摘要：环境管理体系认证是当前中国应用最广泛的自愿型环境规制手段，通过环境管理体系认证能够对企业的管理环节和生产流程进行绿色化改造，进而促进企业的绿色高质量发展。企业进行环境管理体系认证能否提升劳动收入份额，目前仍存在研究不足。本文利用2008—2020年中国A股上市企业数据，实证检验了环境管理体系认证对于企业劳动收入份额的影响。研究结果表明：环境管理体系认证能够显著提高企业的劳动收入份额，在一系列稳健性检验后结果依然显著。机制检验表明：企业环境管理体系认证能够缓解企业的融资约束、提升内部控制质量，发挥“融资效应”和“治理效应”，进而提高劳动收入份额。异质性分析表明，这种效应在国有企业、劳动密集型企业、技术密集型企业、数字化转型程度更高的企业中更加显著。本文的研究结论对于推动中国企业绿色高质量发展具有一定的政策启示。
关键词：环境管理体系认证；融资约束；内部控制质量；劳动收入份额
Income Distribution Effect of Environmental Management System Certification：Based on Labor Income Share of Enterprises
Shi Dan，Zhang Yongshen
Abstract: Environmental management system certification is the most widely used voluntary environmental regulation means in China at present. Through environmental management system certification, enterprises can carry out green transformation of management links and production processes, and then promote the green and high-quality development of enterprises. Whether the environmental management system certification of enterprises can increase the labor income share is still a research gap. Using the data of China's A-share listed companies from 2008 to 2020, this paper empirically tests the impact of environmental management system certification on the labor income share of enterprises. The results show that environmental management system certification can significantly increase the labor income share of enterprises, and the results are still significant after a series of robustness tests. The mechanism test shows that the certification of enterprise environmental management system can alleviate the financing constraints of enterprises, improve the quality of internal control, play the“financing effect”and“governance effect”, and then increase the labor income share. Heterogeneity analysis shows that this effect is more significant in SOEs, labor and technology-intensive firms, and firms with a higher degree of digital transformation. The research conclusions of this paper have certain policy implications for promoting the green and high-quality development of Chinese enterprises.
Keywords: Environmental Management System Certification; Financing Constraints; Internal Control Quality; Labor Income Share
