本文關鍵詞：公司治理水平、外部制度環(huán)境與環(huán)境績效　出處：《云南財經(jīng)大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 公司治理水平 環(huán)境績效 外部制度環(huán)境

【摘要】：近年來,隨著我國經(jīng)濟發(fā)展,隨之帶來的環(huán)境問題越來越突出。尤其是近幾年的霧霾天氣更是嚴重影響了人們的生活和工作,也對企業(yè)的日常經(jīng)營生產(chǎn)造成一定的影響,因此環(huán)境問題不僅受到包括政府、投資者和社會公眾等利益相關者的關注,而且受到企業(yè)對自身環(huán)境問題的控制的影響。在全球可持續(xù)發(fā)展背景下,企業(yè)只有重視環(huán)境問題才是發(fā)展的長久之計,那么是否可以通過改善公司治理水平來提高企業(yè)環(huán)境績效,即公司治理水平與環(huán)境績效有怎樣的關系?與此同時,外部制度環(huán)境對公司治理水平和環(huán)境績效有怎樣的影響?本文從公司治理水平與環(huán)境績效的關系出發(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環(huán)境績效的影響。首先,本文梳理國內(nèi)外相關文獻,并對理論基礎進行了梳理,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)境績效提供了理論基礎。同時,通過相關理論和文獻的梳理分析了影響公司治理的基本要素,并通過主成分分析法,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結構、董事會治理、監(jiān)事會治理和高管特征這四個方面進行分析,股權結構包括第一大股東持股比例、控股股東性質(zhì)、國有股持股比例和股權制衡度四個方面;董事會治理包括董事會規(guī)模、董事會次數(shù)、二職合一和獨立董事比例四個方面;監(jiān)事會治理主要是監(jiān)事會規(guī)模;高管特征包括高管薪酬、持股比例、平均任期、平均年齡、平均學歷和女性高管比例六個方面。其次,通過梳理國內(nèi)外關于環(huán)境績效的文獻,根據(jù)相關文獻對環(huán)境績效概念和維度的界定,并結合相關理論及相關數(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作為環(huán)境績效的替代變量,包括環(huán)保投資、環(huán)保補貼和排污費三個變量。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)境績效的關系,研究發(fā)現(xiàn):(1)公司治理水平與環(huán)保補貼有顯著正相關關系,與排污費有顯著負相關關系.(2)環(huán)保投資與公司治理水平呈正相關關系,但不顯著。而考慮外部制度環(huán)境時,外部制度環(huán)境與公司治理水平的交乘項的符號與單獨公司治理水平的符號相反,因此這可能是由于現(xiàn)代企業(yè)的內(nèi)部治理機制逐漸趨同,無法真實反映公司治理水平與環(huán)境績效的關系,而外部制度環(huán)境對公司治理水平的影響越來越大,外部制度環(huán)境的不同導致公司內(nèi)部治理機制的差異,從而進一步影響環(huán)境績效。最后,在對公司治理水平與環(huán)境績效之間關系研究的基礎上,進一步考察不同的外部制度環(huán)境,對公司治理水平和環(huán)境績效的影響。其中外部制度環(huán)境取自樊綱等(2011)的市場化指數(shù),分別為市場化程度、政府干預、金融發(fā)展水平和法制化環(huán)境這四個方面進行檢驗。研究發(fā)現(xiàn):(1)市場化程度越高、法制化環(huán)境越好,會增強公司治理水平對環(huán)保補助和排污費的影響;(2)金融發(fā)展水平越高,會增強公司治理水平對環(huán)保補助和環(huán)保投資的影響;(3)政府的干預程度越低,會增強公司治理水平對環(huán)保補助和排污費的影響。
[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.

【學位授予單位】：云南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：X322;F275;F832.51;F271

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