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高管薪酬与环境绩效——基于上市公司外部治理环境的视角

Executive Compensation and Environmental Performance: From a Perspective of External Governance Environment of Listed Companies

周晖，邓舒

2017 第 19 卷 第 05 期 页码 27-39

DOI: 10.16538/j.cnki.jsufe.2017.05.003

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摘要

为了深入探讨企业高管激励对环境绩效的影响，文章基于委托代理理论和合法性机制，采用我国2009–2012年沪深两市166家上市公司的相关公开数据，运用PSM方法排除内生性因素的干扰，实证检验了在其他条件不变的情形下，上市公司高管薪酬与环境绩效的相关性。研究发现，高管薪酬与环境绩效之间呈倒U形关系，同时外部治理环境对不同水平的高管薪酬及环境绩效能产生差异化影响。研究结果表明高管薪酬是影响企业环境绩效的一个重要因素，为企业在考核高管绩效、确定其薪酬时，将环境绩效水平列为重要的考核指标提供了经验证据，也为政府营造低干预、高法治水平的外部治理环境，并在逐步向服务型政府转型的同时加大环境执法力度提供决策参考。

In order to deeply understand the impacts of corporate executive incentives on environmental performance, based on the principal-agent theory and legitimacy mechanism, this paper uses the PSM method to eliminate the interference of endogenous factors and empirically tests the correlation between executive compensation of listed companies and environmental performance under other unchanged conditions based on the sample of 166 listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2012. The results show that the relationship between executive compensation and environmental performance is an inverted " U” shape, and the external governance environment has a differentiated impact on executive compensation and environmental performance at different levels. In addition, the research results also suggest that executive compensation is an important factor affecting corporate environmental performance. It not only provides an empirical evidence that when the company takes the action of executive performance assessment to make sure the compensation, the environmental performance level can be assumed to be one of the important evaluation indexes, but also promotes decision-making reference for the governments to create external governance environment with low-degree government intervention and high-level rule of law, and transform into the service-oriented governments step by step as well as strengthen environment law enforcement.

关键词： 高管薪酬,环境绩效,外部治理环境

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