管理层激励与企业可持续发展的实现途径——内外双重路径检验  

Ways to Achieve Corporate Sustainable Development via Management Incentive:Internal and External Dual Path Test

作　　者：邓楚瑶 林志军[1] 张启迪 DENG Chu-yao;LIN Zhi-jun;ZHANG Qi-di(School of Business,Macao University of Science and Technology,Macao 999078,China;School of Business,Hunan University of Humanities,Science and Technology,Loudi 417000,China)

机构地区：[1]澳门科技大学商学院,中国澳门999078 [2]湖南人文科技学院商学院,娄底417000

出　　处：《湖南师范大学自然科学学报》2025年第1期94-102,共9页Journal of Natural Science of Hunan Normal University

基　　金：湖南省教育厅科学研究优秀青年项目(23B0816)。

摘　　要：在绿色低碳转型发展背景下,履行环境保护(E)、社会责任(S)与公司治理(G)职责是企业实现可持续发展的重要途径,而管理人员是企业可持续发展履责的践行者。本研究以我国上市公司2010—2022年的数据为研究样本,检验管理层激励对企业ESG绩效的影响。研究发现,管理层薪酬激励对企业ESG绩效存在显著的正向促进作用,股权激励对企业ESG绩效的影响不明显。管理层薪酬激励通过提高内部控制质量和环境治理投资改善企业的ESG绩效。机构投资者持股与分析师跟踪发挥治理与监督作用,正向调节管理层薪酬激励与ESG绩效之间的关系。进一步分析隐性激励机制发现,行政晋升会弱化薪酬激励对企业ESG绩效的影响;而在职消费和管理层权力发挥互补效应,与薪酬激励共同促进管理层提升企业ESG绩效。本文研究结论可为完善上市公司管理层薪酬激励机制和提升企业ESG绩效提供新的实践证据。In the context of green and low carbon transformation,fulfilling the responsibilities of environmental protection(E),social responsibility(S)and corporate governance(G)is an important way for enterprises to achieve sustainable development,and managers are the practitioners of corporate sustainable development.This paper uses the data of Chinese listed companies from 2010 to 2022 as research samples to examine the impact of management incentives on ESG performance.It is found that management compensation incentive has a significant positive promoting effect on corporate ESG performance,and equity incentive has no obvious effect on ESG performance.Management compensation incentive improve ESG performance by promoting corporate internal control quality and environmental investment.Institutional investor ownership and analyst tracking play a role in governance and supervision,and positively regulate the relationship between management compensation incentive and ESG performance.Further research of the implicit incentive mechanisms finds that administrative promotion will weaken the impact of compensation incentive on ESG performance.On the other hand,job consumption and management power play a complementary effect,along with compensation incentive,they promote the management to improve ESG performance.The conclusions of this study offer practical evidence for refining management compensation incentive mechanisms in listed companies,thereby improving corporate ESG performance.

关 键 词：薪酬激励 隐性激励 可持续发展 ESG绩效 

分 类 号：TP319[自动化与计算机技术—计算机软件与理论]