The Impact and Its Mechanisms of the Executive with Environmental Experiences on Corporate Green Transformation
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摘要: 以环保经历嵌入为研究视角, 基于2008—2016年中国沪深A股重污染企业的经验证据, 实证检验高管环保经历嵌入对企业绿色转型的影响及其机制。研究发现:环保经历嵌入能有效促进企业绿色转型; 环保经历嵌入管理层和董事会均能显著地提高企业绿色转型水平, 但环保经历嵌入监事会的影响不显著。进一步研究发现, 新《环境保护法》实施后, 环保经历嵌入对企业绿色转型的促进作用更加显著, 并主要表现在民营企业与低融资约束企业中, 其作用路径一般是通过提高企业创新水平和降低企业调整成本来促进企业绿色转型。因此, 为推进企业绿色转型, 聘请和重视环保经历人才有助于降低绿色转型的风险和成本。Abstract: From the perspective of environmental experience embedding, this paper empirically examines the impact and its mechanism of environmental experience embedding on the green transformation of enterprises based on the empirical evidence of heavy polluted enterprises in Shanghai and Shenzhen A-share from 2008 to 2016. The findings are as follows: environmental experience embedding can effectively promote corporate green transformation; the embedding of environmental experience into the management and board of directors can significantly improve the green transformation level of enterprises, but the embedding of environmental experience into the board of supervisors is not significant. Further research finds that after the implementation of the new Environmental Protection Law, the effect of environmental experience embedding on the promotion of corporate green transformation is more significant, and that the promoting effect of environmental experience embedding on the corporate green transformation is mainly manifested in private enterprises and enterprises with low financing constraints, whose action path is to promote the corporate green transformation by improving the level of enterprise innovation and reducing the adjustment cost. Therefore, in order to promote corporate green transformation, hiring and paying attention to talents with environmental experience can help reduce the risks and costs of green transformation.
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表 1 企业绿色转型评价体系
项目 二级指标 项目 二级指标 绿色文化转型 管理层 绿色投入转型 原材料投入 员工 能源投入 绿色战略转型 环境管理战略 人力投入 绿色发展战略 绿色排放转型 废气排放 绿色创新转型 绿色创新投入 废水排放 绿色创新产出 碳排放 绿色生产转型 生产过程中 固体废物排放 生产过程后 
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表 2 变量及其定义
变量 变量简要描述 因变量： GT 企业绿色转型综合指数 测试变量： Experience 企业管理层、董事会、监事会有从事过与环保活动相关的人员取1，否则取0 Experience_M 企业管理层有从事过与环保活动相关的人员取1，否则取0 Experience_D 企业董事会有从事过与环保活动相关的人员取1，否则取0 Experience_S 企业监事会有从事过与环保活动相关的人员取1，否则取0 控制变量： Size 公司规模，以上市公司期末总资产的自然对数表示 Lev 资产负债率，以期末总负债与期末总资产的比值表示 Roa 企业业绩，以净利润与平均总资产的比值表示 Growth 成长能力，以本期期末总资产与上期期末总资产的差值与上期期末总资产的比值表示 Invest 投资额，以建固定资产、无形资产和其他长期资产支付的现金占平均总资产的比例表示 Cash 企业现金流，以企业经营活动产生的现金流与资产总额的比值表示 Id 独立董事比例，以独立董事占董事会总人数的比例表示 Board 监事会规模，以监事会人数表示 Loss 企业盈亏性质，企业当年净利润为正取1，否则取0表示 Ind 行业虚拟变量 Year 年度虚拟变量
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表 3 变量的描述性统计
