连锁股东与企业绿色转型:推动抑或阻碍?  

Chain Shareholders and Green Transformation of Enterprises:Promoting or Hindering?

作　　者：郑伟 李雅晴 刘羽 张海力 ZHENG Wei;LI Yaqing;LIU Yu;ZHANG Haili

机构地区：[1]山东财经大学会计学院 [2]国网冀北电力有限公司

出　　处：《财务研究》2024年第6期55-68,共14页Finance Research

基　　金：山东省社会科学规划研究重点项目(20BGLJ05)。

摘　　要：本文以2011~2022年中国A股上市公司为样本,检验连锁股东对企业绿色转型的影响。研究发现,连锁股东能够推动企业绿色转型。影响路径分析发现,连锁股东通过发挥其信息优势、资源优势、治理优势进而促进企业绿色转型。进一步分析表明,董责险和市场竞争度对二者之间的关系发挥正向调节作用;连锁股东对非国有企业、非重污染企业、战略性新兴产业相关企业绿色转型的推动作用更强。本文构建了连锁股东影响企业绿色转型的逻辑链条,为理解企业绿色发展决策提供了连锁股东网络的解释。Taking China's A-share listed companies from 2011 to 2022 as samples,this paper examines the impact of chain shareholders on the green transformation of enterprises and finds that:chain shareholders can promote the green transformation of enterprises.The impact path test shows that chain shareholders promote the green transformation of enterprises by exerting their information advantages,resource advantages and governance advantages.Further analysis shows that director's liability insurance and market competition degree play a positive moderating role between them.Chain shareholders have a stronger role in promoting the green transformation of non-state-owned enterprises,non-heavy polluting enterprises and strategic emerging industries related enterprises.This paper constructs a logical chain of the influence of the chain shareholders on the green transformation of enterprises,and provides an explanation of the network connection of the chain shareholders for understanding the green development decision of enterprises.

关 键 词：连锁股东 绿色转型 董责险 市场竞争度 

分 类 号：F275[经济管理—企业管理]