中国上市公司绿色治理及其评价研究
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摘要
作者在率先系统提出并倡导绿色治理的基础上,本文对绿色治理相关研究成果进行梳理,借鉴一系列相关的规则、准则、法律法规等标准,构建了上市公司绿色治理评价指标体系,并进一步建立了绿色治理指数,对中国上市公司的绿色治理状况进行了系统、全面的评价。评价结果表明:上市公司绿色治理水平整体偏低,各维度各要素间发展存在明显的不均衡,且在绿色治理发展中呈现"倒逼"的现状,重行为而轻结构机制建设。国有控股上市公司绿色治理表现优于民营控股公司;上市金融机构绿色治理具有明显优势。从绿色治理与公司绩效的实证回归结果来看,绿色治理虽然不能带来短期利润,但却有助于提升企业的长期价值,绿色治理水平高的公司获得了更高的成长能力、更低的风险承担水平、更为宽松的融资约束以及更高的长期价值。
引文
(1)方丽娟、钟田丽、耿闪清:《企业环境绩效评价指标评价体系构建及应用》,《统计与决策》,2013年第21期。
(2)郝珍珍、李健、韩海彬:《中国工业行业环境绩效测度与实证研究》,《系统工程》,2014年第7期。
(3)姜付秀、石贝贝、马云飙:《信息发布者的财务经历与企业融资约束》,《经济研究》,2016年第6期。
(4)焦俊、李垣:《基于联盟的企业绿色战略导向与绿色创新》,《研究与发展管理》,2011年第1期。
(5)鞠晓生、卢荻、虞义华:《融资约束、营运资本管理与企业创新可持续性》,《经济研究》,2013年第1期。
(6)黎文靖、路晓燕:《机构投资者关注企业的环境绩效吗?——来自我国重污染行业上市公司的经验证据》,《金融研究》,2015年第12期。
(7)李婉红、毕克新、孙冰:《环境规制强度对污染密集行业绿色技术创新的影响研究——基于2003~2010年面板数据的实证检验》,《研究与发展管理》,2013年第6期。
(8)李维安:《绿色治理:超越国别的治理观》,《南开管理评论》,2016年第6期。
(9)李维安等:《绿色治理准则与国际规制体系比较》,科学出版社,2018年。
(10)李维安、徐建、姜广省:《绿色治理准则:实现人与自然的包容性发展》,《南开管理评论》,2017年第5期。
(11)南开大学公司治理研究中心公司治理评价课题组:《中国上市公司治理指数与治理绩效的实证分析》,《管理世界》,2004年第2期。
(12)彭满如、金友良、范忞:《基于雾霾治理的企业环境绩效指标构建》,《中南大学学报(社会科学版)》,2017年第5期。
(13)秦颖、武春友:《企业环境绩效与经济绩效关系的理论研究与模型构建》,《系统工程理论与实践》,2004年第8期。
(14)沈洪涛、黄珍、郭肪汝:《告白还是辩白——企业环境表现与环境信息披露关系研究》,《南开管理评论》,2014年第2期。
(15)田虹、潘楚林:《前瞻型环境战略对企业绿色形象的影响研究》,《管理学报》,2015年第7期。
(16)王锋正、陈方圆:《董事会治理、环境规制与绿色技术创新——基于我国重污染行业上市公司的实证检验》,《科学学研究》,2018年第2期。
(17)吴利华、陈瑜:《全过程视角下企业环境管理绩效评价》,《中国人口·资源与环境》,2014年第3期。
(18)武剑锋、叶陈刚、刘猛:《环境绩效、政治关联与环境信息披露——来自沪市A股重污染行业的经验证据》,《山西财经大学学报》,2015年第7期。
(19)杨静、刘秋华、施建军:《绿色创新战略的价值研究》,《科研管理》,2015年第1期。
(20)余明桂、李文贵、潘红波:《民营化、产权保护与企业风险承担》,《经济研究》,2013年第9期。
(21)Bernile,G.,Bhagwat,V.,Yonker,S.,2018,“Board Diversity,Firm Risk and Corporate Policies”,Journal of Financial Economics,Vol.127,No.3,pp.588~612.
