环保投资对第二类代理成本的影响——兼论内部控制的调节效应  

The Impact of Environmental Investment on The Second Type of Agency Costs:On the Regulatory Effect of Internal Control

作　　者：吴良海 徐小玉 WU Lianghai;XU Xiaoyu(School of Business,Anhui University of Technology,Ma'anshan,Anhui 243032)

机构地区：[1]安徽工业大学商学院,安徽马鞍山243032

出　　处：《南京审计大学学报》2024年第2期46-57,共12页Journal of Nanjing Audit University

基　　金：国家社会科学基金后期资助项目(19FJYB023)。

摘　　要：基于我国2011—2021年沪深A股上市公司数据,实证分析了环保投资、内部控制与第二类代理成本三者之间的关系。结果表明:环保投资有利于第二类代理成本的降低,且内部控制对环保投资降低第二类代理成本具有抑制作用。机制检验表明,环保投资能够通过提高公司信息透明度和提升ESG表现降低第二类代理成本。进一步分析发现,环保投资对第二类代理成本的影响在外部监督压力大、非重污染和大股东“掏空”动机较低企业显著,且内部控制的抑制作用在外部监督压力弱和大股东“掏空”动机低组企业显著,而在其他方面并不具有显著性差异。研究从经济后果视角揭示了环保投资所具有的公司治理功效,这对于“双碳”战略践行、公司治理效率提升以及投资者利益保护均有现实意义。Based on the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2021,this paper empirically analyzes the relationship between environmental protection investment,internal control and the second type of agency cost.The results indicate that environmental investment is beneficial to reduce the cost of the second type of agency,and internal control has an inhibitory effect on reducing the cost of the second type of agency through environmental investment.Mechanism test shows that environmental investment can reduce the second type of agency costs by improving company information transparency and enhancing ESG performance.Further analysis reveals that the impact of environmental protection investment on the second type of agency costs is evident in companies with high external supervision pressure,non heavy pollution,and lower motives for major shareholder hollowing out.Moreover,the inhibitory effect of internal control is significant in companies with weak external supervision pressure and low motivation for major shareholders to empty out,while there is no significant difference in other aspects.The study reveals the corporate governance benefits of environmental protection investment from the perspective of economic consequences,which is of practical significance for the implementation of the“dual carbon”strategy,the improvement of corporate governance efficiency,and the protection of investor interests.

关 键 词：环保投资 第二类代理成本 内部控制 公司信息透明度 ESG表现 公司治理效率 

分 类 号：F272.3[经济管理—企业管理]