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论文编号：	14701
作者编号：	2120223659
上传时间：	2024/6/6 11:35:39
中文题目：	管理层激励对企业ESG表现的影响研究
英文题目：	The Impact of Corporate ESG Performance on Executive Compensation
指导老师：	程新生
中文关键字：	ESG表现；管理层薪酬激励；管理层股权激励
英文关键字：	ESG performance; executive compensation incentives; executive equity incentives
中文摘要：	近年来，随着可持续发展理念深入人心，ESG表现的重要性日益凸显，已成为衡量企业可持续发展能力的核心指标。但部分企业因权衡ESG短期成本与长期收益而缺乏提升ESG的内生动力。因此，寻求激励企业提升ESG表现的措施至关重要。管理层作为企业经营管理的执行者，肩负着践行ESG理念的责任。有效的激励机制能约束管理者自利行为，使其与股东利益一致，追求长期价值最大化。在当前的时代背景下，研究管理层激励对ESG表现的影响具有现实意义。 本文以2011-2022年沪深A股非金融上市公司为研究对象，实证检验了管理层激励对企业ESG表现的影响。本文得出以下主要结论：（1）管理层货币薪酬激励和股权激励均对企业ESG表现存在显著的正向影响。（2）机制分析表明，两种管理层激励模式都通过增加分析师关注来促进企业ESG责任履行。（3）企业内外部治理环境能够影响管理层激励对ESG表现的作用。在机构投资者持股越高、监管压力越大的企业中，管理层激励对企业ESG表现的正向影响程度越大。在非两职合一的企业中，管理层股权激励对企业ESG表现的正向影响程度越大，而货币薪酬激励的作用差异并不明显。（4）进一步研究了超额薪酬，发现超额薪酬对企业ESG表现有正向影响。 本文研究结论显示，在当下强调可持续发展的时代背景下，管理层激励能够有效促进企业在日常经营活动中贯彻落实ESG理念。为此，企业应增强管理层激励计划的针对性和有效性，推动企业ESG绩效的稳步提升。
英文摘要：	In recent years, as the concept of sustainable development has become more and more emphasized, the importance of ESG performance has become more and more prominent, and it has become a core indicator of corporate sustainability. However, some companies lack the endogenous motivation to improve ESG as they weigh the short-term costs of ESG against the long-term benefits. Therefore, it is crucial to find incentives for companies to improve ESG performance. As the executives of corporate management, management is responsible for practicing ESG. Effective incentive mechanisms can restrain managers' self-interested behavior, align their interests with those of shareholders, and pursue long-term value maximization. In the current era, it is of practical significance to study the impact of management incentives on ESG performance. This paper empirically examines the impact of management incentives on corporate ESG performance with non-financial listed companies in Shanghai and Shenzhen A-shares from 2011 to 2022 as the research sample. The paper draws the following main conclusions: (1) Both management monetary compensation incentives and equity incentives have a significant positive impact on corporate ESG performance. (2) Mechanism analysis shows that both management incentive modes promote the fulfillment of corporate ESG responsibilities by increasing analysts' attention. (3) The internal and external governance environments of enterprises can influence the role of management incentives on ESG performance. In firms with higher institutional investor shareholdings and greater regulatory pressure, the degree of positive influence of management incentives on corporate ESG performance is greater. In firms where the chairman and general manager are not the same person, the greater the degree of positive impact of management equity incentives on firms' ESG performance, while the difference in the role of monetary compensation incentives is not significant. (4) Excess compensation was further examined and found to have a positive impact on firms' ESG performance. The findings of this paper show that in the current era of emphasizing sustainable development, management incentives can effectively promote enterprises to implement ESG concepts in their daily business activities. In this regard, enterprises should enhance the relevance and effectiveness of management incentive programs to promote the steady improvement of corporate ESG performance.
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