企业参与绿色治理的锚定效应及其绩效研究

Chinese enterprises are confronting the reality of transforming from traditional end-of-pipe treatment to source-controlled green governance model. Management have proposed that green governance is the core concept to break through the single subject management category recently. There is  lack of systematic analysis of enterprises as the key subject in green governance. Under the background of Chinese green transformation, and based on the analysis of the uncertainty caused by the externalities and long-term benefits of company participates in green governance, this project explores the motivation and the inner mechanism of decision-making of company participates in green governance under the uncertain situation, and discusses the anchoring effect of company participates in green governance by the anchoring effect theory. Then divides the anchoring effect into the internal anchoring effect derived from the experience of senior executives inside the enterprise and the external anchoring effect derived from the experience of the industry or the connecting enterprise outside the enterprise, uses the sample of Chinese listed companies, the project empirically analyzes the internal and external anchoring effects of company participates in green governance, at the same time, the effects of company participates in green governance on their performance (green performance and market performance) under the internal and external anchoring effect are investigated to explore the governance effects. This will not only help to expand the research on enterprises' participation in green governance theory, but also provide beneficial enlightenment for enterprises to move from the short-sighted end governance to green governance in practice and achieve long-term benefits more effectively.

中国企业正面临由传统末端治理方式向源头控制下绿色治理模式转型的诸多问题，而管理学界最近也提出绿色治理是突破单一主体管理范畴的核心观念。已有研究尚缺乏以企业为关键主体参与绿色治理的系统分析成果。本项目基于中国绿色转型背景，在剖析企业参与绿色治理的外部性与长期效益所产生的不确定性的基础上，探究不确定情境下企业参与绿色治理的动因、决策制定的内在机理，结合锚定效应理论，探讨企业参与绿色治理行为中存在锚定效应的内在逻辑，进而以中国上市公司为样本，将锚定值分为源于企业内部高管经验的内在锚和源于企业外部的行业或联结企业经验的外在锚之后，实证分析企业参与绿色治理行为中的内外在锚定效应，同时考察内外在锚定效应下企业参与绿色治理对绩效（绿色绩效和市场绩效）的影响，挖掘所发挥的治理效用。这不仅有助于拓展企业参与绿色治理理论研究，而且为实践中企业从短视的末端治理走向绿色治理，更加有效地实现长期效益提供有益启示。

中国企业正面临由传统末端治理方式向源头控制下绿色治理模式转型的诸多问题，而管理学界提出的绿色治理是突破单一主体管理范畴的核心观念。已有研究尚缺乏以企业为关键主体参与绿色治理的系统分析成果。.项目基于中国绿色转型背景，在剖析企业参与绿色治理的外部性与绩效预测不确定性的基础上，结合锚定效应理论，探讨企业参与绿色治理行为中存在锚定效应的内在逻辑，进而以中国上市公司为样本，考察企业参与绿色治理过程中的锚定效应，以及在不同现金能力、所有制性质和行业特征的情境下，企业参与绿色治理的锚定效应的差异，并且探讨了企业参与绿色治理的锚定效应与可持续绩效之间的关系。另外，项目还对董事的绿色经历、绿色投资者影响企业参与治理、CEO的绿色经历影响企业绿色创新以及企业参与绿色治理的动力机制等进行了研究。.项目的研究结果显示：①仅有内在锚时，企业参与绿色治理存在显著的内在锚效应；仅有外在锚时，企业参与绿色治理存在显著的外在锚效应；当内在锚和外在锚同时存在时，企业参与绿色治理的内在锚效应仍然存在，而外在锚效应会减弱甚至消失。在现金能力强的企业、国有企业和重污染企业中，企业参与绿色治理的锚定效应更为显著。企业参与绿色治理的锚定效应并未提升企业的经济绩效和绿色治理绩效。②具有绿色经历的董事比例越高的企业更可能参与绿色治理，处于规制压力较低地区的企业、非重污染企业、机构投资者监督程度较强的企业中，两者的正向关系更为明显。③存在绿色投资者的企业更可能促进企业参与绿色治理；并且更可能实施绿色行动、较高绿色支出和绿色治理绩效的企业，越可能获得绿色投资者的认同。④CEO的绿色经历有助于促进企业绿色创新，并且在非国有企业、非重污染企业和市场化程度较低地区的企业中，二者的正向关系更为明显。.项目不仅有助于拓展企业参与绿色治理理论研究，而且为实践中企业末端治理走向绿色治理，更加有效地实现可持续发展提供有益启示。