How to Incentivize Green Innovation: The Role of Executives Environmental Performance Evaluation in China

Our analysis begins with an initial sample of all A-share non-financial firms listed on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2012. The sample period starts in 2007 to address comparability issues arising from China’s adoption of new accounting standards that year, which significantly altered financial reporting practices. We conclude the sample in 2012 to isolate the net effect of the Measures in 2010 by minimizing confounding factors from prolonged economic cycles, industry dynamics, and overlapping policy interventions . Firms are categorized into three ownership types based on their ultimate controlling shareholders: central SOEs under the SASAC, local SOEs controlled by provincial or municipal governments, and non-SOEs comprising all other entities. Green innovation data are sourced from the Chinese Research Data Services (CNRDS), while financial and governance variables are obtained from the China Stock Market & Accounting Research database. To ensure sample validity, we exclude (1) financial firms, (2) financially distressed firms labeled as ST or PT, (3) observations with leverage ratios exceeding 1, (4) firms with missing financial data, and (4) firms listed after 2010 or delisted before 2010 to maintain a balanced panel structure. The final dataset comprises 7,317 firm-year observations from 1,377 unique firms. All continuous variables are winsorized at the 1st and 99th percentiles to mitigate the influence of extreme values.本研究的初始分析样本为2007年至2012年在沪深交易所上市的全部A股非金融企业。选取2007年作为样本起始年份，旨在解决因中国当年实施新会计准则（该准则大幅调整了财务报告实务）所引发的可比性问题；将样本截止年份设定为2012年，则是为了最小化长期经济周期、行业动态及重叠政策干预等混杂因素的影响，从而剥离2010年相关措施的净效应。 本研究依据企业最终控制人将样本划分为三类产权性质：一是由国务院国有资产监督管理委员会（SASAC）监管的中央国有企业；二是由省级或市级政府控股的地方国有企业；三是其余所有主体构成的非国有企业。绿色创新数据来源于中国研究数据服务平台（CNRDS），财务与治理变量则取自中国股票市场与会计研究数据库。 为保障样本有效性，本研究对初始样本进行如下筛选：(1) 剔除金融类企业；(2) 剔除被冠以ST或PT标识的财务困境企业；(3) 剔除杠杆率大于1的观测样本；(4) 剔除存在财务数据缺失的企业；(4) 剔除2010年之后上市或2010年之前退市的企业，以维持平衡面板结构。最终样本包含1377家不同企业的7317个公司年度观测值。所有连续变量均在1%与99%分位数处进行缩尾处理，以削弱极端值的干扰。