CAJ | 학술논문

利用我国上市化工企业数据,实证分析了环境绩效（以下简称＂ENP＂）对经济绩效（以下简称＂ECP＂）影响过程中控制权类型和高管激励机制的调节作用。研究结果不仅支持了ENP与ECP的显著正相关性（以下简称＂ENECPE效应＂）,而且还发现：中央政府所有权控制的企业并未在通过改进环保技术提高经济效益方面发挥表率作用,相反,在非政府部门控制的企业中,ENECPE效应更得到了充分体现;如果总经理从上市公司领取薪酬,那么当上市公司ENP较低时,ECP也将处于一种较低的水平;高管持股并不能显著调节上市公司ENP对ECP的影响作用。
이용아국상시화공기업수거,실증분석료배경적효（이하간칭＂ENP＂）대경제적효（이하간칭＂ECP＂）영향과정중공제권류형화고관격려궤제적조절작용。연구결과불부지지료ENP여ECP적현저정상관성（이하간칭＂ENECPE효응＂）,이차환발현：중앙정부소유권공제적기업병미재통과개진배보기술제고경제효익방면발휘표솔작용,상반,재비정부부문공제적기업중,ENECPE효응경득도료충분체현;여과총경리종상시공사령취신수,나요당상시공사ENP교저시,ECP야장처우일충교저적수평;고관지고병불능현저조절상시공사ENP대ECP적영향작용。
Employing the data from the listed companies of chemical industry in China, the article analyzed the modulation effects of the corporate control and the top management incentive scheme on the relationship between environmental performance（ ENP） and economic performance（ECP）. The results of the study support not only that there is a significant positive effect between ENP and ECP（ENECPE）, it is also found that central government ownership controlled enterprises have not exerted example function in the aspect of improving ECP through ameliorating environmental technology; on the contrary, ENECPE has been significantly embodied in non-governmental controlled enterprises; In those listed companies that senior administrators get their pay directly from the enterprises, when the ENP is at its low level, the ECP of these companies will also be comparatively low; senior administrators＇ share holding could not significantly adjust the effects of ENP on ECP as well.