管理者参军经历对上市公司环境信息披露质量的影响研究

论文总字数：55526字

摘 要

随着退役军人事务部的设立，退役军人的就业安置问题成为了社会热点。结合企业家履行责任敢于担当服务社会的精神，探究军人企业家如何在企业社会责任管理中发挥作用对于退役军人的安置具有现实意义。基于高阶梯队理论以及印记理论，本文选取了2007-2016年的2614家公司作为样本，对具有参军经历的企业高管与企业环境信息披露质量之间的关系进行了实证探究。结果表明，具有参军经历的高管所在的企业，其环境信息披露质量越低。本文进一步将企业高管细分为董事长和总经理，发现参军董事长对企业环境信息披露存在显著负向影响。此外本文还将环境信息分为软信息与硬信息，发现董事长的参军经历对企业硬环境信息披露质量存在显著负向影响，参军总经理对任一类环境信息披露质量均无显著影响。结论表明参军高管虽拥有强烈的社会责任意识，但披露环境信息的意愿并不强。本文丰富了高管的个人特征与企业的社会责任管理之间的关系研究，为退役军人安置问题和企业的社会责任管理问题提供了相关依据。

关键词：环境信息披露, 高管特征, 高阶梯队理论, 印记理论

Abstract

With the establishment of the Department of Veterans Affairs, the employment placement of retired military personnel has become a hot topic in society. Combined with the spirit of the entrepreneurs to fulfill their responsibilities to serve the society, it is of practical significance for the placement of veterans to explore how military entrepreneurs can play a role in corporate social responsibility management. Based on upper echelons theory and imprinting theory, this paper uses 2614 companies from 2007 to 2016 as samples, and empirically explores the relationship between the corporate executives who have participated in the military experience and the quality of corporate environmental information disclosure(EID). The results show that the quality of EID of enterprises with military executives is lower. Then the author further divides the company's senior manager into the chairman and CEO. The chairman has a significant negative impact on corporate EID. In addition, the paper divides the environmental information into soft information and hard information. The military chairman has a significant negative impact on the quality of corporate hard EID. Military CEO has no significant impact on the quality of any type of EID. The conclusion suggests that although the military executives have a strong sense of social responsibility, the willingness to disclose environmental information is not strong. This paper enriches the relationship between the personal characteristics of executives and the social responsibility management of enterprises, and provides relevant evidence for the issue of retired military personnel placement and corporate social responsibility management.

KEY WORDS: environmental information disclosure, executive characteristics, upper echelons theory, imprinting theory

目 录

摘要...............................................................................................................................................I

Abstract........................................................................................................................................II

第一章 绪论................................................................................................................................1

1.1 研究背景与意义....................................................................................................1

1.2 研究方法与框架....................................................................................................2

1.3 本文的创新点与不足............................................................................................3

1.4 本文的结构安排....................................................................................................3

第二章 文献综述........................................................................................................................5

2.1 高阶梯队理论........................................................................................................5

2.2 印记理论................................................................................................................6

2.3 参军经历与企业决策............................................................................................7

2.4 文献述评................................................................................................................7

第三章 理论分析与研究假设....................................................................................................9

3.1 高管与企业环境信息披露....................................................................................9

3.2 假设提出..............................................................................................................10

第四章 研究设计......................................................................................................................12

4.1 数据来源与样本选择..........................................................................................12

4.2 变量设计..............................................................................................................14

4.2.1 被解释变量....................................................................................................14

4.2.2 解释变量........................................................................................................15

4.2.3 控制变量........................................................................................................15

4.3 模型建立..............................................................................................................16

第五章 实证结果......................................................................................................................17

5.1 描述性统计..........................................................................................................17

5.2 相关性分析..........................................................................................................19

5.3 回归分析..............................................................................................................20

5.4 稳健性检验..........................................................................................................24

5.5 本章小结..............................................................................................................27

第六章 研究结论与展望..........................................................................................................28

6.1 研究结论..............................................................................................................28

6.2 未来展望..............................................................................................................29

致谢............................................................................................................................................30

参考文献（Reference）............................................................................................................31

1. 绪论

1.1研究背景与意义

2017年十九大会议提出组建退役军人管理保障机构，2018年4月退役军人事务部正式在北京挂牌成立，国务院同期发布相关文件提出维护军人军属合法权益，加强退役军人服务保障体系建设，让军人成为全社会尊崇的职业。目前，如何安置退役军人以及提高服务保障正成为社会急切需要解决的问题。我国每年安置义务兵、士官、复员干部高达39万多人，2017年全年安置军队转业干部8.0万名，其中计划分配军队转业干部4.5万名，自主择业军队转业干部近3.5万人^【1】。退役军人是重要的人力资源，促进他们就业创业，对于更好实现退役军人自身价值、助推经济社会发展、服务国防和军队建设具有重要意义。在退役军人队伍中，一批企业家比如王健林、王石、任正非等为中国的经济做出了卓越的贡献。由此可见，退役军人在商业发挥的作用是不可忽视的。在这种情况下，对于如何引导退役军人就业创业择业，了解参军经历给退役军人所留下的心理特征、性格偏好和品质是至关重要的。根据印记理论，敏感时期的经历会给人留下某种印记，从而影响其未来的决策行为。军队是高度集中统一的武装集团，有着不同于其它社会团体的特点和性质（陈海兵, 2017），其执行力强、效率高、纪律严明。而军人一般参军时间在早年期间，因此参军经历会对其未来生活会有较大影响。但是参军经历究竟给人会留下什么印记，至今未有统一的答案。现有文献中，国外早期研究较多关注退役军人的心理及身体健康问题，后期有较多文章研究了参军高管与企业各决策之间的关系，比如有文章提出参军高管会采取更保守的财务决策（Benmelech, 2015; Law, 2017），也有文献发现参军高管所在的企业拥有更激进的财务决策（Malmendier, 2011b）。国内相关研究多从审计、融资决策以及并购等角度出发，研究高管的从军经历与其之间的关系（赖黎, 2016; 赖黎, 2017; 陈柯甫, 2017; 权小锋, 2018）。

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