制度环境、两权分离与企业环境治理  

Institutional Environment,the Separation of Two Rights and Corporate Environmental Governance

作　　者：傅鸿震 张琳 Fu Hongzhen;Zhang Lin

机构地区：[1]闽南师范大学商学院

出　　处：《投资研究》2020年第12期120-135,共16页Review of Investment Studies

基　　金：福建省教育厅“商务大数据分析与应用福建省高校重点实验室”建设项目(闽教科[2017]115号);教育部人文社会科学基金项目《反腐败与关联企业资源获取行为研究:基于视察官员落马的视角》(18YJC790048)。

摘　　要：本文以2012-2018年我国重污染行业上市公司的平衡面板数据为样本,通过手工收集企业环境治理数据,实证检验了制度环境、两权分离对企业环境治理的影响。研究发现:两权分离对企业环境治理具有显著的负向影响,即终极控制股东的控制权与现金流量权两权分离程度越大,企业环境治理水平越低;制度环境对企业环境治理具有显著的正向影响,上市公司所处地区的市场化程度越大、法治水平越高、政府干预程度越低,企业环境治理投入越多;此外,制度环境还能够有效缓解两权分离对企业环境治理的负面影响。Taking a balanced panel data of China’s listed companies of heavy pollution industries from 2012 to 2018 as samples,this paper manually collects the data of corporate environmental governance,empirically examines the impact of the separation of two rights and institutional environment on corporate environmental governance.The results show that the separation of two rights has a significant negative impact on corporate environmental governance,that is,the greater separation degree of ultimate controlling shareholder’s control rights and cash-flow rights,the lower the level of corporate environmental governance;institutional environment has a significant positive impact on corporate environmental governance,which means the companies in the region with the greater marketization degree,the higher law level and the less government intervention may result in more environmental governance investment.It is also found that institutional environment can effectively alleviate the negative impact of the separation of two rights on corporate environmental governance.

关 键 词：制度环境 终极控制股东 两权分离 企业环境治理 

分 类 号：F832.51[经济管理—金融学] F271[环境科学与工程—环境工程] X322