大股东控制权、外部监督层次与企业ESG表现  

Major Shareholder Control,External Supervision Hierarchy and Firm ESG Performance

作　　者：姜丽莎 康湧清 邓伟 JIANG Lisha;KANG Yongqing;DENG Wei(School of Accounting,Lanzhou University of Finance and Economics,Lanzhou 730020,China;Business School,Gansu University of Political Science and Law,Lanzhou 730070,China)

机构地区：[1]兰州财经大学会计学院,兰州730020 [2]甘肃政法大学商学院,兰州730070

出　　处：《哈尔滨商业大学学报（社会科学版）》2024年第5期38-56,共19页Journal of Harbin University of Commerce:Social Science Edition

基　　金：国家自然科学基金青年项目“碳中和愿景下可再生能源电力消费的减排效应研究”(72103163);甘肃省高等学校创新基金项目“碳金融赋能制造业企业低碳转型的机制、路径与对策研究”(2024A-113);甘肃省高等学校科技创新项目“审计委员会模式下经济责任审计参与国家治理的作用机制与路径优化研究”(2022A-089)。

摘　　要：以2009—2022年沪深A股上市公司为研究对象,对大股东控制权与企业ESG表现的非线性关系进行理论探讨和实证检验,并考察外部监督对大股东控制权与企业ESG表现的调节作用,进一步从不同股东特征角度考察非线性关系的作用差异。研究表明:大股东控制权对企业ESG表现的影响呈倒“U”型非线性特征;该倒“U”关系在较高的外部监督环境下表现更加明显,且随外部监督层次而变化,外部监督的调节作用在宏观层面变弱,在微观层面增强;机制检验发现,大股东控制权通过两类代理成本和关联交易行为作用于企业ESG表现;不同股东特征对大股东控制权的作用效应存在异质性影响。This paper takes A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 as the research object,and conducts A theoretical discussion and empirical test on the nonlinear relationship between majority shareholder control and corporate ESG performance,and examines the moderating effect of external supervision on majority shareholder control and corporate ESG performance,and further examines the difference of the nonlinear relationship from the perspective of different shareholder characteristics.The results show that the influence of majority shareholder control on ESG performance is an inverted U-shaped nonlinear feature.The inverse-U relationship is more obvious in higher external supervision environment and changes with the level of external supervision.The moderating effect of external supervision becomes weaker at the macro level and stronger at the micro level.The mechanism test shows that the control rights of major shareholders affect the ESG performance of enterprises through two kinds of agency costs and related transaction behavior.There are heterogeneous effects of different shareholder characteristics on the control rights of major shareholders.This paper not only deepens the research on factors affecting ESG performance of enterprises,but also helps to deeply understand the role of major shareholders in corporate governance,which is of great significance for understanding the governance role of major shareholders and how to improve ESG performance of enterprises and promote sustainable development of enterprises.

关 键 词：大股东控制权 外部监督层次 ESG表现 曲线调节效应 

分 类 号：F270.3[经济管理—企业管理]