高管薪酬差距影响企业持续绿色创新的链式中介机制研究
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作者单位:

郑州航空工业管理学院 商学院,郑州 450046

作者简介:

刘 振(1969—),男,博士,教授,博士生导师,研究方向为公司治理与绿色创新,jmdxliuzhen@126.com。

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中图分类号:

F275.5

基金项目:

国家社会科学后期资助基金一般项目“‘一带一路’倡议、创新资源优化配置与企业高质量发展研究”(21FGLB026);教育部人文社会科学研究一般项目“财税政策协同、创新资源配置与公司价值创造研究”(19YJA630048);河南省软科学项目“数字化转型赋能企业技术创新的治理机制研究”(232400412035)。


Chain Mediative Mechanism of Executive Pay Gap on Enterprises’ Sustainable Green Innovation
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Business School, Zhengzhou University of Aeronautics, Zhengzhou 450046, China

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    摘要:

    持续绿色创新是推动企业绿色转型,实现绿色发展的动力源泉。基于锦标赛理论,采用2009—2023年中国A股上市公司数据,运用多元回归分析模型,从绿色创新的持续性维度考察了高管薪酬差距对企业绿色创新的影响,以及其管理层短视、高管自信、风险承担意愿与创新投资的链式中介机制。研究发现,高管薪酬差距对企业持续绿色创新具有促进作用,主要通过缓解管理层短视、增强高管自信和风险承担意愿来激励企业增加创新资金和人才投入,进而间接促进企业持续绿色创新。相较于小规模企业、政府环境关注度较低以及媒体监督力度较弱的企业,在企业规模较大、政府对环境的关注度较高以及媒体监督力度较强的企业中,高管薪酬差距对企业持续绿色创新的推动作用更为显著。研究结论不仅丰富了锦标赛理论的应用场景,拓展了绿色创新研究的维度,而且对于促进企业持续绿色创新,在高管薪酬契约设计以及公司治理安排等方面提供了有益的借鉴与启示。

    Abstract:

    Sustainable green innovation is the driving force to promote the green transformation of enterprises and achieve green development. Based on the tournament theory, it adopted the data of China’s A-share listed companies from 2009 to 2023, and used multiple regression analysis model to investigate the impact of executive pay gap on corporate green innovation from the sustainability dimension of green innovation, as well as the chain mediative mechanism of management short-sightedness, executive confidence, risk-taking willingness and innovation investment. It finds that the executive pay gap significantly promotes sustainable green innovation of enterprises, and the promotion effect is mainly to encourage enterprises to increase innovation capital and talent investment by alleviating the short-sightedness of management and enhancing the confidence and risk-taking willingness of executives, and thus indirectly promote sustainable green innovation of enterprises. Compared to the small-scale enterprises, the enterprises with low environmental concern of the government and low level of media supervision, in the large-scale enterprises, the enterprises with high environmental concern of the government and high level of media supervision, executive pay gap has a more significant role in promoting sustainable green innovation of enterprises. The conclusions not only enrich the application scenarios of tournament theory, expand the dimension of green innovation research, but also provide useful reference and enlightenment in the design of executive compensation contract and corporate governance arrangement in order to promote sustainable green innovation of enterprises.

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引用本文

刘振,宋小军.高管薪酬差距影响企业持续绿色创新的链式中介机制研究[J].研究与发展管理,2025,37(5):107~122

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  • 收稿日期:2025-01-21
  • 最后修改日期:2025-06-05
  • 录用日期:2025-09-09
  • 在线发布日期: 2025-11-06
  • 出版日期: 2025-11-06
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