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本文从内部治理和高管激励角度出发,探讨如何有效地将相对绩效考评方式与高管政治激励和薪酬激励方式相结合以治理公司环境污染行为。本研究通过系统整理收集2004-2012年度我国重污染行业上市公司环境污染行为的相关数据,融合前景理论,实证研究发现基于社会绩效的评价方式能够降低高管采取公司环境污染行为的动力,表现为高社会相对绩效的公司不倾向于污染环境,尤其是高管还具有政治关联的公司。然而,基于历史绩效的评价方式却激励高管采取公司环境污染行为,表现为:一方面高历史相对绩效的公司倾向于污染环境,但是给予高管高额的固定报酬可以起到削弱高历史相对绩效情况下高管采取公司环境污染行为的倾向;另一方面,低历史相对绩效与高管高额的固定报酬相结合又会促使高管采取公司环境污染行为。研究结果表明强化基于社会相对绩效的绩效评价方式,鼓励基于高管政治激励和在高的历史相对绩效情况下给予高管高额的固定薪酬能够起到激励高管规制公司污染环境行为的作用。
This paper, starting from the perspective of internal governance and executive incentive, discusses how to effectively combine the relative performance evaluation methods with the executive political incentives and salary incentives to govern corporate environmental pollution. This study systematically collected data on environmental pollution behaviors of listed companies in China’s heavily polluting industries from 2004 to 2012. Based on the integration theory and empirical study, it was found that social performance-based evaluation methods can reduce the incentive for senior executives to take environmental pollution behaviors. Companies with high relative social performance do not tend to pollute the environment, especially those executives who also have political connections. However, the historical performance-based evaluation method is to encourage executives to take corporate environmental pollution behavior: on the one hand, companies with high historical relative performance tend to pollute the environment, but giving high fixed fixed remuneration to executives can weaken the high historical relative On the other hand, the combination of low relative historical performance and the high fixed salary of senior executives will prompt senior executives to take corporate environmental pollution behaviors. The results show that strengthening the performance evaluation based on social relative performance and encouraging senior executives to give high fixed salary based on senior political motivation and high historical relative performance can play the role of motivating senior executives to regulate corporate environmental pollution.