管理工程学报2025，Vol.39Issue(4)：1-16,16.DOI:10.13587/j.cnki.jieem.2025.04.001
环境业绩考核能促进中央企业绿色创新吗?
Can environmental performance assessment lead to green innovation of central state-owned enterprises?Evidence from a policy quasi-natural experiment
摘要
Abstract
In China's ecological civilization construction framework,understanding the determinants of corporate green innovation is vital.While existing research mainly delves into internal and external factors affecting green innovation,such as environmental regulations,corporate governance,and executive characteristics,less attention has been given to the role of executive contract design.Recent studies in developed economies indicate that incorporating corporate social responsibility(CSR)into executive compensation fosters long-term corporate performance,enhancing CSR outcomes,innovation,and overall corporate value.In China's unique economic transformation,government involvement is pronounced,particularly in central state-owned enterprises(SOEs),contributing significantly to ecological civilization construction.Unlike their private counterparts,executives in central SOEs hold dual roles as both"managers"and"government officials,"motivated not only by compensation but also by a keen interest in political advancement.Hence,exploring the impact of executive performance assessment on green innovation in central SOEs from an executive contract design perspective holds both theoretical and practical importance. Over the past two decades,China has emphasized energy conservation and emission reduction as vital components of its environmental protection efforts.From the"11th Five-Year Plan"to the latest"14th Five-Year Plan",the government has consistently set targets for energy conservation and emission reduction of central SOEs.However,prior to 2010,the State-owned Assets Supervision and Administration Commission of the State Council(SASAC)had not revised the performance assessment method of central SOEs.Before 2010,the assessment of central SOEs primarily relied on economic indicators,which did not adequately align with energy and emission reduction goals.Recognizing the need to motivate central SOEs to meet these targets,in 2010,the SASAC issued the Interim Measures for the Supervision and Administration of Energy Conservation and Emission Reduction in Central Enterprises(hereafter,SASAC Order No.23).This marks the first instance of implementing environmental performance assessments,which integrates environmental achievements into the performance assessment system for central SOE leaders.The environmental performance assessment establishes a direct link between central SOEs' success in meeting the energy-saving and emission-reduction targets and the compensation and promotion of their executives.This linkage serves to incentivize and guide central SOE executives in pursuing energy conservation and emission reduction targets.One significant pathway through which central enterprises aim to achieve these targets is through green innovation.The question arises:Can environmental performance assessment effectively drive green innovation within central SOEs? This study leverages the implementation of SASAC Order No.23 in 2010 and employs a difference-in-difference model,using data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges.The aim is to empirically assess the impact of environmental performance evaluation on the green innovation of central SOEs.The results show that after the introduction of environmental performance assessments,central SOEs have notably increased the number of successfully applied green patents.This demonstrates that such assessments have a substantial positive effect on fostering green innovation within these enterprises.Second,the impact of environmental performance assessment on the green innovation of central SOEs is more significant in companies where executives have high expectations of promotion and where there are substantial salary gaps between executives and employees.Third,environmental performance assessments boost the quantity and quality of green innovation within central SOEs.This advancement is predominantly achieved through collaborative or joint innovation efforts.Fourth,the cross-sectional analysis finds that the impact of environmental performance assessment on green innovation of central SOEs mainly occurred in non-high-tech enterprises,industries that the SASAC Order No.23 focuses on,and enterprises in areas with a high degree of marketization.Finally,the value analysis shows that environmental performance assessment increases the value of central SOEs through green innovation. Based on the above research,this paper has four policy implications.First,the SASAC should persist in incorporating environmental performance assessment into the operating performance assessment system for leaders of both central and local SOEs;Second,a nuanced approach to supervision and assessment,aligned with the industry's characteristics and innovation capabilities,is crucial.Industries marked by heavy pollution,high energy consumption,and enterprises with limited innovation capacities should be compelled to undergo transformation and upgrades.This,in turn,can drive energy conservation and emission reduction through green innovation.Third,governments are encouraged to cultivate a collaborative innovation environment,fostering stronger partnerships between enterprises and encouraging collaborations with research institutions.These measures are instrumental in elevating the efficiency of green innovation.Finally,market-oriented reforms should be pursued,reducing government intervention in SOEs.Simultaneously,enterprises are advised to optimize executive contract designs,instituting performance assessment systems that incentivize executives to participate in green innovation actively.Moreover,proactively engaging in innovative collaborations can significantly enhance the efficiency and success of green innovation endeavors.关键词
绿色创新/环境业绩考核/企业价值/中央企业Key words
Green innovation/Environmental performance assessment/Firm value/Central state-owned enterprises分类
管理科学引用本文复制引用
张金康,郭宸昊,权小锋..环境业绩考核能促进中央企业绿色创新吗?[J].管理工程学报,2025,39(4):1-16,16.基金项目
江苏高校哲学社会科学研究重大项目(2024SJZD050) （2024SJZD050）
江苏社会科学基金重点项目(24ZHA005) （24ZHA005）
安徽省高校人文社科重点项目(2024AH052133) The Major Project of Philosophy and Social Science Research in Colleges and Universities in Jiangsu Province(2024SJZD050) （2024AH052133）
The Key Project of Jiangsu Social Science Foundation(24ZHA005) （24ZHA005）
The Key Project of Humanities and Social Sciences in Colleges and Universities in Anhui Province(2024AH052133) （2024AH052133）
