Promoting corporate green transformation will help achieve high-quality development.Based on signal transmission theory and stakeholder theory,this paper empirically tests the relationship between environmental protection fund shareholding and corporate green transformation by selecting the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2022.It is found that the higher the proportion of corporate environmental protection fund shareholding,the more likely it is to promote corporate green transformation,which can promote corporate green transformation by easing financing constraints,reducing agency costs and improving the executives environmental awareness.Further research shows that the role of environmental protection fund shareholding in promoting corporate green transformation is more obvious in enterprises with strong environmental regulation,enterprises in non-heavy polluting industries and stable environmental protection fund investors.This paper has enriched the relevant literature of environmental protection fund,expanded the research on the influencing factors of corporate green transformation,and provided a theoretical reference for corporates to carry out green transformation and achieve high-quality development.
关键词
环保基金持股/企业绿色转型/融资约束/代理成本/高管环保认知
Key words
environmental protection fund shareholding/corporate green transformation/financing constraints/agency costs/executives environmental awareness
万方数据