【摘要】 由于资源与环境的双重约束，企业所面临的外部规制强度变化及其产生的绩效波动会对企业高管离职产生直接或间接的影响。选取中国制造业A股上市公司2011—2019年的面板数据，采用系统GMM估计法，运用中介效应模型探究环境规制、企业绩效和高管离职之间的关系。研究发现：环境规制越严格越有可能导致当期企业高管离职；环境规制对于企业绩效具有显著的负向影响；企业绩效在环境规制和高管离职之间具有显著的中介效应；企业异质性方面，上述规律在国有企业中效应并不明显，而在非国有企业中效应显著。更多还原

【Abstract】 Due to the dual constraints of resources and environment, the change of external regulatory intensity and the resulting performance fluctuation will have a direct or indirect impact on the turnover of senior executives. Select panel data of Chinese A-share listed manufacturing companies from 2011 to 2019, adopt systematic GMM estimation method, and use mediation effect model to explore the relationship between environmental regulation, enterprise performance and executive turnover. The results show that the stricter the environmental regulation, the higher the executive turnover rate. Environmental regulation has a significant negative impact on enterprise performance. Enterprise performance has a significant mediating effect between environmental regulation and executive turnover. In terms of enterprise heterogeneity, the above laws are not obvious in state-owned manufacturing enterprises, but significant in non-state-owned manufacturing enterprises.更多还原