管理层权力如何影响企业低碳投资?——来自我国A股高碳排放上市公司的证据
How Does Management Power Affect Corporate Low-carbon Investment:With Evidence from China's A-share High Carbon Emission Listed Firms
傅传锐 1刘鹏燕 1许荔香 1邹晶晶1
作者信息
- 1. 福州大学经济与管理学院,福建福州 350108
- 折叠
摘要
在国家"双碳"目标的背景下,如何提升高二氧化碳排放企业的低碳投资水平,是高质量发展的重要议题.以 2019-2021 年沪深A股高碳排放上市公司为研究样本,实证检验高碳排放企业管理层权力对低碳投资行为的影响.结果发现:管理层权力与企业低碳投资间存在显著负相关关系.高碳排放企业现金持有水平、内部控制质量对管理层权力与低碳投资水平间的关系存在显著的调节效应,即相比于现金持有水平高的企业,现金持有水平低企业的管理层权力对低碳投资的负向影响更强;相比于高内部控制质量的企业,低内部控制质量企业的管理层权力对低碳投资的负向作用更明显.从中介机制看,管理层权力能通过加大代理成本、降低信息披露质量进而抑制企业低碳投资水平.因此,企业应合理配置管理层权力、提高内部治理水平以促进低碳投资.
Abstract
In the context of China's"dual carbon"strategy,how to improve the level of low-carbon investment in enterprises with high carbon dioxide emissions has become an important issue for high-quality development.This paper takes China's A-share listed companies with high carbon emission from 2019 to 2021 as research samples to empirically test the influence of management power of enterprises with high carbon emission on low-carbon investment behavior.The results show that:(1)There is a significant negative correlation between management power and low-carbon investment.(2)Cash holding level and internal control quality of enterprises with high carbon emission have a significant moderating effect on the relationship between management power and low-carbon investment level,that is,compared with enterpri-ses with high cash holding level,management power of enterprises with low cash holding level has a stron-ger negative impact on low-carbon investment;compared with enterprises with high internal control quali-ty,the management power of enterprises with low internal control quality has a more obvious negative effect on low-carbon investment.(3)From the perspective of intermediary mechanism,the power of management inhibits the level of low-carbon investment by increasing agency costs and reducing the quality of informa-tion disclosure.The conclusions of this paper provide useful enlightenment for enterprises to rationally allocate management power and improve internal governance to promote low-carbon investment.
关键词
管理层权力/低碳投资/现金持有水平/内部控制质量/代理成本Key words
management power/low-carbon investment/level of cash holdings/internal control quality/agency cost引用本文复制引用
基金项目
福建省社会科学基地重大项目(FJ2021MJDZ012)
福建省社会科学基地重大项目(FJ2020MJDZ014)
出版年
2024
NETL
NSTL
万方数据