CEO变更与企业环境治理行为:基于环境成本异质性的分析  

CEO turnover and corporate environmental governance behaviors:an analysis based on the heterogeneity of environmental costs

作　　者：王京[1] 范明珠 秦宏[1] WANG Jing;FAN Mingzhu;QIN Hong(School of Management,Ocean University of China,Qingdao Shandong 266100,China)

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《中国人口·资源与环境》2023年第11期131-141,共11页China Population,Resources and Environment

基　　金：国家自然科学基金面上项目“国家审计信息化与国家治理效能:机理、效应与约束”(批准号:72172144);山东省自然科学基金青年项目“‘双向混改’视角下山东省企业绿色技术创新驱动机制与提升路径研究”(批准号:ZR2022QG028)。

摘　　要：根据“十四五”规划和2035年远景目标纲要,中国正处于实现生态环境质量改善由量变到质变的关键时期。企业是环境污染与治理的主要微观主体,其环境治理投资不仅影响自身ESG表现,而且影响中国环境治理质量;而管理者(尤其是CEO)作为企业决策的主要制定者和执行人,其投资选择受个体利益目标和内外部环境因素的双重约束,这意味着CEO的职位安全和决策动机会影响企业的环境治理投资。事实上,企业的环境治理行为有积极与消极之分,考虑到不同类型环境治理选择的功能差异,管理层的环境治理投资内容实际上反映了企业的环保态度。鉴于此,该研究基于2009—2020年度中国沪深两市A股高污染企业的统计数据,从管理者环境治理选择的动机及其实际效果出发,考察了CEO变更与企业环境成本的关系,探讨了CEO变更影响环境成本的作用机制,并进一步分析了政府补助和高管薪酬激励等内外部因素的异质性影响。研究结果表明:(1)CEO变更会增加企业强制性环境成本,抑制主动性环境成本,降低企业环境治理积极性,该结论在考虑了内生性问题的影响后依然稳健。(2)进一步研究发现,CEO变更伴随的迎合动机和风险规避动机是导致企业增加强制性环境成本、抑制主动性环境成本的重要机制。(3)政府补助能够抑制CEO变更与强制性环境成本的正向关系及其与主动性环境成本的负向关系;高管薪酬激励会放大CEO变更与强制性环境成本的正向关系及其与主动性环境成本的负向关系。该研究为中国环境监管政策深化和企业环境治理决策优化提供了决策参考与经验证据。According to the outline of the 14th Five-Year Plan(2021—2025)for national economic and social development and the long-range objectives through the year 2035,China is experiencing a critical period of realizing the improvement of ecological environ-ment quality from quantitative change to qualitative change.Enterprises are the major micro-subject of environmental pollution and gov-ernance.Thus,their investment in environmental governance not only affects their own ESG performance,but also affects the quality of environmental governance at the national level.As the investment choices of managers(especially CEOs)as the main decision-makers and executors are subject to the dual constraints of individual interest goals as well as internal and external environmental factors,their job security and decision-making motivation will affect the corporate environmental governance investment.In fact,both positive and negative environmental governance behaviors exist.Considering the functional differences of various types of environmental governance choices,the content of executives’environmental governance investment reflects the environmental protection attitude of enterprises.In view of this,based on the statistical data of A-share high-polluting enterprises in Shanghai and Shenzhen Stock Exchanges from 2009 to 2020,this paper examined the relationship between CEO turnover and environmental costs of enterprises,discussed the mechanisms,and further analyzed the heterogeneous impact of internal and external factors,including government subsidies and executive compensa-tion incentives.The results showed that:①CEO turnover would increase the mandatory environmental costs of enterprises,restrain the proactive environmental costs,and reduce the enthusiasm of enterprises for environmental governance.These findings remained stable after addressing the endogenous issues.②Further research showed that the catering motivation and risk aversion motivation associated with CEO turnover were important mechanisms.③Such findings c

关 键 词：CEO变更 企业环境治理 环境成本 政府补助 高管薪酬激励 

分 类 号：F272.91[经济管理—企业管理] X322[经济管理—国民经济] F275[环境科学与工程—环境工程]