摘要
如何全面推进企业高质量发展是近年来社会各界关注的焦点。本文以2004—2021年中国沪深A股上市公司的相关数据为研究样本,采用固定效应模型实证分析了独立董事海外留学背景对企业ESG表现的影响及作用机制。基准分析结果表明,独立董事海外留学背景对企业ESG表现起促进作用,且该作用会随着拥有海外留学背景的独立董事在董事会中占比的上升而更加明显。异质性分析结果表明,独立董事海外留学背景对国有企业ESG表现的促进作用更为明显。同时,该促进作用在污染排放量高的企业中也更为明显。机制分析结果表明,独立董事海外留学背景能够通过减少企业代理问题提升企业ESG表现。此外,论资排辈问题会降低独立董事海外留学背景对企业ESG表现的促进作用。进一步分析结果表明,独立董事海外留学背景对企业环境、社会和治理表现的促进作用存在显著差异,其对企业社会表现的促进作用更明显。本文通过揭示独立董事求学经历与企业ESG表现之间的因果关系,为提升企业独立董事决策和咨询能力、促进中国独立董事制度改革,以及通过人才供给侧结构性改革推动企业高质量发展提供了启示。
Summary:With the implementation of the spirit of the 20th National Congress,how to comprehensively promote the Chinese modernization under the premise of sustainable development has attracted the attention of all sectors of society.Corporates,as the most important economic pillars and foundations of China,need to transform and upgrade themselves according to the needs and goals of the country and thus better fulfil their contributions to society.Against this background,how to fulfil ESG principles and conduct ESG activities has become one of the most important tasks for enterprises.Meanwhile,whether enterprises have good ESG performance has also drawn the attention of the market.Based on all the above,this paper tries to discuss the relation between independent directors’overseas educational background with enterprise ESG performance by using a panel dataset of Chinese listed enterprises from 2004 to 2021,with the relative data provided by Refinitiv,CSMAR database and financial statements of the listed companies.Through empirical analyses,this paper finds that there is a significantly positive relation between independent directors’overseas educational background with enterprise ESG performance.As the percentage of independent directors with overseas educational background rises,the ESG performance of enterprises is significantly improved.Further mechanism and heterogeneity tests show that the ownership and positioning of a enterprise will not significantly affect the positive effect of independent directors’overseas educational background on the ESG performance.However,agency problems and seniority issues faced by a company can significantly affect the impact of independent directors’overseas educational background on the ESG performance.In addition,this paper also finds that independent directors’overseas educational background plays different roles in different aspects of ESG performance.The impact of independent directors’overseas educational background on enterprises’social aspects is more profound than that on the performance of other aspects.In other words,for enterprises with superior ESG performance,there is a limit to the effect of independent directors’overseas educational background.The possible marginal contributions of this paper are as follows.Firstly,this paper tries to explore the role played by independent directors in board decision⁃making from the perspective of ESG performance of enterprises and thus enrich research content and results in related fields.Secondly,this paper attempts to explore how independent directors play a role in high⁃quality enterprise development from the perspective of their backgrounds,thereby providing empirical analysis⁃based support on how companies can improve enterprise quality by reforming the composition of their executive teams.Thirdly,this paper provides some insights into how to enhance enterprise ESG performance through talent supply⁃side reform and thus effectively promote sustainable enterprise development.
作者
石越
田愉
何德旭
SHI Yue;TIAN Yu;HE De-xu(Institute for Six-Sector Economy,Fudan University,Shanghai 200433 China;Business School,University of the Academy of Social Sciences,Beijing 102488,China)
出处
《财经问题研究》
CSSCI
北大核心
2024年第2期76-89,共14页
Research On Financial and Economic Issues
关键词
独立董事海外留学背景
企业ESG表现
代理问题
论资排辈问题
高质量发展
independent directors’overseas education background
enterprise ESG performance
agency problems
seniority issues
high-quality development
