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论文编号：	14711
作者编号：	2120223679
上传时间：	2024/6/6 16:38:32
中文题目：	高管海外经历与企业ESG表现 ——基于内部控制的机制检验
英文题目：	Overseas Experience of Executives and Corporate ESG Performance ——Mechanism Test Based on Internal Control
指导老师：	王永进
中文关键字：	高管团队；海外经历；ESG表现；内部控制；媒体关注
英文关键字：	Top Management Team; Overseas Experience;ESG Performance; Internal Control; Media Attention
中文摘要：	在关注可持续发展的当下，ESG理念主张投资者关注企业在环境、社会和治理方面的表现，ESG投资成为新的投资热点。企业的ESG表现评级被视为评估企业可持续发展潜力的关键指标，纳入许多机构投资者投资决策和风险管理需要考虑的因素。如何提升企业ESG绩效水平，以实现企业的绿色可持续发展，成为企业发展需要关注的重要议题。高层梯队理论指出，高管的个人特征（包括教育、职业背景等）会对企业经营活动产生一定影响；烙印效应也表明，个体在特定环境敏感期的生活经历会给其留下与所处环境特征相关的长期“印记”。ESG理念在海外发达国家发展较为成熟，对企业ESG表现的监管更为严格，在这些国家学习或者工作的高管能否将先进的ESG经营理念带回国内，进而对企业ESG表现积极影响，值得探讨。此外，企业良好的内部控制质量有助于规范企业的经营行为，而媒体作为外部监督和治理的重要力量也能提高企业的信息透明度，减少企业的机会主义行为，内外部利益相关者视角是否能成为高管海外经历影响企业ESG表现的作用途径。 基于此，本文提出“高管海外经历——内部控制——企业ESG表现”影响路径，并考虑媒体关注的调节效应，以2018-2022年A股非金融类公司为样本，实证检验所提假设，得到以下结论：（1）高管海外经历能显著改善企业ESG表现，相比没有海外经历高管任职的企业，具有海外经历高管的企业ESG表现更好，并且企业海外经历高管的数量和占比均与企业ESG表现呈正相关关系，高管海外经历对于企业社会责任方面绩效提升最为明显；（2）内外部利益相关者均是高管海外经历影响企业ESG表现的作用途径，高管海外经历能够通过提升企业内部控制质量来提升企业ESG表现，内部控制起到部分中介作用；媒体关注具有正向调节作用，在媒体关注度高的企业中高管海外经历对企业ESG表现的促进效果更明显；（3）与海外工作经历相比，高管海外教育经历对企业ESG表现的影响更为明显；与民营企业相比，高管海外经历对国有企业ESG表现的积极作用更明显。 关键词：高管团队；海外经历；ESG表现；内部控制；媒体关注
英文摘要：	In the current era of emphasizing sustainable development, the ESG concept advocates investors to focus on a company's performance in terms of environment, social impact, and governance, making ESG investment a new hotspot. Enhancing a company's ESG performance to achieve sustainable development has become a crucial issue for business development. The Upper Echelons Theory suggests that the personal characteristics of senior executives, including education and professional backgrounds, can have a certain impact on business operations. The ESG concept is relatively mature in developed overseas countries, where the regulation of corporate ESG performance is stricter. Whether executives who have studied or worked in these countries can bring back advanced ESG management concepts and positively influence corporate ESG performance is a question worth exploring. Furthermore, sound internal control quality can help regulate corporate business practices, while the media, as an essential force for external supervision and governance, can enhance corporate information transparency and reduce opportunistic behaviors. Based on this, this paper proposes an influence path of "executives' overseas experience—internal control—corporate ESG performance" and considers the moderating effect of media attention. Using A-share non-financial companies from 2018 to 2022 as a sample, the paper empirically tests the proposed hypotheses and draws the following conclusions: (1) Executives' overseas experience can significantly improve corporate ESG performance. Compared to companies with executives without overseas experience, those with executives having overseas experience have better ESG performance. The number and proportion of executives with overseas experience are positively correlated with corporate ESG performance, and the impact is most significant in enhancing corporate social responsibility performance. (2) Both internal and external stakeholders are pathways for executives' overseas experience to influence corporate ESG performance. Executives' overseas experience can enhance corporate ESG performance by improving the quality of internal control, and internal control plays a partial mediating role. Media attention has a positive moderating effect, and the promotional effect of executives' overseas experience on corporate ESG performance is more significant in companies with high media attention. (3) Compared to overseas work experience, executives' overseas educational experience has a more significant impact on corporate ESG performance. Compared to private enterprises, the positive effect of executives' overseas experience on the ESG performance of state-owned enterprises is more apparent. Keywords: Top Management Team; Overseas Experience;ESG Performance; Internal Control; Media Attention
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