债权治理、管理者任期与民营企业绿色技术创新——基于制造业企业面板数据的实证研究  

Debt governance,tenure of managers and green technology innovation of private enterprises:An empirical study based on panel data of manufacturing enterprises

作　　者：李国兰[1] 张雅萌 陈静[1] LI Guolan;ZHANG Yameng;CHEN Jing(Accounting School,Chongqing University of Technology,Chongqing 400054,China)

机构地区：[1]重庆理工大学会计学院,重庆400054

出　　处：《重庆理工大学学报（社会科学）》2023年第1期111-122,共12页Journal of Chongqing University of Technology（Social Science）

基　　金：国家社会科学基金项目“长江经济带环境规制建设对污染企业绿色发展的影响机制与推动路径研究”(21BJY123)。

摘　　要：民营企业的绿色技术创新活动受制于融资约束。债权人通过缓解企业资金压力实现其债权治理效应,而管理者任期长短影响债权人对绿色技术创新项目的价值评估,进而影响其治理监督程度和方向。以2013—2019年754家民营上市公司为研究样本,检验三类债权人对企业绿色技术创新的治理效应,以及管理者任期在两者关系中起的调节作用。研究发现:商业信用治理与民营企业绿色技术创新正相关,且管理者任期越长,越能强化商业信用对民营企业的正向治理作用;银行债权治理与民营企业绿色技术创新负相关,管理者任期长能够削弱银行债权对民营企业绿色技术创新负向治理作用;而债券债权治理与民营企业绿色技术创新之间无相关性,管理者任期的调节作用不显著。The rapid advancement of industrialization,especially the manufacturing industry,is the real source and guarantee of national wealth.However,blind expansion of low value industries is particularly obvious in private enterprises,which brings great pressure on resources and environment.Therefore,accelerating the green transformation of private manufacturing is urgent.Green technological innovation is a combination of green development and technological innovation,which can achieve a sustainable development of economy,society and environmental protection.As an important external financing method of private enterprises,debt financing can not only give full play to the financial effect,but also have a governance effect on green technology innovation on the premise of meeting the“hard budget constraints”,which means that creditors can maximize the benefits of green technology innovation and protect their own rights and interests by limiting the scale and purpose of enterprise financing.Therefore,this paper comprehensively tests the governance effect of creditor rights on green technology innovation of private enterprises.Managers are strategic decision makers and planners of enterprises.Tenure,as one of the important background characteristics,will affect their access to and utilization efficiency of decision-making related information,thus affecting the green technology innovation of enterprises.The longer the term of office,the more familiar the managers are with the industry and the internal and external environment of the enterprise.Frequent contact with creditors may directly or indirectly affect the creditors’views on enterprise green technology innovation by alleviating information asymmetry and building trust relationship,and then affect the degree and direction of creditors’supervision and governance.Therefore,will managers with different tenure periods promote or weaken the governance effect of creditors on enterprise green technology innovation projects?In view of the above problems,taking 754 privat

关 键 词：债权治理 管理者任期 绿色技术创新 民营企业 

分 类 号：F273.1[经济管理—企业管理] F275[经济管理—国民经济]