(22)Kong,T.,Feng,T. W.,Ye,C. M.,2016,“Advanced Manufacturing Technologies and Green Innovation:The Role of Internal Environmental Collaboration”,Sustainability,Vol. 8,No.10,pp.1056.
(23)Baboukardos,D.,2018,“The Valuation Relevance of Environmental Performance Revisited:The Moderating Role of Environmental Provisions”,The British Accounting Review,Vol.50,pp.32~47.
(24)Boubakri,N.,Cosset,J.,Saffar,W.,2013,“The Role of State and Foreign Owners in Corporate RiskPrivatization”,Journal of Finance and Economics,Vol.108,No.3,pp. 641~658.
(25)Buysse,K.,Verbeke,A.,2003,“Proactive Environmental Strategies:A Stakeholder Management Perspective”,Strategic Management Journal,Vol.24,pp.453~470.
(26)Christmann,P.,2000,“Effects of‘Best Practices’of Environmental Management on Cost Advantage:The Role of Complementary Assets”,Academy of Management Journal,Vol.43,No.4,pp.663~680.
(27)Clarkson,P. M.,Li,Y.,Richardson,G. D.,Vasvari,F. P.,2008,“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organizations and Society,Vol.33,pp.303~327.
(28)Clarkson,P. M.,Lo,Y.,Roohardson,G. D. et al.,2008,“Revising the Relation Between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organization and Society,2008,33(4),pp.303~327.
(29)Hart,S.,Ahuja,G.,1996,“Does It Pay to be Green? An Empirical Examination of the Relationship Between Emission Reduction and Firm Performance”,Business Strategy and the Environment,Vol. 5,pp.30~37.
(30)Heinkel,R.,Kraus,A.,Zechner,J.,2001,“The Effect of Green Investment on Corporate Behavior”,The Journal of Financial and Quantitative Analysis,Vol.36,No.4,pp.431~449.
(31)Ilinitch,A. Y.,Soderstrom,N. S.,Thomas,T. E.,1998,“Measuring Corporate Environmental Performance”,Journal of Accounting and Public Policy,Vol. 17,pp.383~408.
(32)John,K.,Litov,L.,Yeung,B.,2008,“Corporate Governance and Risk Taking”,The Journal of Finance,63(4),pp.1679~1728.
(33)Kassinis,G.,Vafeas,N.,2006,“Stakeholder Pressures and Environmental Performance”,The Academy of Management Journal,Vol. 49,pp. 145~159.
(34)Klassen,R. D.,McLaughlin,C. P.,1996,“The Impact of Environmental Management on Firm Performance”,Management Science,Vol. 42,No.8,pp.1199~1214.
(35)Klassen,R. D.,Whybark,D. C.,1999,“The Impact of Environmental Technologies on Manufacturing Performance”,Academy of Management Journal,Vol.42,No.6,pp.599~615.
(36)Konar,S.,Mark,A.,2001,“Does the Market Value Environmental Performance?”,The Review of Economics and Statistics,Vol.83,pp.281~289.
(37)Li Wei an,2018,“Corporate Governance Evaluation of Chinese Listed Companies”, Nankai Business Review International,Vol.4,No.9,pp.437~456.
(38)Liao,L.,Luo,L.,Tang,Q. L.,2015,“Gender Diversity,Board Independence,Environmental Committee and Greenhouse Gas Disclosure”,The British Accounting Review,Vol.47,pp.409~424.
(39)Lin,H.,Zeng,S. X. et al.,2014,“Can Political Capital Drive Corporate Green Innovation? Lessons from China”,Journal of Cleaner Production,(64),pp.63~72.