变量 样本量 平均值 标准差 最小值 中位数 最大值 GT 1 413 0.392 0.453 0.000 0.242 2.100 Experience 1 413 0.377 0.485 0.000 0.000 1.000 Experience_M 1 413 0.147 0.354 0.000 0.000 1.000 Experience_D 1 413 0.284 0.451 0.000 0.000 1.000 Experience_S 1 413 0.113 0.317 0.000 0.000 1.000 Size 1 413 10.031 0.588 8.918 10.012 11.445 Lev 1 413 1.880 2.307 -1.820 1.214 15.917 Roa 1 413 0.042 0.060 -0.165 0.031 0.228 Growth 1 413 0.152 0.256 -0.269 0.094 1.615 Invest 1 413 0.070 0.058 0.002 0.055 0.278 Cash 1 413 0.070 0.071 -0.125 0.065 0.273 Id 1 413 0.366 0.055 0.273 0.333 0.571 Board 1 413 4.381 1.493 3.000 5.000 9.000 Loss 1 413 0.901 0.299 0.000 1.000 1.000
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表 4 均值和中位数差异检验
环保经历嵌入分组 平均值 中位数 GT diff T test GT diff Wilcoxon Z Experience Experience=1 0.477 0.136 5.5367*** 0.349 0.166 5.008*** Experience=0 0.341 0.183 Experience_M Experience_M=1 0.495 0.121 3.5689*** 0.333 0.108 3.021*** Experience_M=0 0.375 0.225 Experience_D Experience_D=1 0.474 0.114 4.2827*** 0.377 0.167 4.035*** Experience_D=0 0.360 0.209 Experience_S Experience_S=1 0.510 0.133 3.5071*** 0.361 0.120 2.191** Experience_S=0 0.377 0.241 注：*、**、***分别代表在10%、5%、1%的显著性水平下显著。下表同。
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表 5 相关系数表
主要变量相关系数表 GT Experience Experience_D Experience_S Experience_M GT 1.000 Experience 0.148*** 1.000 Experience_M 0.096*** 0.534*** 1.000 Experience_D 0.115*** 0.789*** 0.341*** 1.000 Experience_S 0.093*** 0.445*** 0.249*** 0.181*** 1.000 其他变量相关系数表 GT Size Lev Roa Growth Invest Cash Id Board Loss GT 1.000 Size 0.429*** 1.000 Lev 0.012 0.136*** 1.000 Roa -0.034 -0.110*** -0.186*** 1.000 Growth -0.061** 0.061** -0.063** 0.209*** 1.000 Invest -0.101*** 0.083*** -0.036 0.168*** 0.404*** 1.000 Cash 0.000 -0.008 -0.101*** 0.552*** 0.010 0.147*** 1.000 Id 0.146*** 0.083*** -0.024 0.047* -0.007 -0.043 0.032 1.000 Board -0.019 0.194*** -0.018 -0.004 0.076*** 0.045* -0.002 -0.106*** 1.000 Loss -0.070*** -0.040 0.185*** 0.548*** 0.185*** 0.149*** 0.245*** 0.024 -0.004 1.000
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表 6 环保经历嵌入与企业绿色转型
变量 GT (1) (2) (3) (4) Experience 0.075*** (3.49) Experience_M 0.092***(3.19) Experience_D 0.073***(3.15) Experience_S 0.040 (1.23) Size 0.358***(18.77) 0.363*** (19.06) 0.363***(19.02) 0.361***(18.76) Lev -0.005(-1.15) -0.006(-1.16) -0.006(-1.20) -0.006(-1.22) Roa 0.284(1.14) 0.289(1.16) 0.285(1.14) 0.305(1.22) Growth -0.036(-0.81) -0.034(-0.78) -0.036(-0.82) -0.037(-0.83) Invest -0.170(-0.84) -0.144(-0.71) -0.147(-0.73) -0.159(-0.78) Cash -0.149(0.85) -0.168(0.96) -0.146(0.84) -0.167(0.95) Id 0.567***(2.96) 0.571***(2.97) 0.559***(2.91) 0.513***(2.67) Board -0.024***(-3.47) -0.022***(-3.21) -0.023***(-3.34) -0.025***(-3.47) Loss -0.032(-0.75) -0.039(-0.91) -0.033(-0.75) -0.034(-0.78) Constant -3.435***(-17.18) -3.488***(-17.44) -3.474***(-17.37) -3.433***(-16.98) Ind/Year 是 是 是 是 Observations 1 413 1 413 1 413 1 413 R2 adjusted 0.318 0.317 0.317 0.313
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表 7 企业创新的中介效应检验结果
变量 (2) (3) (4) 被解释变量 被解释变量 被解释变量 GT Innovation GT Experience 0.075***(3.49) 1.055***(3.14) 0.069***(3.21) Innovation — — 0.005***(3.29) Constant -3.436***(-17.18) 4.294(1.38) -3.459***(-17.35) CVs 是 是 是 Ind/Year 是 是 是 Observations 1 413 1 413 1 413 R2 adjusted 0.318 0.233 0.323
