高管权力、环境责任与市场价值  

Executive Power,Environmental Responsibility and Market Value

作　　者：李涛[1] 张欣宇 伊力奇 LI Tao;ZHANG Xin-yu;YI Li-qi(School of Economics and Management,North China Electric Power University,Beijing 102206,China;School of Accounting,Inner Mongolia University of Finance and Economics,Hohhot 010051,China)

机构地区：[1]华北电力大学经济与管理学院,北京102206 [2]内蒙古财经大学会计学院,内蒙古自治区呼和浩特010051

出　　处：《华北电力大学学报（社会科学版）》2024年第5期46-57,共12页Journal of North China Electric Power University(Social Sciences)

摘　　要：高管权力、环境履责与市场价值三者之间表现为何种相关关系,高管权力特征是否可以在环境履责与市场价值之间发挥调节作用,对上述问题的研究有利于企业更好的贯彻执行“双碳”目标、塑造良好企业形象、走可持续发展之路。本文以2011—2021年中国沪深交易所A股上市企业为研究样本,检验了高管权力、环境责任与市场价值三者间的相关关系以及高管权力具体特征的调节效应。研究结果表明:高管权力与环境履责以及市场价值呈现显著的正向关系,并且企业环境责任承担对市场价值存在正向影响。此外,高管兼任股东单位职务对环境责任与市场价值的相关关系存在显著的正向调节作用。基于上述结果,提出树立高管环境治理理念、鼓励地方政府考察企业环境治理能力、完善环境信息披露制度的建议。What is the correlation between executive power,environmental performance and market value,and whether the characteristics of executive power can play a regulating role between environmental performance and market value?Research on the above issues will help enterprises better implement the"dual carbon"goal,build a good corporate image and take the road of sustainable development.This paper takes A-share listed companies on Shanghai and Shenzhen Stock Exchanges of China from 2011 to 2021 as research samples to test the correlation between executive power,environmental responsibility and market value,as well as the moderating effect of the specific characteristics of executive power.The results show that executive power has a significant positive relationship with environmental performance and market value,and corporate environmental responsibility has a positive effect on market value.In addition,there is a significant positive moderating effect on the correlation between environmental responsibility and market value.Based on the above results,suggestions are put forward to establish the concept of environmental governance of senior executives,encourage local governments to inspect the environmental governance ability of enterprises,and improve the environmental information disclosure system.

关 键 词：高管权力 环境责任 市场价值 调节效应 

分 类 号：F270[经济管理—企业管理] F272[经济管理—国民经济] C93[经济管理—管理学]