(40)Lin,H.,Zeng,S. X.,Ma,H. Y.,Qi,G. Y.,Tam,V. W.,2014,“Can Political Capital Drive Corporate Green Innovation? Lessons from China”,Journal of Cleaner Production,Vol.64,pp.63~72.
(41)Martin,P. R.,Moser,D. V.,2016,“Managers’Green Investment Disclosures and Investors’Reaction”,Journal of Accounting and Economics,Vol61,pp.239~254.
(42)Mcwilliams,A.,Siegel,D.,2000,“Corporate Social Responsibility and Financial Performance:Correlation or Misspecification?”,Strategic Management Journal,Vol. 21,No.5,pp.603~609.
(43)Melnyk,S. A.,Sroufe,R. P.,Calantone,R.,2003,“Assessing the Impact of Environmental Management Systems on Corporate and Environmental Performance”,Journal of Operations Management,Vol.21,No.3,pp.329~351.
(44)Meng,X. H.,Zeng,S. X.,Shi,J. J.,Qi G. Y.,Zhang,Z. B.,2014,“The Relationship between Corporate Environmental Performance and Environmental Disclosure:An Empirical Study in China”,Journal of Environmental Management,Vol.145,pp.357~367.
(45)Post,C.,Rahman,N.,Rubow,E.,2011,“Green Governance:Boards of Directors’Composition and Environmental Corporate Social Responsibility”,Business&Society,Vol. 50,No.1,pp.189~223.
(46)Russo,M. V.,Fouts,P. A.,1997,“A Resource-based Perspective on Corporate Environmental Performance and Profitability”,Academy of Management Journal,Vol. 40,No.3,pp.534~559.
(47)Saunila,M.,Ukko J.,Rantala,T.,2018,“Sustainability as a Driver of Green Innovation Investment and Exploitation”,Journal od Cleaner Production,Vol.179,pp.631~641.
(48)Tang,M. F.,Walsh,G.,Lerner,D.,Markus,A. Fitza,M. A.,Li,Q. H.,2018,“Green Innovation,Managerial Concern and Firm Performance:An Empirical Study”,Business Strategy and the Environment,Vol.27,pp.39~51.
(49)Theyel,G.,2010,“Management Practices for Environmental Innovation and Performance”,International Journal of Operations&Production Management,Vol.20,No.2,pp.249~266.
(50)Wei,F.,Ding,B. Y.,Kong,Y.,2017,“Female Directors and Corporate Social Responsibility:Evidence from the Environmental Investment of Chinese Listed Companies”,Sustainability,Vol.9,pp.2292.
(2)郝珍珍、李健、韩海彬:《中国工业行业环境绩效测度与实证研究》,《系统工程》,2014年第7期。
(3)姜付秀、石贝贝、马云飙:《信息发布者的财务经历与企业融资约束》,《经济研究》,2016年第6期。
(4)焦俊、李垣:《基于联盟的企业绿色战略导向与绿色创新》,《研究与发展管理》,2011年第1期。
(5)鞠晓生、卢荻、虞义华:《融资约束、营运资本管理与企业创新可持续性》,《经济研究》,2013年第1期。
(6)黎文靖、路晓燕:《机构投资者关注企业的环境绩效吗?——来自我国重污染行业上市公司的经验证据》,《金融研究》,2015年第12期。
(7)李婉红、毕克新、孙冰:《环境规制强度对污染密集行业绿色技术创新的影响研究——基于2003~2010年面板数据的实证检验》,《研究与发展管理》,2013年第6期。
(8)李维安:《绿色治理:超越国别的治理观》,《南开管理评论》,2016年第6期。
(9)李维安等:《绿色治理准则与国际规制体系比较》,科学出版社,2018年。
(10)李维安、徐建、姜广省:《绿色治理准则:实现人与自然的包容性发展》,《南开管理评论》,2017年第5期。
(11)南开大学公司治理研究中心公司治理评价课题组:《中国上市公司治理指数与治理绩效的实证分析》,《管理世界》,2004年第2期。
