独立董事海外留学背景与企业ESG表现  

Independent Directors’Overseas Educational Background With Enterprise ESG Performance

作　　者：石越 田愉 何德旭[2] SHI Yue;TIAN Yu;HE De-xu(Institute for Six-Sector Economy,Fudan University,Shanghai 200433 China;Business School,University of the Academy of Social Sciences,Beijing 102488,China)

机构地区：[1]复旦大学六次产业研究院,上海200433 [2]中国社会科学院大学商学院,北京102488

出　　处：《财经问题研究》2024年第2期76-89,共14页Research On Financial and Economic Issues

摘　　要：如何全面推进企业高质量发展是近年来社会各界关注的焦点。本文以2004—2021年中国沪深A股上市公司的相关数据为研究样本,采用固定效应模型实证分析了独立董事海外留学背景对企业ESG表现的影响及作用机制。基准分析结果表明,独立董事海外留学背景对企业ESG表现起促进作用,且该作用会随着拥有海外留学背景的独立董事在董事会中占比的上升而更加明显。异质性分析结果表明,独立董事海外留学背景对国有企业ESG表现的促进作用更为明显。同时,该促进作用在污染排放量高的企业中也更为明显。机制分析结果表明,独立董事海外留学背景能够通过减少企业代理问题提升企业ESG表现。此外,论资排辈问题会降低独立董事海外留学背景对企业ESG表现的促进作用。进一步分析结果表明,独立董事海外留学背景对企业环境、社会和治理表现的促进作用存在显著差异,其对企业社会表现的促进作用更明显。本文通过揭示独立董事求学经历与企业ESG表现之间的因果关系,为提升企业独立董事决策和咨询能力、促进中国独立董事制度改革,以及通过人才供给侧结构性改革推动企业高质量发展提供了启示。Summary:With the implementation of the spirit of the 20th National Congress,how to comprehensively promote the Chinese modernization under the premise of sustainable development has attracted the attention of all sectors of society.Corporates,as the most important economic pillars and foundations of China,need to transform and upgrade themselves according to the needs and goals of the country and thus better fulfil their contributions to society.Against this background,how to fulfil ESG principles and conduct ESG activities has become one of the most important tasks for enterprises.Meanwhile,whether enterprises have good ESG performance has also drawn the attention of the market.Based on all the above,this paper tries to discuss the relation between independent directors’overseas educational background with enterprise ESG performance by using a panel dataset of Chinese listed enterprises from 2004 to 2021,with the relative data provided by Refinitiv,CSMAR database and financial statements of the listed companies.Through empirical analyses,this paper finds that there is a significantly positive relation between independent directors’overseas educational background with enterprise ESG performance.As the percentage of independent directors with overseas educational background rises,the ESG performance of enterprises is significantly improved.Further mechanism and heterogeneity tests show that the ownership and positioning of a enterprise will not significantly affect the positive effect of independent directors’overseas educational background on the ESG performance.However,agency problems and seniority issues faced by a company can significantly affect the impact of independent directors’overseas educational background on the ESG performance.In addition,this paper also finds that independent directors’overseas educational background plays different roles in different aspects of ESG performance.The impact of independent directors’overseas educational background on enterprises’social aspects is more prof

关 键 词：独立董事海外留学背景 企业ESG表现 代理问题 论资排辈问题 高质量发展 

分 类 号：F270.7[经济管理—企业管理]