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论文编号：	15986
作者编号：	1120221298
上传时间：	2026/6/2 8:16:23
中文题目：	董事会绿色治理对企业绿色转型的影响研究
英文题目：	Research on the Impact of Board Green Governance on Corporate Green Transformation
指导老师：	周建
中文关键字：	公司治理；董事会绿色治理；绿色转型；资源约束；利益相关者压力
英文关键字：	Corporate governance; Board green governance; Green transformation; Resource constraint; Stakeholder pressure
中文摘要：	加快经济社会发展全面绿色转型已成为建设人与自然和谐共生的中国式现代化的题中应有之义。然而，企业在绿色转型实践中普遍存在质量偏低等问题。在此背景下，如何通过优化绿色治理体系以驱动企业高质量绿色转型，已成为政界、学界与业界共同关注的核心话题。本文从董事会绿色治理视角切入，旨在深入探究当前的董事会绿色治理实践能否真正发挥自上而下的引领作用，有效推动企业开展高质量的绿色转型变革，从而回应实现可持续发展目标的时代诉求。 为了评估董事会绿色治理在推动企业高质量绿色转型方面的实际成效，本文沿袭“治理效应识别-边界条件探索-综合后果检验”的逻辑路径，开展了一系列理论分析与实证检验。首先，本文识别了董事会绿色治理对企业绿色转型的基本影响效应。研究发现，董事会绿色治理与企业绿色转型的“言胜于行”程度存在显著的正向关系。该结果表明，当前实践中的董事会绿色治理存在失灵，未能引领企业实现符合高质量标准的“深绿”战略转型，导致企业普遍为了象征性迎合外部压力而停留在“浅绿”阶段。在此基础上，本文立足于董事会的咨询和监督职能展开机制探索，发现董事会绿色治理虽然发挥了一定的咨询建议职能，但在监督职能上存在关键缺失，这有助于解释董事会绿色治理失灵的直接原因。本文还进一步探析了董事会绿色治理的动机，提供的证据表明，董事会绿色治理在企业绿色转型中表现出的象征性管理行为不太可能源于主观恶意的“漂绿”动机。 其次，本文探讨了影响董事会绿色治理与企业绿色转型之间关系的边界条件。从内部视角出发，本文基于财务目标与环境目标之间存在资源竞争关系的核心命题，研究了资源约束如何调节董事会绿色治理对企业绿色转型的影响效应。通过聚焦绿色转型通常需要的人力、财务和技术资源，本文的实证分析表明，这三类关键资源约束会强化董事会绿色治理与企业绿色转型“言胜于行”程度之间的正向关系，意味着董事会在绿色治理中采取象征性管理行为可能是无奈之举。 本文客观承认董事会主导的内部绿色治理存在局限性，继而转向外部视角，考察外部利益相关者能否缓解董事会绿色治理仅使企业进行“浅绿”转型的作用效果。通过区分不同利益相关者对企业施加绿色压力的异质性渠道，本文发现，政府环境规制、供应链伙伴绿色溢出、同行企业绿色竞争以及公众绿色诉求均能削弱董事会绿色治理与企业绿色转型“言胜于行”程度之间的正向关系，而绿色投资者的调节作用不明显。该结果表明，大多数利益相关者均有助于矫正董事会绿色治理失灵，而投资者可能仅是名义上的绿色，实则未能真正参与绿色治理。 最后，本文回归可持续发展同时强调经济与环境福利的价值核心，探究董事会绿色治理驱动下的企业“浅绿”转型究竟会产生何种后果。从环境后果视角，本文发现，董事会绿色治理驱动下的“浅绿”转型模式既未显著改善企业的环境绩效，也未进一步加剧企业环境绩效的恶化。从经济后果视角，本文发现，董事会绿色治理驱动下的“浅绿”转型模式对企业的短期财务绩效产生了正向影响，但未能提升企业的长期市场价值，不过，本文也未发现导致价值折损的经验证据。 综上可知，中国现阶段的董事会绿色治理处于部分功能性失灵状态，未能通过引领企业的高质量绿色转型为可持续发展目标赋能。值得注意的是，董事会并非纵容或参与恶意“漂绿”的合谋者，而更可能是受限于客观资源瓶颈的无奈者，其象征性管理行为更多体现为“不求有功，但求无过”的中性保守防御策略。正因面临“巧妇难为无米之炊”的客观资源约束，市场对董事会在推动企业绿色转型中的绿色治理失灵结果持一定的宽容态度，并未将其视为恶性“漂绿”事件予以惩罚。然而，也正是由于董事会绿色治理未能引领高质量的绿色转型，企业无法通过绿色变革构建可持续竞争优势，因而也难以获得市场的青睐。上述结论意味着，要突破绿色转型的低质量困境、实现可持续发展目标，不能单纯依赖董事会主导的内部绿色治理，而是更需要强化外部利益相关者的绿色治理协同作用。 本文的创新性体现在三个方面：第一，在研究视角上，本文突破了以往文献将ESG视为静态整体构念的传统认知，转向对ESG内部各个维度之间的内在关联展开研究。通过区分“深绿”与“浅绿”两种转型路径，本文识别了董事会在绿色治理方面的象征性管理行为，从而拓宽了ESG细分领域的研究边界。第二，在理论逻辑层面，本文立足资源稀缺性的基本事实，针对董事会绿色治理失灵现象提出了“巧妇难为无米之炊”这一新的解释思路，从而为阐释绿色转型困境提供了更具包容性的逻辑。第三，在研究框架方面，本文基于内部资源约束和外部利益相关者压力展开双重边界分析，揭示了企业绿色转型过程中内外部因素之间的复杂交互，提供了更为丰富且契合中国制度背景特征的绿色微观研究范式。
英文摘要：	Accelerating the comprehensive green transformation of the economy and society has become an inherent requirement for building Chinese-style modernization that pursues harmony between humanity and nature. However, firms generally face issues such as low quality in their green transformation practices. Against this background, the question of how to drive high-quality corporate green transformation by optimizing green governance systems has become a core topic of shared concern among policymakers, academics, and practitioners. From the perspective of board green governance, this thesis aims to thoroughly explore whether current board green governance practices can truly play a top-down leading role in promoting high-quality green transformation, thereby addressing the era’s urgent call to achieve sustainable development goals. To evaluate the practical effectiveness of board green governance in promoting firms’ high-quality green transformation, this thesis follows the logical pathway of governance effect identification, boundary condition analysis, and comprehensive consequence testing, conducting a series of theoretical analyses and empirical tests. First, this thesis identifies the fundamental impact of board green governance on corporate green transformation. The results show that there is a significant positive relationship between board green governance and the degree of “words outweighing actions” in corporate green transformation. This finding indicates that board green governance practices suffer from failure, failing to lead firms toward achieving the “deep green” strategic transformation that meets high-quality standards. Instead, it leads firms to remain predominantly at the “shallow green” stage merely to symbolically comply with external pressures. On this basis, this thesis explores the mechanisms from the perspectives of the board’s advisory and supervisory functions and finds that although board green governance exerts a certain advisory role, its supervisory function is critically absent, which helps explain the direct cause of the failure of board green governance. This thesis further examines the motivation behind board green governance. The evidence indicates that such governance, as a symbolic management practice in corporate green transformation, is unlikely to stem from intentional and malicious motivation for “greenwashing”. Second, this thesis explores the boundary conditions that affect the relationship between board green governance and corporate green transformation. From an internal perspective, this thesis investigates how resource constraints moderate the impact of board green governance on corporate green transformation, based on the core proposition of resource competition between firms’ financial