摘要
本文以2011年~2021年高耗能上市企业为研究样本,研究了企业ESG表现对绿色技术创新的影响作用以及具体影响机制,并且研究了高管薪酬激励对ESG表现影响绿色技术创新的调节作用。研究发现:企业ESG有利于提升企业的绿色技术创新水平,并且通过稳健性检验后结果依然成立。影响机制检验表明:企业ESG主要通过提高环保理念,增强媒体监督的方式来提升企业的绿色技术创新水平,调节效应检验表明:高管薪酬激励对企业ESG提升绿色技术创新水平起正向的调节作用,并且表现出行业异质性,石油,煤炭及其他燃料加工业,非金属矿物制造业,黑色金属冶炼和压延加工业,电力,热力生产和供应行业ESG评级和高管薪酬水平融合作用可显著提高企业的绿色技术创新水平。有色金属冶炼和压延加工行业ESG评级和高管薪酬水平融合作用可显著降低企业的绿色技术创新水平,化学原料和化学制品制造业行业ESG评级和高管薪酬水平融合作用对绿色技术创新水平起不到调节作用。研究结论有助于我国高耗能企业合理披露ESG评分体系以提升企业的绿色技术创新水平以及考虑自身行业的特点合理制定高管薪酬方案来实现ESG评级和高管薪酬水平融合作用对绿色技术创新水平的提升。
This paper takes listed enterprises with high energy consumption from 2011 to 2021 as research samples to study the impact of ESG performance on green technology innovation and the specific impact mechanism,and studies the moderating effect of executive compensation incentives on the impact of ESG performance on green technology innovation.It is found that enterprise ESG is con-ducive to improving the level of green technology innovation of enterprises,and the results are still valid after passing the robustness test.The impact mechanism test shows that enterprise ESG mainly improves the level of green technology innovation by improving environmental protection theory and enhancing media supervision.The adjustment effect test shows that:Executive compen-sation incentive has a positive regulating effect on the enterprise ESG to improve the level of green technology innovation,and shows industry heterogeneity,petroleum,coal and other fuel pro-cessing industry,non-metallic mineral manufacturing industry,ferrous metal smelting and rolling processing industry,electric power industry,etc.The integration of ESG rating and executive com-pensation level in thermal production and supply industry can significantly improve the green tech-nology innovation level of enterprises.The fusion effect of ESG rating and executive compensation level in non-ferrous metal smelting and calendering processing industry can significantly reduce the level of green technology innovation of enterprises,while the fusion effect of ESG rating and executive compensation level in chemical raw materials and chemical products manufacturing in-dustry cannot regulate the level of green technology innovation.The research conclusion is helpful for China’s high energy-consuming enterprises to reasonably disclose the ESG scoring system to im-prove the level of green technology innovation,and consider the characteristics of their own indus-tries to reasonably formulate executive compensation plans to achieve the integration of ESG rating and executive compensation level to improve the level of green technology innovation.
作者
卢兰兰
贾晓霞
Lanlan Lu;Xiaoxia Jia(Business School,University of Shanghai for Science and Technology,Shanghai)
出处
《运筹与模糊学》
2024年第6期309-322,共14页
Operations Research and Fuzziology
基金
国家社会科学基金项目(22BJY199)。
关键词
ESG表现
绿色技术创新
高管薪酬激励
高耗能企业
ESG Performance
Green Technology Innovation
Executive Compensation Incentive
High Energy Consuming Enterprises
作者简介
唯一通讯作者:贾晓霞。
