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论文编号：	12892
作者编号：	1120170904
上传时间：	2021/12/13 15:48:30
中文题目：	董事会包容性对企业绿色治理绩效的影响研究
英文题目：	Research on the Impact of Board Inclusion on Corporate Green Governance Performance
指导老师：	李维安教授
中文关键字：	董事会包容性；绿色治理绩效；前瞻型环境战略；管理层短视；制造业上市公司
英文关键字：	Board inclusion; Green governance performance; Proactive environmental strategy; Managerial myopia; Manufacturing listed company
中文摘要：	在当前全球呼吁“绿色”的背景下，企业作为主要的污染主体和绿色治理的关键行动者，其绿色治理行为备受学术界和实务界的关注。目前大多数企业的绿色行动仍停留在被动合规层面，导致出现虚假社会责任、“洗绿”等问题。这主要是由于企业的绿色行为尚未上升到绿色治理层面，没有在顶层制度设计中纳入广泛利益相关者代表并赋予他们平等的权力，以满足他们对于社会责任和环境责任的利益诉求。董事会是顶层制度设计的关键和利益相关者参与治理的重要环节，现有董事会治理相关研究多是从结构层面关注多元化利益相关者代表是否具有平等的参与机会获得董事会席位，鲜有研究关注这些董事进入董事会后是否具有平等的权力参与到董事会治理过程。然而，一些公司的董事会多元结构却未能产生预期的治理效果，主要原因是实质包容性不足。因此，在关注多元化董事特别是代表弱势利益相关者的董事平等参与机会的同时，亟需重视这些董事进入董事会以后是否被平等对待以及被赋予平等的治理权力，验证董事会对于这些董事的实质包容性能否带来预期的绿色治理效应。 在此背景下，本研究从包容性逻辑入手，将包容性嵌入董事会治理体系并提出董事会包容性概念，探索董事会包容性对绿色治理绩效的影响后果和影响机制。首先，对包容性的相关研究、董事会包容性的相关概念研究以及绿色治理绩效的内外部影响因素等研究进展进行梳理和述评；其次，在现有理论分析的基础上，构建了董事会包容性的评价指标体系，并形成董事会包容性指数；然后，选取我国发布社会责任报告的A股制造业上市公司为研究样本，实证检验了董事会包容性对绿色治理绩效的影响后果，分别从董事会决策职能和监督职能两个视角探索了董事会包容性对绿色治理绩效的内在影响机制，同时还考察了不同情境因素的差异化影响。 论文得到的主要研究结论如下：第一，较高的董事会包容性水平能够促进企业绿色治理绩效的提升，社保基金持股和股权制衡都会强化董事会包容性对绿色治理绩效的正向影响。第二，从董事会包容性的不同维度来看，董事会职能包容对绿色治理绩效的影响要大于董事会结构包容，说明相比于董事会的结构包容维度，职能包容更能够通过影响董事会治理效果来促进企业的绿色治理实践。第三，董事会包容性能够通过提升董事会决策能力影响企业的前瞻型环境战略，促进绿色治理绩效的改善。在环境规制强度或公众环保关注度较高的地区，环境战略在董事会包容性与绿色治理绩效之间发挥的中介作用更为显著；而在环境规制强度或公众环保关注度较低的地区，董事会包容性通过前瞻型环境战略影响企业绿色治理绩效的路径并未得到统计验证。第四，董事会包容性还可以通过强化董事会监督能力，降低管理层短视行为，从而改善企业的绿色治理绩效水平。管理层权力和期望绩效反馈均会弱化董事会包容性对管理层短视的约束效力，削弱董事会包容性通过降低管理层短视而影响绿色治理绩效的中介效应。 论文的创新点主要有以下几个方面：第一，率先系统界定了公司层面董事会包容性的概念，并构建了董事会包容性的评价指标体系，为进一步探索董事会包容性对绿色治理绩效的影响提供了数据基础。第二，将包容性理念引入董事会治理体系之中，从顶层制度设计视角探索董事会包容性的绿色治理效应，丰富了绿色治理实践驱动因素的相关研究。第三，分别从董事会的决策职能和监督职能视角探索了董事会包容性对绿色治理绩效的影响后果及其内在作用机理，为推动绿色治理顶层制度设计和绿色治理绩效提供了有效的现实路径。
英文摘要：	In the context of global attention for “green”, as the main polluters and key actors in green governance system, enterprises have attracted much attention from academia and practical circles. However, most enterprises’ green actions still remain at the passive compliance level, which leads to some problems such as false social responsibility, “false green”, etc. This is mainly because that enterprises’ green behavior has not been promoted to the level of green governance, and the representatives of a wide range of stakeholders have not been involved in the top-level system design and given equal rights to meet their interest demands for social and environmental responsibility. The board of directors is the key to top-level institutional design and an important link for stakeholders to participate in governance. Existing studies on board governance mostly focus on whether directors representing diverse stakeholders have equal opportunities to own board seats, while few studies involve whether these directors have equal rights to participate in board governance process after joining the board. However, the diversity of board structure failed to produce the expected governance effect, because of the lack of substantial inclusion. Therefore, when focusing on the participating opportunity of diversified director especially on behalf of the disadvantaged stakeholders in the board of directors, there is an urgent need to pay attention to whether these directors are treated fairly and are endowed with equal power in the importance functions, and examine whether the inclusion for these board members can bring expected green governance effect. In this context, this study starts with the logic of inclusion and takes board inclusion as a specific path to break through the top-level design of green governance, to explore the impact and its mechanism of board inclusion on green governance performance. First, the study reviews the research progress