高管超额薪酬会影响企业环境绩效吗?——基于重污染行业上市公司的实证研究  

Does Executive Excess Compensation Affect Corporate Environmental Performance?——Empirical Research based on Listed Companies in Heavily Polluting Industries

作　　者：胡礼文[1] 严一航 HU Liwen;YAN Yihang(School of Finance,Jiangxi Normal University,Nanchang,Jiangxi 330022,China)

机构地区：[1]江西师范大学财政金融学院,江西南昌330022

出　　处：《金融教育研究》2023年第2期63-73,共11页Research of Finance and Education

基　　金：江西省教育厅研究生创新基金项目“高管超额薪酬会影响企业环境行为吗?——基于重污染行业上市公司的实证研究”(YC2021-S221)。

摘　　要：推动经济社会全面绿色转型,实现绿色低碳发展,重污染行业环境管理体系变革势在必行。以2015—2020年沪深两市A股重污染行业上市公司为样本,重点考察高管超额薪酬对企业环境绩效的影响及其中介机制。实证结果表明,高管超额薪酬能够显著提升企业环境绩效水平,且媒体关注度在二者之间具有显著的中介作用。进一步研究发现,在市场化程度更高和环境规制程度更弱的地区,高管超额薪酬对企业环境绩效的正向影响更为显著。To promote a comprehensive green transformation of the economy and society and achieve green and low-carbon development,it is imperative to reform the environmental management system of heavily polluting industries.This paper takes A-share listed companies in heavily polluting industries in Shanghai and Shenzhen stock markets from 2015 to 2020 as samples,and focuses on the impact of executive excess compensation on corporate environmental performance and its intermediary mechanism.The empirical results show that executive excess compensation can significantly improve the level of corporate environmental performance,and media attention has a significant mediating effect between the two.Further research finds that in regions with a higher degree of marketization and weaker environmental regulation,the positive impact of executive excess compensation on corporate environmental performance is more significant.

关 键 词：重污染行业 高管超额薪酬 企业环境绩效 媒体关注 

分 类 号：F205[经济管理—国民经济]