摘要
行政型治理模式的长期存在使得国有企业绿色创新内源动力不足。在深化混合所有制改革背景下,被赋予更多董事会“话语权”的市场化非国有股东是否会提升国有企业绿色技术创新动力?本文基于中国A股国有上市公司2013—2020年数据,研究非国有股东委派董事对国有企业绿色技术创新的影响。研究结果表明,存在非国有股东委派董事的国有企业绿色技术创新显著更多,且非国有股东委派董事占比越高,国有企业绿色技术创新越多。进一步研究表明,非国有股东委派董事可以通过降低政府干预和提高高管激励水平来促进国有企业绿色技术创新;国有企业面临的融资约束水平会显著降低非国有股东委派董事对国有企业绿色技术创新的影响;政府补贴越多、环境规制越强和高管任期越长时,非国有股东委派董事对国有企业绿色技术创新的影响越大。本文从绿色技术创新角度丰富了非国有股东委派董事治理的非经济后果研究,解释了非国有股东委派董事对国有企业绿色技术创新产生积极作用的路径及情境因素,对深化国企改革、完善国有企业的经济型治理具有一定的政策参考价值。
The long-term existence of administrative governance models has led to insufficient internal motivation for green innovation in state-owned enterprises.In the context of deepening mixed ownership reform,will market-oriented non-state-owned shareholders who are given more“discourse power”to the board of directors enhance the driving force of green technology innovation in stateowned enterprises?Based on the data from China’s A-share state-owned listed companies from 2013 to 2020,this paper studies the impact of directors appointed by non-state-owned shareholders on green technology innovation in state-owned enterprises.The results indicate that state-owned enterprises with directors appointed by non-state-owned shareholders have significantly more green technology innovation,and the higher the proportion of directors appointed by non-state-owned shareholders,the more green technology innovation state-owned enterprises have.Further research indicates that directors appointed by non-state-owned shareholders can promote green technology innovation in state-owned enterprises by reducing government intervention and improving executive incentives.The level of financing constraints faced by state-owned enterprises will significantly reduce the impact of directors appointed by non-state-owned shareholders on green technology innovation in state-owned enterprises.The more government subsidies,the stronger environmental regulations,and the longer tenure of executives,the greater the impact of directors appointed by non-state-owned shareholders on green technology innovation in state-owned enterprises.This paper enriches the research on the non-economic consequences of directors appointed by non-state-owned shareholders in governance from the perspective of green technology innovation,explains the path and situational factors that directors appointed by non-state-owned shareholders have a positive impact on green technology innovation in state-owned enterprises,and has certain policy reference value for deepening state
作者
李维安
衣明卉
Li Weian;Yi Minghui(Business School,Tianjin University of Finance and Economics,Tianjin 300222,China;China Academy of Corporate Governance,Nankai University,Tianjin 300371,China;School of Accounting,Shandong Technology and Business University,Yantai 264005,China)
出处
《外国经济与管理》
CSSCI
北大核心
2024年第4期3-18,共16页
Foreign Economics & Management
基金
国家自然科学基金项目(72174096)
国家社会科学基金项目(21BGL101)。
关键词
非国有股东委派董事
绿色技术创新
政府干预
高管薪酬
directors appointed by non-state-owned shareholders
green technology innovation
government intervention
executive compensation
