本文關(guān)鍵詞：公司治理水平、外部制度環(huán)境與環(huán)境績(jī)效　出處：《云南財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來(lái),隨著我國(guó)經(jīng)濟(jì)發(fā)展,隨之帶來(lái)的環(huán)境問(wèn)題越來(lái)越突出。尤其是近幾年的霧霾天氣更是嚴(yán)重影響了人們的生活和工作,也對(duì)企業(yè)的日常經(jīng)營(yíng)生產(chǎn)造成一定的影響,因此環(huán)境問(wèn)題不僅受到包括政府、投資者和社會(huì)公眾等利益相關(guān)者的關(guān)注,而且受到企業(yè)對(duì)自身環(huán)境問(wèn)題的控制的影響。在全球可持續(xù)發(fā)展背景下,企業(yè)只有重視環(huán)境問(wèn)題才是發(fā)展的長(zhǎng)久之計(jì),那么是否可以通過(guò)改善公司治理水平來(lái)提高企業(yè)環(huán)境績(jī)效,即公司治理水平與環(huán)境績(jī)效有怎樣的關(guān)系?與此同時(shí),外部制度環(huán)境對(duì)公司治理水平和環(huán)境績(jī)效有怎樣的影響?本文從公司治理水平與環(huán)境績(jī)效的關(guān)系出發(fā),并考慮在外部制度環(huán)境的影響下,不同公司治理水平對(duì)環(huán)境績(jī)效的影響。首先,本文梳理國(guó)內(nèi)外相關(guān)文獻(xiàn),并對(duì)理論基礎(chǔ)進(jìn)行了梳理,涉及到的理論主要包括可持續(xù)發(fā)展理論、利益相關(guān)者理論和委托代理理論,為下文探討公司治理水平、外部制度環(huán)境和環(huán)境績(jī)效提供了理論基礎(chǔ)。同時(shí),通過(guò)相關(guān)理論和文獻(xiàn)的梳理分析了影響公司治理的基本要素,并通過(guò)主成分分析法,得到代表公司治理水平的指數(shù)。其中影響公司治理水平的基本要素主要是從股權(quán)結(jié)構(gòu)、董事會(huì)治理、監(jiān)事會(huì)治理和高管特征這四個(gè)方面進(jìn)行分析,股權(quán)結(jié)構(gòu)包括第一大股東持股比例、控股股東性質(zhì)、國(guó)有股持股比例和股權(quán)制衡度四個(gè)方面;董事會(huì)治理包括董事會(huì)規(guī)模、董事會(huì)次數(shù)、二職合一和獨(dú)立董事比例四個(gè)方面;監(jiān)事會(huì)治理主要是監(jiān)事會(huì)規(guī)模;高管特征包括高管薪酬、持股比例、平均任期、平均年齡、平均學(xué)歷和女性高管比例六個(gè)方面。其次,通過(guò)梳理國(guó)內(nèi)外關(guān)于環(huán)境績(jī)效的文獻(xiàn),根據(jù)相關(guān)文獻(xiàn)對(duì)環(huán)境績(jī)效概念和維度的界定,并結(jié)合相關(guān)理論及相關(guān)數(shù)據(jù)的可獲得性,從第二維度和第三維度中分別選取具有代表性的指標(biāo)作為環(huán)境績(jī)效的替代變量,包括環(huán)保投資、環(huán)保補(bǔ)貼和排污費(fèi)三個(gè)變量。第三,選取重污染行業(yè)上市公司2011-2015年的數(shù)據(jù),考察公司治理水平與環(huán)境績(jī)效的關(guān)系,研究發(fā)現(xiàn):(1)公司治理水平與環(huán)保補(bǔ)貼有顯著正相關(guān)關(guān)系,與排污費(fèi)有顯著負(fù)相關(guān)關(guān)系.(2)環(huán)保投資與公司治理水平呈正相關(guān)關(guān)系,但不顯著。而考慮外部制度環(huán)境時(shí),外部制度環(huán)境與公司治理水平的交乘項(xiàng)的符號(hào)與單獨(dú)公司治理水平的符號(hào)相反,因此這可能是由于現(xiàn)代企業(yè)的內(nèi)部治理機(jī)制逐漸趨同,無(wú)法真實(shí)反映公司治理水平與環(huán)境績(jī)效的關(guān)系,而外部制度環(huán)境對(duì)公司治理水平的影響越來(lái)越大,外部制度環(huán)境的不同導(dǎo)致公司內(nèi)部治理機(jī)制的差異,從而進(jìn)一步影響環(huán)境績(jī)效。最后,在對(duì)公司治理水平與環(huán)境績(jī)效之間關(guān)系研究的基礎(chǔ)上,進(jìn)一步考察不同的外部制度環(huán)境,對(duì)公司治理水平和環(huán)境績(jī)效的影響。其中外部制度環(huán)境取自樊綱等(2011)的市場(chǎng)化指數(shù),分別為市場(chǎng)化程度、政府干預(yù)、金融發(fā)展水平和法制化環(huán)境這四個(gè)方面進(jìn)行檢驗(yàn)。研究發(fā)現(xiàn):(1)市場(chǎng)化程度越高、法制化環(huán)境越好,會(huì)增強(qiáng)公司治理水平對(duì)環(huán)保補(bǔ)助和排污費(fèi)的影響;(2)金融發(fā)展水平越高,會(huì)增強(qiáng)公司治理水平對(duì)環(huán)保補(bǔ)助和環(huán)保投資的影響;(3)政府的干預(yù)程度越低,會(huì)增強(qiáng)公司治理水平對(duì)環(huán)保補(bǔ)助和排污費(fèi)的影響。
[Abstract]:In recent years, with China's economic development, it brings environmental problems have become increasingly prominent. Especially in recent years, the haze is more serious influence on people's life and work, also has a certain impact on the enterprise's daily production and operation, so the environmental problems not only by including the government, investors and the public interest related to the attention of researchers, and influence of the control of the environmental problems. Under the background of global sustainable development, enterprises must attach importance to environmental problems is the development of a permanent solution, then it can improve the environmental performance of enterprises by improving corporate governance level, namely, how is the relationship between corporate governance and environmental performance at the same time? The external institutional environment will have impact on the level of corporate governance and environmental performance? In terms of the relation between corporate governance and environmental performance, and taking in abroad Influence of institutional environment under the influence of different corporate governance on environmental performance. Firstly, this paper combs the related literature at home and abroad, and the basic theory of carding, relates to the theory mainly includes the theory of sustainable development, stakeholder theory and principal-agent theory, as discussed below, the level of corporate governance, provides theory based on the external institutional