and environmental objectives. With a focus on the human, financial, and technological resources typically required for green transformation, empirical analysis reveals that these three types of critical resource constraints strengthen the positive relationship between board green governance and the degree of “words outweighing actions” in corporate green transformation. This finding suggests that boards’ adoption of symbolic management behavior in green governance may represent a reluctant compromise. This thesis objectively acknowledges the limitations of internal green governance led by the board and subsequently shifts to the external perspective to examine whether external stakeholders help mitigate the effect of board green governance in causing firms to undertake “shallow green” transformation. By differentiating the heterogeneous channels through which different stakeholders exert green pressures on firms, this thesis finds that government environmental regulation, green spillover from supply chain partners, green competition among peer firms, and public green appeals can all effectively weaken the positive relationship between board green governance and the degree of “words outweighing actions” in corporate green transformation. In contrast, the moderating effect of green investors is statistically insignificant. These findings suggest that most stakeholders help correct the failure of board green governance, whereas investors may be symbolically green and fail to truly engage in green governance. Finally, this thesis anchors itself in the core connotation of sustainable development, which emphasizes both economic and environmental welfare, to explore the consequences of the “shallow green” transformation driven by board green governance. From the perspective of environmental consequences, this thesis finds that the “shallow green” transformation mode driven by board green governance neither significantly improves nor worsens corporate environmental performance. From the perspective of economic consequences, this thesis finds that the “shallow green” transformation mode driven by board green governance has a positive impact on short-term corporate financial performance but fails to enhance long-term market value, although no empirical evidence of value loss is found. In summary, at the current stage, it is evident that Chinese firms’ board green governance is experiencing a state of partial functional failure and fails to contribute to the achievement of sustainable development goals by leading high-quality corporate green transformation. It is worth noting that the board is not a malicious conspirator who condones or participates in “greenwashing” activities, but rather a reluctant participant constrained by objective resource bottlenecks. Its symbolic management behavior more often reflects a neutral, conservative, and defensive strategy of “seeking no great merit but merely avoiding fault.” Precisely because it faces objective resource constraints of “making bricks without straw,” the capital market maintains a certain degree of tolerance toward the failure to drive corporate green transformation through board green governance, refraining from punishing it as a malicious “greenwashing” incident. However, it is also due to the board’s failure to lead high-quality green transformation that firms have difficulty in building sustainable competitive advantages through such green change, and thus fail to win market favor. This conclusion implies that overcoming the dilemma of low-quality green transformation and achieving sustainable development goals cannot rely solely on board-led internal green governance. Instead, it is essential to strengthen the collaborative green governance efforts of external stakeholders. The novelty of this thesis is threefold: First, in terms of research perspective, this thesis challenges the conventional view in existing literature that treats ESG as a static and holistic construct and shifts to investigating the inherent association between individual dimensions within ESG. By distinguishing between “deep green” and “shallow green” transformation paths, this thesis identifies the symbolic management behaviors in board green governance, thereby broadening the research boundaries of sub-fields within ESG. Second, regarding theoretical logic, building on the fundamental premise of resource scarcity, this thesis proposes a new explanatory idea for the failure of board green governance, namely “making bricks without straw,” providing a more inclusive logic for elucidating the green transformation dilemma. Third, in terms of research framework, this thesis conducts a dual boundary analysis based on internal resource constraints and external stakeholder pressure, revealing the complex interactions between internal and external factors in the process of corporate green transformation. In doing so, it provides a more comprehensive micro-green research paradigm that is better adapted to China’s institutional context.
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