环境规制、企业绩效对高管离职的影响:基于我国制造业上市公司的实证检验  

The Influence of Environmental Regulation and Enterprise Performance on Executive Turnover:Based on the Empirical Test of Chinese Listed Manufacturing Companies

作　　者：张冰倩 耿弘[1] 褚晓潇[1] ZHANG Bingqian;GENG Hong;CHU Xiaoxiao(College of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing 211106,China;不详)

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211106

出　　处：《武汉理工大学学报（信息与管理工程版）》2022年第6期973-978,共6页Journal of Wuhan University of Technology：Information & Management Engineering

摘　　要：由于资源与环境的双重约束,企业所面临的外部规制强度变化及其产生的绩效波动会对企业高管离职产生直接或间接的影响。选取中国制造业A股上市公司2011—2019年的面板数据,采用系统GMM估计法,运用中介效应模型探究环境规制、企业绩效和高管离职之间的关系。研究发现:环境规制越严格越有可能导致当期企业高管离职;环境规制对于企业绩效具有显著的负向影响;企业绩效在环境规制和高管离职之间具有显著的中介效应;企业异质性方面,上述规律在国有企业中效应并不明显,而在非国有企业中效应显著。Due to the dual constraints of resources and environment,the change of external regulatory intensity and the resulting performance fluctuation will have a direct or indirect impact on the turnover of senior executives.Select panel data of Chinese A-share listed manufacturing companies from 2011 to 2019,adopt systematic GMM estimation method,and use mediation effect model to explore the relationship between environmental regulation,enterprise performance and executive turnover.The results show that the stricter the environmental regulation,the higher the executive turnover rate.Environmental regulation has a significant negative impact on enterprise performance.Enterprise performance has a significant mediating effect between environmental regulation and executive turnover.In terms of enterprise heterogeneity,the above laws are not obvious in state-owned manufacturing enterprises,but significant in non-state-owned manufacturing enterprises.

关 键 词：环境规制 高管离职 系统GMM 制造业 企业绩效 

分 类 号：F273.1[经济管理—企业管理]