管理学国际博士（DBA）答辩系列 | 祝贺张斌同学顺利通过博士论文答辩

2025年4月23日，SJTU-SMU DBA 2022级张斌同学在交大安泰迎来了他论文的答辩时刻。SJTU导师谢露群教授，SMU导师ZHANG Man教授及HKUST导师WANG Danqing教授，一起参加并见证了张斌同学的毕业答辩。

论文题目

《中国建筑企业的企业环境责任》

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作者简介

张斌

zhang Bin

SJTU-SMU DBA 2022级

山西建投集团华东区域总部副总经理

张斌硕士毕业于上海理工大学，在建筑行业拥有多年的从业经验。他始终关注建筑产业的可持续发展路径，结合时代背景和工作实践，张斌的研究兴趣在于建筑行业的企业环境责任，在工程实践中他持续探索企业环境责任的实现机制，试图将学术积累与行业痛点相结合。近年来也广泛阅读了建筑与人文社科领域的相关书籍，致力于形成多学科交叉的思维框架。

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论文摘要

本文关注一个关键管理问题：在中国可持续性期望和监管压力不断上升的背景下，企业环境责任（CER）实践是否能够以及如何提升建筑公司的财务表现。基于多利益相关者视角，本研究深入探讨了企业环境责任（CER）对中国建筑行业企业绩效的影响。利用2008年至2023年中国建筑行业上市公司的面板数据集，研究通过纳入关键利益相关者关系指标（客户、政府和银行），同时控制公司特征，进行实证分析，旨在评估企业环境信息披露对财务表现的影响。研究发现，CER显著正面影响财务表现。更重要的是，这种关系部分归因于利益相关者关系的加强：更好地履行环境责任的公司能够吸引更广泛的客户群体，获得更多的政府支持，并享有更优越的银行关系，从而提升财务表现。进一步分析表明，企业环境责任对财务业绩的积极影响在没有环境管理体系认证、有质量管理体系认证、管理层持股比例较高、女性高管比例较高、高管团队规模较小和分析师覆盖范围较高的企业中更为显著。

通过实证研究，本文清晰地阐述了如何利用CER管理多个利益相关者（客户、政府和银行）可以带来卓越的绩效，不仅扩展了环境责任领域的理论边界，还显著推进了利益相关者理论。进一步丰富了资源基础观（RBV），有力地证明了，CER及其产生的利益相关者的友好情绪，是赋予企业竞争优势的战略无形资产。此外，该研究整合了制度理论，阐明了与制度规范和政策的一致性可以建立合法性和利益相关者的信任，进而转化为经济效益。此外，通过揭示CER与财务绩效之间的中介机制，本研究填补了CER绩效文献中的空白，为新兴经济体的环境管理领域做出了贡献。

研究结果为建筑行业的管理者和决策者提供了切实可行的见解。我们倡导企业高管积极实施环保策略，不仅作为合规或慈善活动，更是加强利益相关者关系和推动可持续财务成功的重要手段。卓越的碳排放权交易表现可以增加客户多样性，赢得政府支持，并获得有利的融资渠道，从而帮助建筑公司实现经济和环境目标的双赢局面。政策制定者和监管机构可以利用这些见解来设计政策和激励措施（如绿色补贴、更严格的披露要求或优惠贷款计划），以鼓励企业积极参与环境保护。

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导师信息

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

项目简介

SJTU – SMU DBA项目是上海交通大学安泰经济与管理学院与新加坡管理大学李光前商学院联合举办的一个高等学位教育项目，结合了中西方顶尖学术力量，立足中国、放眼全球、旨在培养集应用、管理、研究大成于一体的企业家和管理者。本项目充满了创新与挑战精神，在课程设置上侧重研究理论与方法的传授，在应用研究上追求商业实践与学术的结合。学员从不同的视角来探索全球商业社会，在系统学习和论文答辩后，获得新加坡管理大学工商管理博士学位。

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