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表 8 调整成本的中介效应检验结果
变量 (5) (6) (7) 被解释变量 被解释变量 被解释变量 GT Adjustment GT Experience 0.075***(3.49) -0.060**(-2.56) 0.077***(3.50) Adjuestment — — -0.022(-1.36) Constant -3.436***(-17.18) 0.443(1.32) -3.426***(-17.13) CVs 是 是 是 Ind/Year 是 是 是 Observations 1 413 1 413 1 413 R2 adjusted 0.318 0.119 0.318 Sobel检验 Z=1.546>0.97，中介效应显著 中介效应 中介效应=0.0038 中介效应/总效应=3.46%
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表 9 环保经历嵌入与企业绿色转型：新《环境保护法》的外生冲击
变量 GT (1) (2) (3) (4) Experience 0.128**(2.17) Experience×Shock 0.179***(2.76) Experience_M 0.146***(3.37) Experience_M×Shock 0.199***(3.85) Experience_D 0.002(0.06) Experience_D×Shock 0.279***(5.02) Experience_S 0.233(0.93) Experience_S×Shock 0.193***(3.97) shock 0.035(0.63) 0.051(0.97) 0.071(1.30) 0.051(0.97) constant -3.174***(-10.44) -3.191***(-10.55) -3.129***(-10.25) -2.954***(-9.82) CVs 是 是 是 是 Ind/Year 是 是 是 是 Observations 628 628 628 628 R2 adjusted 0.275 0.283 0.270 0.273
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表 10 环保经历嵌入与企业绿色转型：产权性质
变量 GT 国有企业 非国有企业 (1) (2) (3) (4) (1) (2) (3) (4) Experience 0.046* 0.123*** (1.76) (3.25) Experience_M 0.073** 0.155*** (2.00) (3.24) Experience_D 0.031 0.156*** (1.09) (3.98) Experience_S 0.023 0.239*** (0.62) (3.74) constant -3.203*** -3.234*** -3.227*** -3.225*** -3.930*** -4.043*** -3.914*** -3.842*** (-13.02) (-13.14) (-13.08) (-13.03) (-11.84) (-12.19) (-11.86) (-11.55) CVs 是 是 Ind/Year 是 是 Observations 972 441 R2 adjusted 0.313 0.313 0.311 0.311 0.398 0.398 0.406 0.403
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表 11 环保经历嵌入与企业绿色转型：融资约束
变量 GT 低融资约束组 高融资约束组 (1) (2) (3) (4) (1) (2) (3) (4) Experience 0.111*** 0.044 (3.48) (1.48) Experience_M 0.151*** 0.066 (3.58) (1.64) Experience_D 0.142*** 0.022 (4.18) (0.68) Experience_S 0.089** 0.010 (2.00) (0.20) constant -3.685*** -3.764*** -3.779*** -3.670*** -3.249*** -3.280*** -3.261*** -3.270*** (-13.29) (-13.47) (-13.69) (-13.08) (-11.49) (-11.69) (-11.52) (-11.45) CVs 是 是 Ind/Year 是 是 Observations 705 708 R2 adjusted 0.343 0.334 0.348 0.335 0.311 0.321 0.308 0.308
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表 12 环保经历嵌入与企业绿色转型:PSM
变量 GT (1) (2) (3) (4) Experience 0.070** (2.44) Experience_M 0.130***(3.16) Experience_D 0.050*(1.90) Experience_S 0.035(0.68) Constant -3.794***(-14.16) -4.524***(-11.28) -4.301***(-13.83) -4.422***(-8.55) CVs 是 是 是 是 Ind/Year 是 是 是 是 Observations 854 377 675 302 R2 adjusted 0.324 0.357 0.338 0.318
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表 13 环保经历嵌入与企业绿色转型：滞后一期
变量 GT (1) (2) (3) (4) Experiencei, t-1 0.080***(3.38) Experience_Mi, t-1 0.093***(2.78) Experience_Di, t-1 0.077***(3.00) Experience_Si, t-1 0.033(0.90) Constant -3.571***(-16.77) -3.627***(-16.98) -3.612***(-16.94) -3.567***(-16.57) CVsi, t-1 是 是 是 是 Ind/Year 是 是 是 是 Observations 1 250 1 250 1 250 1 250 R2 adjusted 0.307 0.382 0.306 0.301
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