高管激励、绿色创新与企业绩效——基于中国制造业上市公司的实证研究

Executive Motivation, Green Innovation and Corporate Performance—Empirical Study Based on Chinese Manufacturing Listed Companies

摘要: 在碳达峰、碳中和的目标导向下，中国正大力推动制造业向高质量发展转型，促进制造企业提高其绿色创新水平及其可持续发展能力。在两权分离的公司治理机制下，公司高管作为企业发展战略的执行者和制定者，对公司的绿色创新行为有着重要的影响。因此，本文以中国A股制造业上市公司为样本，围绕绿色创新这一核心问题，探究高管激励对企业绩效的影响，并进一步分析绿色创新在二者之间的作用，为制造业上市公司改善企业绩效、提升企业长期价值提供一定的理论参考与经验证据。

Abstract: Under the goal of reaching the peak of carbon and carbon neutrality, China is vigorously promoting the transformation of the manufacturing industry to high-quality development, and promoting manufacturing enterprises to improve their green innovation level and sustainable development capacity. Under the two-power separation corporate governance mechanism, corporate executives, as the executor and maker of corporate development strategy, have an important impact on the company’s green innovation behavior. Therefore, this paper takes China’s A-share listed manufacturing companies as samples, focuses on the core issue of green innovation, explores the impact of executive incentives on corporate performance, and further analyzes the role of green innovation between them, so as to provide certain theoretical reference and empirical evidence for listed manufacturing companies to improve corporate performance and enhance long-term value of enterprises.