管理层股权激励能否促进重污染企业绿色创新?——来自沪深A股重污染行业上市公司经验数据  

Can Management Equity Incentive Promote Green Innovation of Heavy Polluting Enterprises?Experience Data from Shanghai and Shenzhen A-share Listed Companies in Heavily Polluting Industries

作　　者：王继虎 WANG Jihu(College Economics and Management,Southwest Forestry University,Kunming 650224,China)

机构地区：[1]西南林业大学经济管理学院,昆明650224

出　　处：《科技和产业》2025年第5期249-255,共7页Science Technology and Industry

摘　　要：基于绿色创新视角,以2006—2022年沪深A股重污染行业上市公司为样本,实证检验管理层股权激励对重污染行业上市公司绿色创新的影响。研究表明,管理层股权激励计划促进了重污染企业绿色创新,在运用工具变量缓解内生性及其他稳健性检验后,结论依旧可靠。机制分析表明,管理层股权激励可以通过缓解融资约束和增加研发投入从而促进绿色创新产出。异质性分析表明,产权性质和激励模式对于研究结论没有显著差异,而企业处于成长期和衰退期时,股权激励的作用效果更显著。Based on the perspective of green innovation,the impact of management equity incentive on green innovation of listed companies in heavily polluting industries in Shanghai and Shenzhen A-shares from 2006 to 2022 was empirically tested.The research shows that the management stock incentive plan promotes the green innovation of heavy polluting enterprises,and the conclusion is still reliable after using instrumental variables to mitigate the endogeneity and other robustness tests.Mechanism analysis shows that management equity incentive can promote green innovation output by easing financing constraints and increasing R&D investment.Heterogeneity analysis shows that there is no significant difference between the property rights nature and incentive model,and the effect of equity incentive is more significant when the enterprise is in the growth stage and the decline stage.

关 键 词：绿色创新 管理层股权激励 研发投入 企业生命周期 

分 类 号：F272.92[经济管理—企业管理] F273.1[经济管理—国民经济] X322[环境科学与工程—环境工程]