企业ESG表现如何影响绿色投资者进入?
How does enterprise ESG performance affect green investor entry?
刘明晗 1赵松慧 1韦庄禹1
作者信息
- 1. 广西大学 经济学院/中国-东盟金融合作学院,广西 南宁 530004
- 折叠
摘要
随着经济增长中的资源瓶颈与环境约束问题日渐严峻,绿色投资正在兴起,企业ESG表现愈发受到重视.基于2009—2017年A股上市公司的面板数据,利用固定效应模型和工具变量法考察企业ESG表现对绿色投资者进入的影响及其内在机制.研究发现:(1)企业ESG表现与绿色投资者数量显著正相关,内生性检验和稳健性检验结果进一步支持了两者之间存在的因果关系;(2)ESG表现主要通过激励企业进行绿色创新来对绿色投资者进入产生积极作用;(3)企业ESG表现对绿色投资者进入的积极作用在非国有企业、大规模企业和非重污染行业中更显著.因此,需要推动ESG体系建设;建立健全政府对ESG的正向引导和监督机制;不断完善绿色投资者保护机制;积极推进绿色创新项目,加大绿色研发投入力度,形成有利于企业良性发展的循环模式.
Abstract
Against the backdrop of increasingly severe resource bottlenecks and environmental constraints in economic growth,green investment is gaining momentum. Based on panel data from A-share listed companies from 2009 to 2017,this paper employs fixed-effects models and instrumental variable methods to examine the impact of corporate ESG performance on the entry of green investors and its underlying mechanisms. The study finds that:( 1 ) corporate ESG performance is significantly positively correlated with the number of green investors,with robustness tests supporting a causal relationship between the two;( 2 ) ESG performance primarily exerts a positive effect on the entry of green investors by incentivizing companies to engage in green innovation;( 3 ) the positive impact of corporate ESG performance on the entry of green investors is more pronounced in non-state-owned enterprises,large-scale enterprises,and non-heavy polluting industries. Therefore,efforts should be made to promote ESG system development,establish a sound government-guided and supervisory mechanism for ESG,continually improve mechanisms for protecting green investors,and actively promote green innovation projects,increase investment in green research and development,and form a virtuous cycle model of enterprise development.
关键词
ESG表现/绿色投资者/ESG信息披露/绿色创新/企业异质性Key words
ESG performance/green investors/ESG information disclosure/green innovation/enterprise heterogeneity引用本文复制引用
出版年
2024
国家科技期刊平台
NSTL
万方数据