environment and environmental performance. At the same time, the basic elements of corporate governance were analyzed by reviewing the theory and research, and through the principal component analysis method, obtained the number representing the level of corporate governance. The basic factors to affect the level of corporate governance is mainly from the ownership structure, governance of the board of directors, board of supervisors of the four aspects of governance and executive characteristics were analyzed, the ownership structure includes the proportion of the first shareholder, the nature of the controlling shareholder, the proportion of state-owned shares and equity balance degree of four party Surface; governance of the board of directors including the size of the board of directors, the board of directors of the number of two positions in four aspects and the proportion of independent directors; governance of the board of supervisors is the size of the board of supervisors; executive characteristics including executive compensation, shareholding ratio, average tenure, average age, average degree and high proportion of female pipe six aspects. Secondly, through combing the domestic and foreign literature on the environmental performance, according to the relevant literature on the concept and dimension of the definition of environmental performance, and combining the relevant theories and related to the availability of data, from the second dimension and the third dimension were selected as indicators of the environmental performance of the alternative variables, including investment in environmental protection, environmental protection subsidies and sewage charges three variables. Third, selection of heavy polluting industries listed companies in 2011-2015 data, the study found that, on the level of corporate governance and environmental performance: (1) corporate governance level and environmental protection subsidies A significant positive correlation, there is significantly negative correlation with the charges. (2) the environmental protection investment and corporate governance are positively correlated, but not significantly. While considering the external institutional environment, external institutional environment and corporate governance level of the product of the symbols and separate the level of corporate governance of opposite sign, so this is probably the modern enterprise internal governance mechanism gradually converging, cannot reflect the relationship between corporate governance level and environmental performance, and the external environment impact on the level of corporate governance is more and more big, the difference caused by different external institutional environment corporate governance mechanism, which will further affect the environmental performance. Finally, based on the research of the relationship between the level of corporate governance and environmental performance, to further investigate the different external institutional environments, impact on the level of corporate governance and environmental performance. The external system environment From Fang Gang (2011) of the market index, respectively, the degree of marketization, government intervention, the four aspects of financial development and legal environment for inspection. Study found that: (1) the higher the degree of market, legal environment better, influence would increase the level of corporate governance of environmental protection subsidies and sewage charges; (2) the higher the level of financial development, will enhance the level of corporate governance impact on environmental protection and environmental protection investment subsidies; (3) the lower the degree of government intervention, will enhance the level of corporate governance impact on environmental subsidies and sewage charges.

【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：X322;F275;F832.51;F271

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