员工持股计划、代理成本与企业绿色创新被引量：4

Employee Stock Ownership Plans,Agency Costs,and Green Innovation of Enterprises

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摘要企业绿色创新是推动国家绿色发展的重要基础力量,员工持股计划在推进企业绿色创新方面成效显著。文章选择2014-2022年沪深A股上市公司作为研究对象,采用控制年份和行业固定效应的面板数据模型,系统考察了员工持股计划对企业绿色创新的影响及其作用机制。研究发现,企业实施员工持股计划能够有效提升企业绿色创新水平。机制检验表明,员工持股计划通过降低代理成本进而提升企业绿色创新水平。调节效应分析表明,融资约束水平负向调节员工持股计划对企业绿色创新水平的促进作用。进一步研究发现,员工持股计划对企业绿色创新水平的促进作用在非国有企业、管理层平均年龄较低的企业中更加显著。研究结果为发挥员工激励效应、提高企业绿色创新能力提供经验证据,为推动国家绿色发展提供理论支撑。 Green innovation of enterprises is an important fundamental force in promoting national green development,and employee stock ownership plans have achieved significant results in promoting green innovation of enterprises.This paper selects A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2014 to 2022 as the research object,and uses a panel data model that controls for year and industry fixed effects to systematically study the impact and mechanism of employee stock ownership plans on green innovation of enterprises.It is found that implementing employee stock ownership plans can effectively improve the level of green innovation of enterprises.Mechanism test shows that employee stock ownership plans can improve the level of green innovation of enterprises by reducing agency costs.The analysis of regulatory effects indicates that the level of financing constraints negatively regulates the promoting effect of employee stock ownership plans on green innovation of enterprises.Further research finds that employee stock ownership plans have a more significant promoting effect on the level of green innovation in non-state-owned enterprises and enterprises with lower average top management team age.This study provides empirical evidence for leveraging employee motivation and enhancing the capability of green innovation of enterprises,and provides theoretical support for promoting national green development.

作者于丽君刘喜华 YU Lijun;LIU Xihua(School of Economics,Qingdao University,Qingdao 266100,China)

机构地区青岛大学经济学院

出处《合肥工业大学学报（社会科学版）》 2024年第4期97-107,共11页 Journal of Hefei University of Technology(Social Sciences)

关键词员工持股计划企业绿色创新代理成本融资约束 employee stock ownership plans green innovation of enterprises agency costs financing constraints

分类号 F273.1 [经济管理—企业管理] F832.51 [经济管理—金融学]

作者简介于丽君(1998-),女,山东青岛人,硕士生;刘喜华(1965-),男,山东青岛人,博士,教授,博士生导师。