Corporate Governance, External Institutional Environment And Environmental Performance

In recent years,with China's economic development,with the resulting environmental problems more and more prominent.Especially in recent years,the haze of the weather is a serious impact on people's lives and work,but also on the daily operation of enterprises have a certain impact,so environmental issues not only by the government,investors and the public and other stakeholders Attention,and by the impact of enterprises on their own environmental issues.In the context of global sustainable development,enterprises only focus on environmental issues is the development of a long-term plan,then whether the company can improve the level of corporate governance to improve corporate environmental performance,that is,corporate governance and environmental performance What is the relationship? At the same time,what is the impact of the external institutional environment on corporate governance and environmental performance? This paper starts from the relationship between corporate governance level and environmental performance,and considers the impact of different corporate governance levels on environmental performance under the influence of external system environment.First of all,this article combs the relevant literature at home and abroad,and combs the theoretical basis,the theory mainly includes the sustainable development theory,the stakeholder theory and the principal agent theory,as follows to discuss the corporate governance level,the external system environment and the environmental performance Provides a theoretical basis.At the same time,through the relevant theory and literature combing analysis of the basic elements of corporate governance,and through the principal component analysis,the representative of the level of corporate governance index.The main elements which influence the level of corporate governance are mainly from the four aspects: equity structure,board governance,supervisory board governance and executive characteristics.The ownership structure includes the proportion of the largest shareholder,the nature of the controlling shareholder,the proportion of state-owned shares,The board ofsupervisors is mainly the size of the board of supervisors;executive characteristics include executive compensation,shareholding ratio,the average term of office,the board of directors,the board of directors,the board of directors,Average age,average education and the proportion of female executives in six areas.Secondly,by combing the literature on environmental performance both at home and abroad,according to the relevant literature,the definition of environmental performance concept and dimension,combined with the relevant theory and the availability of relevant data,from the second dimension and the third dimension were selected representative As an alternative to environmental performance,including environmental investment,environmental subsidies and sewage charges three variables.Thirdly,the paper analyzes the relationship between the corporate governance level and environmental performance.The results show that:(1)There is a significant positive correlation between corporate governance level and environmental protection subsidy,and there is a significant negative correlation with the sewage charges.(2)There is a positive correlation between environmental investment and corporate governance,but not significant.In view of the external institutional environment,the sign of the external system environment and the level of corporate governance is the opposite of the individual corporate governance level,so this may be due to the gradual convergence of the internal governance mechanism of modern enterprises,can not truly reflect the level of corporate governance Environmental performance,and the external system environment on the level of corporate governance is growing,the external system environment led to differences in the internal governance mechanism,which further affect the environmental performance.Finally,on the basis of researching the relationship between corporate governance level and environmental performance,we further examine the influence of different external institutional environment on corporate governance level and environmental performance.The external institutional environment is taken from the marketization index of Fan Gang et al.(2011),which is the four aspects ofmarketization,government intervention,financial development level and legal environment.(2)The higher the level of financial development,will enhance the level of corporate governance of environmental protection subsidies and environmental protection subsidies and(1)the higher the degree of marketization,the better legal environment,will enhance the level of corporate governance on environmental subsidies and sewage charges;Environmental impact;(3)the lower the level of government intervention,will enhance the level of corporate governance on environmental subsidies and the impact of sewage charges.