摘要
党组织以“双向进入、交叉任职”方式参与公司治理,是具有中国特色的公司治理制度。本文通过收集整理2007—2019年A股上市公司党组织参与公司治理的相关数据,研究党组织参与公司治理对企业环境绩效的影响。我们发现:党组织“双向进入”和“交叉任职”可以显著提升企业环境绩效的水平;行业竞争在党组织治理对环境绩效的影响中起正向调节的作用,行业竞争程度越强,党组织治理对企业环境绩效的提升作用越强。反过来,环境绩效的提升对企业权益资本成本起到负向作用,即党组织对环境绩效的影响将降低企业的权益资本成本。
This paper focuses on the special corporate governance system of the party’s“two-way entry and cross-employment”with Chinese characteristics,manually collects the relevant data on party participation in corporate governance of A-share listed companies from 2007 to 2019,and studies the impact of party participation in corporate governance on corporate environmental performance.The research finds that the party’s“two-way entry”and“cross-employment”system can significantly improve the level of corporate environmental performance;and industry competition plays a positive role in adjusting the impact of party governance on environmental performance,i.e.,the stronger the industry competition,the stronger party participation in corporate governance promotes corporate environmental performance.Further research shows that the improvement of environmental performance has a negative effect on the cost of corporate equity capital,that is,the impact of the party on environmental performance reduces the cost of corporate equity capital.Conclusions of the research provide important inspirations for improving the mechanism of party participation in corporate governance,improving corporate environmental performance and reducing the cost of equity capital.
作者
柳学信
刘祖尧
孔晓旭
LIU Xuexin;LIU Zuyao;KONG Xiaoxu
出处
《济南大学学报（社会科学版）》
CSSCI
2021年第5期116-133,175,共19页
Journal of University of Jinan:Social Science Edition
基金
国家社科基金一般项目“国有企业竞争中立制度研究”(项目编号:19BGL076)
国家自科基金青年项目“党组织嵌入国有企业治理结构的微观机制及其治理效应”(项目编号:72002141)
北京市社科基金重点项目“‘十四五’时期推动企业可持续发展的政策体系研究”(项目编号:20GLA074)
首都经济贸易大学北京市属高校基本科研业务费专项资金项目
2019年首都经济贸易大学研究生科技创新资助项目的阶段性研究成果。
