Industry Heterogeneity，Executive Compensation and Environmental Performance: Empirical Evidence from Private Listed Companies in China
Du Wencui，Gong Xinyu and Zhang Pingdan
摘要：作为生产的主体，企业行为直接关系到污染排放的多少与环保工作的成败。本文以２００６－２０１５年中国沪深两市２０８１家Ａ股民营上市公司为研究对象，采用环境违规记录衡量企业环境绩效，检验高管薪酬对环境绩效的影响，并从污染程度、竞争类型、行业周期三个角度检验行业异质性对高管薪酬与环境绩效关系的影响。研究发现:整体而言，高管薪酬与企业环境违规概率呈显著的正相关关系。进一步地，行业异质性显著影响着高管薪酬与环境绩效之间的关系:在重污染行业，由于治污成本较高，高管更倾向于为了追逐高薪酬而实施环境违规行为，与非竞争型行业相比，竞争型企业的高管更容易为了获得高薪酬而实施环境违规行为，与成熟型行业相比，成长型企业较高的高管薪酬会显著提高环境违规概率。因此，要想从微观企业的角度促成企业绿色生产方式的转变，提高环境绩效，一方面要完善市场机制，形成企业环境行为与市场价值的有效反馈机制，让环境绩效更加及时、准确、充分地反映在市场机制中；另一方面则要充分考虑行业异质性，针对行业特征制定差异化的环境经济政策和差异化的高管薪酬制度，实现精准发力、精准施策、精准治污。
关键词 ： 行业异质性, 高管薪酬, 环保违规, 环境绩效
Abstract: As the main part of production，corporate behavior is directly related to the pollutant emission and the success in environmental protection． Taking A－listed companies in Shanghai and Shenzhen Exchange during 2006 to 2015 as our research objects，the impact of executive compensation on environmental performance represented by environmental violation record was tested． Also the impact of industry heterogeneity including pollution degree，competition type and industry cycle on the relationship between executive compensation and environmental performance． Our results found that there is a significant positive correlation between executive compensation and enterprise environmental violation on the whole． Industry heterogeneity significantly affects the relationship between executive compensation and environmental performance． In heavy polluting industries，executive compensation has a greater impact on corporate environmental violation． Compared with noncompetitive industries，executives in competitive enterprises are more likely to enforce environmental irregularities in order to get high salaries in fierce market competition． Compared with the mature industry， the growing enterprise’ s higher executive compensation will significantly increase the probability of environmental violation． Therefore， to promote the transformation of enterprise green production mode and improve the enterprise environmental performance from the perspective of micro enterprise，we should improve the market mechanism to form a positive feedback mechanism to make their environmental behavior be reflected in the market． Also，we should consider the industry heterogeneity，according to the characteristics of the industry，different environmental and economic policies should be made to achieve precise measure，precise strategy and precise pollution control．
Keywords: Industry Heterogeneity; Executive Compensation; Environmental Violation; Environmental Performance
基金资助:本文系国家社会科学基金青年项目“新常态下经济增长对环境污染的‘增速红利效应’与‘增长压力效应’研究”(１５ＣＪＬ０１２)的阶段性成果。
DOI：10．19511/j．cnki．jee．2019．01．004