Abstract: The article takes the corporate objective function of corporate governance into the theoretical analysis framework, constructs the general theoretical model of corporate governance, environmental regulation and technological innovation by using the dynamic system GMM, and examines the regulatory effect of corporate governance on environmental regulation and technological innovation in China's manufacturing listed companies in 2010～2014. The results show that the ownership concentration ratio and the board scale of listed companies have a negative effect on the relationship between environmental regulation and technological innovation, that independent directors have no significant moderating effect on the relationship between environmental regulation and technological innovation, and that managerial compensation incentive and equity incentive have a positive moderating effect on the relationship between them. From the test results, we can see that the establishment of a good corporate governance structure with an aim to maximize the shareholder value is the key to implementing environmental regulation policy and promoting technological innovation.

Key words: Corporate Governance, Environmental Regulation, Technology Innovation, Moderating Effect

摘要： 文章将反映公司治理的企业目标函数纳入理论分析框架,构建公司治理对环境规制与技术创新关系的调节效应理论模型,并以2010～2014年我国制造业上市公司为研究样本,运用动态系统GMM方法检验环境规制与技术创新之间的关系及公司治理对二者关系的调节效应。研究结果表明,我国上市公司股权集中度、董事会规模对环境规制与技术创新关系具有负向调节作用,独立董事对环境规制与技术创新关系的调节效应不显著,管理层薪酬激励和股权激励对环境规制与技术创新关系具有正向调节作用。从检验结果可以看出,以股东价值最大化为目标,建立良好的公司治理结构,是贯彻落实环境规制政策、促进技术创新的关键。

关键词: 公司治理, 环境规制, 技术创新, 调节效应