控股股东私利行为、客户治理与企业绿色创新——基于中国上市公司的经验研究
Controlling Shareholders' Self-interest Behavior,Customer Governance and Green Innovation of Enterprise:An Empirical Study Bases on Chinese Listed Companies
王勇 1郭佳 1王凤龙2
作者信息
- 1. 中国石油大学(华东)经济管理学院,山东 青岛 266580
- 2. 中国石油化工集团有限公司 发展计划部,北京 100728
- 折叠
摘要
以2012-2021 年A股非金融上市公司为样本,理论分析与实证考察控股股东私利行为对企业绿色创新的影响以及关系客户对此的治理效应.研究结果表明,控股股东私利行为显著降低了企业绿色创新水平,而客户的治理能力能有效弱化控股股东私利行为对企业绿色创新的负面影响,揭示了客户治理效应的存在.基于影响机理的进一步分析发现,客户对控股股东私利行为的治理效应在低现金持有水平、过度投资企业中表现得更为显著.基于企业外部治理机制的进一步分析显示,在影响控股股东私利行为与企业绿色创新关系的过程中,客户治理与产品市场竞争治理、机构投资者持股治理之间存在显著的替代关系.对此,企业应建立健全内部治理与监督机制,加强客户资源管理.
Abstract
Based on the sample of A-share non-financial listed companies from 2012 to 2021,this paper theoretically and empirically investigates the influence of private interest behavior of controlling shareholders on green innovation of companies and the governance effect of core customers on them.The results show that the controlling shareholders'private interest behavior significantly reduces the level of green innovation of companies,while the customer's governance ability can effectively weaken the inhibition effect of controlling shareholder's private interest behavior on green innovation,which reveals the existence of customer governance effect.Based on the fur-ther analysis of the impact mechanism,it is found that the governance effect of customers on the private interest behavior of controlling shareholders is more significant in low cash holding and over investment companies.Further analysis based on the external governance mechanism shows that in the process of influencing the relationship between the private interest behavior of controlling shareholders and green innovation of companies,the customer governance mechanism has a significant substitution relationship with product market com-petition governance and institutional investors shareholding governance.Therefore,the internal governance and supervision mechanisms should be established and the customer asset management should be strengthened.
关键词
控股股东私利行为/客户治理/企业绿色创新/外部治理机制Key words
controlling shareholders'private-interest behavior/customer governance/green innovation of companies/external govern-ance mechanism引用本文复制引用
基金项目
山东省社会科学规划研究项目(19BYSJ42)
出版年
2024
国家科技期刊平台
NSTL
万方数据