(12)彭满如、金友良、范忞:《基于雾霾治理的企业环境绩效指标构建》,《中南大学学报(社会科学版)》,2017年第5期。
(13)秦颖、武春友:《企业环境绩效与经济绩效关系的理论研究与模型构建》,《系统工程理论与实践》,2004年第8期。
(14)沈洪涛、黄珍、郭肪汝:《告白还是辩白——企业环境表现与环境信息披露关系研究》,《南开管理评论》,2014年第2期。
(15)田虹、潘楚林:《前瞻型环境战略对企业绿色形象的影响研究》,《管理学报》,2015年第7期。
(16)王锋正、陈方圆:《董事会治理、环境规制与绿色技术创新——基于我国重污染行业上市公司的实证检验》,《科学学研究》,2018年第2期。
(17)吴利华、陈瑜:《全过程视角下企业环境管理绩效评价》,《中国人口·资源与环境》,2014年第3期。
(18)武剑锋、叶陈刚、刘猛:《环境绩效、政治关联与环境信息披露——来自沪市A股重污染行业的经验证据》,《山西财经大学学报》,2015年第7期。
(19)杨静、刘秋华、施建军:《绿色创新战略的价值研究》,《科研管理》,2015年第1期。
(20)余明桂、李文贵、潘红波:《民营化、产权保护与企业风险承担》,《经济研究》,2013年第9期。
(21)Bernile,G.,Bhagwat,V.,Yonker,S.,2018,“Board Diversity,Firm Risk and Corporate Policies”,Journal of Financial Economics,Vol.127,No.3,pp.588~612.
(22)Kong,T.,Feng,T. W.,Ye,C. M.,2016,“Advanced Manufacturing Technologies and Green Innovation:The Role of Internal Environmental Collaboration”,Sustainability,Vol. 8,No.10,pp.1056.
(23)Baboukardos,D.,2018,“The Valuation Relevance of Environmental Performance Revisited:The Moderating Role of Environmental Provisions”,The British Accounting Review,Vol.50,pp.32~47.
(24)Boubakri,N.,Cosset,J.,Saffar,W.,2013,“The Role of State and Foreign Owners in Corporate RiskPrivatization”,Journal of Finance and Economics,Vol.108,No.3,pp. 641~658.
(25)Buysse,K.,Verbeke,A.,2003,“Proactive Environmental Strategies:A Stakeholder Management Perspective”,Strategic Management Journal,Vol.24,pp.453~470.
(26)Christmann,P.,2000,“Effects of‘Best Practices’of Environmental Management on Cost Advantage:The Role of Complementary Assets”,Academy of Management Journal,Vol.43,No.4,pp.663~680.
(27)Clarkson,P. M.,Li,Y.,Richardson,G. D.,Vasvari,F. P.,2008,“Revisiting the Relation between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organizations and Society,Vol.33,pp.303~327.
(28)Clarkson,P. M.,Lo,Y.,Roohardson,G. D. et al.,2008,“Revising the Relation Between Environmental Performance and Environmental Disclosure:An Empirical Analysis”,Accounting,Organization and Society,2008,33(4),pp.303~327.
(29)Hart,S.,Ahuja,G.,1996,“Does It Pay to be Green? An Empirical Examination of the Relationship Between Emission Reduction and Firm Performance”,Business Strategy and the Environment,Vol. 5,pp.30~37.
(30)Heinkel,R.,Kraus,A.,Zechner,J.,2001,“The Effect of Green Investment on Corporate Behavior”,The Journal of Financial and Quantitative Analysis,Vol.36,No.4,pp.431~449.
(31)Ilinitch,A. Y.,Soderstrom,N. S.,Thomas,T. E.,1998,“Measuring Corporate Environmental Performance”,Journal of Accounting and Public Policy,Vol. 17,pp.383~408.
(32)John,K.,Litov,L.,Yeung,B.,2008,“Corporate Governance and Risk Taking”,The Journal of Finance,63(4),pp.1679~1728.
