环境管理体系认证对管理层两类代理成本的影响分析  

Analysis of the Impact of Environmental Management System Certification on Two Types of Management Agency Costs

作　　者：李南海 王冰 林珊微 LI Nan-hai;WANG Bing;LIN Shan-wei(College of Economics and Management,Hanshan Normal University,Chaozhou,Guangdong,521041;College of Economics and Management,Fuzhou University,Fuzhou,Fujian,350116)

机构地区：[1]韩山师范学院经济与管理学院,广东潮州521041 [2]福州大学经济与管理学院,福建福州350116

出　　处：《韩山师范学院学报》2023年第6期66-78,共13页Journal of Hanshan Normal University

基　　金：国家社科基金一般项目(项目编号:20BGL086);韩山师范学院校级教改课题(项目编号:E22089);2020年度广东省教育厅普通高校青年创新人才类项目(项目编号:2020WQNCX049).

摘　　要：作为一种自愿参与型环境规制,环境管理体系认证影响了企业委托代理问题,基于2008-2020年间A股上市公司经验数据,探讨环境管理体系认证对管理层两类代理成本的影响.研究发现,环境管理体系认证能显著降低管理层直接代理成本和管理层间接代理成本,倾向匹配得分法和HECKMAN两阶段回归法证明这一结论具有可靠性.进一步分析发现,与股权集中度较高企业相比,环境管理体系认证更能显著降低股权集中度较低企业管理层的直接代理成本和间接代理成本;相比稻作文化区,环境管理体系认证更能显著降低非稻作文化区企业的管理层直接代理成本.作用机制探讨发现,通过改善审计意见,环境管理体系认证能显著降低管理层直接代理成本;通过获得更多机构投资者持股,环境管理体系认证能显著降低企业的管理层间接代理成本.研究表明,环境管理体系认证能对管理层加强监督并缓解信息不对称,降低管理层的直接代理成本和间接代理成本.研究结果检验了环境管理体系认证的公司治理效应,拓展了环境管理体系认证经济后果研究,为创新环境治理方式和推进生态文明建设提供了经验证据.As a voluntary participation type of environmental regulation,environmental manage-ment system certification affects the principal-agent problem of enterprises.Based on the empirical da-ta of A-share listed companies from 2008 to 2020,this paper discusses the impact of environmental management system certification on the two types of agency costs for management.It is found that en-vironmental management system certification can significantly reduce the direct and indirect agency costs for management.This conclusion is proved to be reliable by PSM and HECKMAN two-stage re-gression method.Through further analysis,it is found that compared with enterprises with high equity concentration,environmental management system certification can significantly reduce the direct and in-direct agency costs for enterprise management with low equity concentration,and compared with rice culture areas,environmental management system certification can significantly reduce the direct agency costs for enterprise management in non-rice culture areas.Through the discussion of the function mechanism,it is found that by improving the audit opinion,environmental management system certifi-cation can significantly reduce the direct agency cost for management;by obtaining more institutional investors,environmental management system certification can significantly reduce the indirect agency cost for management.The research shows that the environmental management system certification can strengthen the supervision of management and alleviate the information asymmetry,and reduce the agency cost for the two types of management.The research results test the corporate governance effect of environmental management system certification,expand the research on the economic consequences of environmental management system certification,and provide empirical evidence for innovating envi-ronmental governance methods and promoting the construction of ecological civilization.

关 键 词：环境管理体系认证 管理层直接代理成本 管理层间接代理成本 股权集中度 区域文化 

分 类 号：F425[经济管理—产业经济] X322[环境科学与工程—环境工程]