2025年4月23日，SJTU-SMU DBA 2022級張斌同學在交大安泰迎來了他論文的答辯時刻。SJTU導師謝露群教授，SMU導師ZHANG Man教授及HKUST導師WANG Danqing教授，一起參加并見證了張斌同學的畢業答辯。

論文題目

《中國建筑企業的企業環境責任》

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作者簡介

張斌

zhang Bin

SJTU-SMU DBA 2022級

山西建投集團華東區域總部副總經理

張斌碩士畢業于上海理工大學，在建筑行業擁有多年的從業經驗。他始終關注建筑產業的可持續發展路徑，結合時代背景和工作實踐，張斌的研究興趣在于建筑行業的企業環境責任，在工程實踐中他持續探索企業環境責任的實現機制，試圖將學術積累與行業痛點相結合。近年來也廣泛閱讀了建筑與人文社科領域的相關書籍，致力于形成多學科交叉的思維框架。

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論文摘要

本文關注一個關鍵管理問題：在中國可持續性期望和監管壓力不斷上升的背景下，企業環境責任（CER）實踐是否能夠以及如何提升建筑公司的財務表現。基于多利益相關者視角，本研究深入探討了企業環境責任（CER）對中國建筑行業企業績效的影響。利用2008年至2023年中國建筑行業上市公司的面板數據集，研究通過納入關鍵利益相關者關系指標（客戶、政府和銀行），同時控制公司特征，進行實證分析，旨在評估企業環境信息披露對財務表現的影響。研究發現，CER顯著正面影響財務表現。更重要的是，這種關系部分歸因于利益相關者關系的加強：更好地履行環境責任的公司能夠吸引更廣泛的客戶群體，獲得更多的政府支持，并享有更優越的銀行關系，從而提升財務表現。進一步分析表明，企業環境責任對財務業績的積極影響在沒有環境管理體系認證、有質量管理體系認證、管理層持股比例較高、女性高管比例較高、高管團隊規模較小和分析師覆蓋范圍較高的企業中更為顯著。

通過實證研究，本文清晰地闡述了如何利用CER管理多個利益相關者（客戶、政府和銀行）可以帶來卓越的績效，不僅擴展了環境責任領域的理論邊界，還顯著推進了利益相關者理論。進一步豐富了資源基礎觀（RBV），有力地證明了，CER及其產生的利益相關者的友好情緒，是賦予企業競爭優勢的戰略無形資產。此外，該研究整合了制度理論，闡明了與制度規范和政策的一致性可以建立合法性和利益相關者的信任，進而轉化為經濟效益。此外，通過揭示CER與財務績效之間的中介機制，本研究填補了CER績效文獻中的空白，為新興經濟體的環境管理領域做出了貢獻。

研究結果為建筑行業的管理者和決策者提供了切實可行的見解。我們倡導企業高管積極實施環保策略，不僅作為合規或慈善活動，更是加強利益相關者關系和推動可持續財務成功的重要手段。卓越的碳排放權交易表現可以增加客戶多樣性，贏得政府支持，并獲得有利的融資渠道，從而幫助建筑公司實現經濟和環境目標的雙贏局面。政策制定者和監管機構可以利用這些見解來設計政策和激勵措施（如綠色補貼、更嚴格的披露要求或優惠貸款計劃），以鼓勵企業積極參與環境保護。

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導師信息

ZHANG Man, Cyndi

Committee Chair

（cyndizhang@smu.edu.sg）

Full-time Faculty

Associate Professor of Strategic Management，Lee Kong Chian School of Business

Luqun XIE

Co-Supervisor

（xieluqun0710@sjtu.edu.cn）

Full-time Faculty

Associate Professor of Information, Technology and Innovation, ACEM, SJTU

WANG Danqing

Committee Member(s)

（danqingw@ust.hk）

Full-time Faculty

Assistant Professor of Management，Business school of HKUST

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Abstract

This paper focuses on a critical management issue: whether and how environmental responsibility practices can enhance the financial performance of construction companies against the backdrop of escalating sustainability expectations and regulatory pressures in China. Grounded in a multi-stakeholder perspective, this study delves into the impact of Corporate Environmental Responsibility (CER) on the performance of firms in the Chinese construction industry. Utilizing a panel dataset of listed companies in the Chinese construction sector from 2008 to 2023, the research conducts empirical analysis by incorporating key stakeholder relationship indicators (customer concentration, government support, and bank loan costs) while controlling for firm characteristics, aiming to assess the effect of corporate environmental information disclosure on financial performance. The findings reveal that CER significantly positively affects financial performance. More crucially, this relationship is partly attributed to the strengthening of stakeholder relationships: companies that better fulfill their environmental responsibilities can attract a more diverse clientele, secure more government support, and enjoy superior banking relationships, thereby enhancing financial performance. Further analysis indicates that the positive impact of corporate social responsibility on financial performance is more pronounced in firms without environmental management system certification, those with quality management system certification, higher management shareholding, a greater proportion of female executives, smaller executive teams, and higher analyst coverage.

Through empirical research, this paper clearly articulates how leveraging CER to manage multiple stakeholders (customers, government, and banks) can lead to superior performance, not only expanding the theoretical boundaries in the field of environmental responsibility but also significantly advancing stakeholder theory. It further enriches the Resource-Based View (RBV), robustly demonstrating that CER and the resulting stakeholder goodwill are strategic intangible resources that confer competitive advantages to firms. Additionally, it integrates institutional theory, elucidating that alignment with institutional norms and policies can build legitimacy and stakeholder trust, which in turn translates into economic benefits. Moreover, by uncovering the mediating mechanisms between CER and financial performance, the study fills a gap in the CER performance literature, contributing to the broader field of environmental management in emerging economies.

The research findings offer actionable insights for managers and decision-makers in the construction industry. We advocate that corporate executives actively implement environmental strategies, not merely as compliance or philanthropic activities but as a vital means to strengthen stakeholder relationships and drive sustainable financial success. Superior CER performance can enhance customer diversity, win government support, and secure favorable financing channels, thereby helping construction companies achieve a win-win situation for economic and environmental goals. Policymakers and regulators can leverage these insights to design policies and incentives (such as green subsidies, stricter disclosure requirements, or preferential loan programs) to encourage active corporate participation in environmental responsibility.

SJTU – SMU DBA

項目簡介

SJTU – SMU DBA項目是上海交通大學安泰經濟與管理學院與新加坡管理大學李光前商學院聯合舉辦的一個高等學位教育項目，結合了中西方頂尖學術力量，立足中國、放眼全球、旨在培養集應用、管理、研究大成于一體的企業家和管理者。本項目充滿了創新與挑戰精神，在課程設置上側重研究理論與方法的傳授，在應用研究上追求商業實踐與學術的結合。學員從不同的視角來探索全球商業社會，在系統學習和論文答辯后，獲得新加坡管理大學工商管理博士學位。

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