of inclusion, the relevant research of board inclusion and the influence factors of green governance performance systematically. Secondly, on the basis of the existing theoretical analysis, the evaluation index system of board inclusion is constructed, and the board inclusion index is formed accordingly. Then, the impact of board inclusion on green governance performance is empirically tested by selecting Chinese A-shared listed manufacturing companies which have disclosed corporate social responsibility report as research samples. Meanwhile, this paper deeply investigates the internal influence mechanism of board inclusion on green governance performance from the two perspectives of the decision-making function and supervision function of the board of directors respectively. Besides, the differentiated influence of different situational factors is also explored. The main conclusions of this research are as follows: First, a high level of board inclusion can promote the improvement of corporate green governance performance, and social security fund ownership and equity balances strengthen the positive impact of board inclusion on green governance performance. Second, in terms of the different subdimensions of board inclusion, the impact of functional inclusion of the board of directors on the green governance performance is greater than that of the structural inclusion of directors, indicating that functional inclusion is more likely to promote green governance practices by influencing board governance effectiveness to promote green governance performance. Thirdly, the board inclusion influences corporate proactive environmental strategy by enhancing the decision-making ability of the board, thus promoting the improvement of green governance performance. When the intensity of environmental regulation or environmental public concerns are stronger, the mediating effect of environmental strategies on the relationship between the board inclusion and green governance performance is more prominent, while in the areas with lower environmental regulation intensity or the public environmental awareness, the inclusion of the board of directors cannot influence enterprises’ green governance performance effectively through the proactive environment strategy. Fourthly, board inclusion improves corporate green governance performance by improving the supervisory ability of the board of directors and reducing the managerial myopia behaviors. Both manager power and expected performance feedback reduce the restraining effect of board inclusion on managerial myopia, and weaken the mediating effect of board inclusion on green governance performance by decreasing managerial myopia. The innovation points of this paper mainly include the following aspects: First, it takes the lead in defining the concept of corporate board inclusion systematically and constructs the evaluation indicators system to measure the degree of board inclusion, which provides a data basis for further exploring the effect of board inclusion on the green governance practices. Second, it embeds the inclusive belief of green governance into the board governance structure, explores the green governance effect of board inclusion from the perspective of top-level structure design, and enriches the relevant research on driving factors of green governance practices. Thirdly, it explores the impact of board inclusion on green governance performance and its internal mechanism both from the two perspectives of the decision-making function and supervision function of the board of directors respectively, which provides an effective and realistic path for promoting the design of green governance top-level system and green governance performance.
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