of executive compensation and financial performance;for enterprises with weak internal control, the improvement of environmental performance will reduce executive compensation, but this phenomenon does not exist in enterprises with strong internal control. It is suggested that the government should urge enterprises to protect the environment through the dual mechanism of reward and punishment, enterprises should strengthen internal control and motivate executives reasonably, executives should enhance environmental awareness, assist enterprises to achieve green management, and the three parties work together to improve environmental performance of enterprises.

关 键 词：内部控制 环境绩效 薪酬业绩敏感性 重污染企业 

分 类 号：F272.92[经济管理—企业管理]