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论文编号：	16151
作者编号：	2120243838
上传时间：	2026/6/9 22:23:17
中文题目：	管理者短视与企业ESG表现——基于A股上市公司的实证研究
英文题目：	Managerial Myopia and Corporate ESG Performance: An Empirical Study Based on A-Share Listed Companies
指导老师：	郝臣
中文关键字：	管理者短视；ESG表现；融资约束；绿色创新
英文关键字：	Managerial myopia; ESG performance; Green innovation; Financing constraint
中文摘要：	ESG是指环境、社会和公司治理。近年来，ESG理念在国内外日益受到重视，我国也坚持绿色、可持续发展理念，逐步完善ESG信息披露指引和ESG建设的相关要求。在此背景下，重视并推动ESG发展与建设，是对新时代企业高质量的要求，更是未来社会经济发展的重要趋势。然而，由于管理者和企业所有者之间存在着信息不对称、利益目标不完全一致的问题，管理者在决策过程中可能产生短视倾向，过度关注短期经营表现与自身利益，而削减不能产生即时利益但能产生长期价值的项目，最终不利于企业长远发展。因此，研究管理者短视对企业ESG表现的影响具有重要的实践意义。 本文基于委托代理理论、利益相关者理论、高阶梯队理论和可持续发展理论，选取2012-2024年沪深A股上市公司作为研究对象，实证检验管理者短视对企业ESG表现的影响，以及融资约束和绿色创新的中介效应，还分析了所在地区、污染程度的异质性，以及分析师关注和股权激励的调节作用。 最终本文得出结论：管理者短视对企业ESG表现有负向影响，融资约束和绿色创新在其中发挥了中介效应；管理者短视对企业ESG表现的负向效应在东部地区和重污染行业的企业中更加明显；分析师关注和股权激励能够发挥调节作用，企业受到的分析师关注度和管理者的持股比例在一定程度上削弱了管理者短视对企业ESG表现的负面影响。
英文摘要：	ESG refers to environmental, social and corporate governance. In recent years, the ESG concept has garnered increasing attention at home and abroad. China also adheres to the principles of green and sustainable development, gradually refining its guidelines for ESG disclosure and ESG frameworks. Advancing ESG development is a requirement for high-quality development and a key trend in future. However, due to information asymmetry and divergent interests between managers and corporate owners, managers may exhibit short-sighted tendencies in the decision-making process. They may overemphasize short-term operational performance while cutting projects that do not yield immediate benefits but are conducive to the company’s long-term development. Therefore, researching the impact of managerial short-sightedness on corporate ESG performance holds significant practical significance. Based on principal-agent theory, stakeholder theory, the high-level ladder theory, and sustainable development theory, this study selects A-share listed companies from 2012 to 2024 as the research subjects. It empirically examines the impact of managerial myopia on corporate ESG performance, as well as the mediating effects of financing constraints and green innovation. Additionally, the study analyzes the heterogeneity of regional location and pollution levels, along with the moderating roles of analyst attention and equity incentives. Ultimately, the study concludes that managerial myopia has a negative impact on corporate ESG performance, with financing constraints and green innovation acting as mediators; the negative effect is more pronounced in firms located in the eastern region and in heavily polluted industries; analyst attention and equity incentives can serve as moderating factors; the level of analyst attention a company receives and the proportion of shares held by management mitigate, to some extent, the negative impact of managerial myopia on the company’s ESG performance.
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