(33)Kassinis,G.,Vafeas,N.,2006,“Stakeholder Pressures and Environmental Performance”,The Academy of Management Journal,Vol. 49,pp. 145~159.
(34)Klassen,R. D.,McLaughlin,C. P.,1996,“The Impact of Environmental Management on Firm Performance”,Management Science,Vol. 42,No.8,pp.1199~1214.
(35)Klassen,R. D.,Whybark,D. C.,1999,“The Impact of Environmental Technologies on Manufacturing Performance”,Academy of Management Journal,Vol.42,No.6,pp.599~615.
(36)Konar,S.,Mark,A.,2001,“Does the Market Value Environmental Performance?”,The Review of Economics and Statistics,Vol.83,pp.281~289.
(37)Li Wei an,2018,“Corporate Governance Evaluation of Chinese Listed Companies”, Nankai Business Review International,Vol.4,No.9,pp.437~456.
(38)Liao,L.,Luo,L.,Tang,Q. L.,2015,“Gender Diversity,Board Independence,Environmental Committee and Greenhouse Gas Disclosure”,The British Accounting Review,Vol.47,pp.409~424.
(39)Lin,H.,Zeng,S. X. et al.,2014,“Can Political Capital Drive Corporate Green Innovation? Lessons from China”,Journal of Cleaner Production,(64),pp.63~72.
(40)Lin,H.,Zeng,S. X.,Ma,H. Y.,Qi,G. Y.,Tam,V. W.,2014,“Can Political Capital Drive Corporate Green Innovation? Lessons from China”,Journal of Cleaner Production,Vol.64,pp.63~72.
(41)Martin,P. R.,Moser,D. V.,2016,“Managers’Green Investment Disclosures and Investors’Reaction”,Journal of Accounting and Economics,Vol61,pp.239~254.
(42)Mcwilliams,A.,Siegel,D.,2000,“Corporate Social Responsibility and Financial Performance:Correlation or Misspecification?”,Strategic Management Journal,Vol. 21,No.5,pp.603~609.
(43)Melnyk,S. A.,Sroufe,R. P.,Calantone,R.,2003,“Assessing the Impact of Environmental Management Systems on Corporate and Environmental Performance”,Journal of Operations Management,Vol.21,No.3,pp.329~351.
(44)Meng,X. H.,Zeng,S. X.,Shi,J. J.,Qi G. Y.,Zhang,Z. B.,2014,“The Relationship between Corporate Environmental Performance and Environmental Disclosure:An Empirical Study in China”,Journal of Environmental Management,Vol.145,pp.357~367.
(45)Post,C.,Rahman,N.,Rubow,E.,2011,“Green Governance:Boards of Directors’Composition and Environmental Corporate Social Responsibility”,Business&Society,Vol. 50,No.1,pp.189~223.
(46)Russo,M. V.,Fouts,P. A.,1997,“A Resource-based Perspective on Corporate Environmental Performance and Profitability”,Academy of Management Journal,Vol. 40,No.3,pp.534~559.
(47)Saunila,M.,Ukko J.,Rantala,T.,2018,“Sustainability as a Driver of Green Innovation Investment and Exploitation”,Journal od Cleaner Production,Vol.179,pp.631~641.
(48)Tang,M. F.,Walsh,G.,Lerner,D.,Markus,A. Fitza,M. A.,Li,Q. H.,2018,“Green Innovation,Managerial Concern and Firm Performance:An Empirical Study”,Business Strategy and the Environment,Vol.27,pp.39~51.
(49)Theyel,G.,2010,“Management Practices for Environmental Innovation and Performance”,International Journal of Operations&Production Management,Vol.20,No.2,pp.249~266.
(50)Wei,F.,Ding,B. Y.,Kong,Y.,2017,“Female Directors and Corporate Social Responsibility:Evidence from the Environmental Investment of Chinese Listed Companies”,Sustainability,Vol.9,pp.2292.