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| 文章编号：1672-3104(2020)04-0124-15 |
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绩效反馈、机构投资者持股与企业环境绩效关系研究 |
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关健，阙弋 |
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（中南大学商学院，湖南长沙，410083） |
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| 摘 要： 以 2012—2017 年沪深 A股的上市公司为样本，基于企业行为理论，对企业绩效反馈和环境绩效之间的关系进行了理论探讨和实证检验，并探讨了机构投资者持股对主效应的调节作用。研究结果表明：当企业处在期望落差时，实际绩效低于期望绩效的程度越大，企业环境绩效水平越低；当企业处在期望顺差时，实际绩效高于期望绩效的程度越大，企业环境绩效水平也越低。进一步研究发现，机构投资者持股可以降低期望顺差对环境绩效的负向影响，但对期望落差与环境绩效间的关系无显著影响。 |
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| 关键词： 绩效反馈；企业环境绩效；机构投资者持股 |
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Research on the relationship between performance feedback, institutional investor shareholding and corporate environmental performance |
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GUAN Jian, QUE Yi |
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（School of Business, Central South University, Changsha 410083, China） |
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| Abstract: Based on the Behavioral Theory of the Firm, this article, by taking companies listed in Shanghai and Shenzhen A from 2012-2017 as samples, conducted theoretical and empirical tests on the relationship between performance feedback and environmental performance, and further explored the regulating role of institutional investor shareholdings on the main effect. The research results show that when the company is in the expectation loss gap, the greater the degree to which the actual performance is lower than the expected performance, the lower the corporate environmental performance level, and that when the company is in the expectation surplus gap, the greater the degree to which the actual performance of the enterprise is higher than the expected performance, the lower the corporate environmental performance level is. Further research finds that institutional investor shareholdings can reduce the negative impact of performance-aspiration surplus on environmental performance, but exert no significant regulating effect on the negative impact of expectation loss on environmental performance. |
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Key words: performance feedback; institutional investor shareholding; corporate environmental performance |
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