Research on Market Driving Mechanism of Green Innovation by Common Institutional Investors:Based on Industry Coordinating Network of Green Governance
With professional investment advantages and common shareholding position in the industry,common institutional investors can influence corporate green innovation decisions through the capital market.This study combines the practice of the Green Finance Reform and Innovation Pilot Zone to study the green innovation effect and mechanism of common institutional ownership.We find that common institutional ownership has a significant positive effect on the green innovation of listed companies,and the increase in the degree of com-mon institutional ownership linkage or the proportion of common institutional ownership can enhance the level of green innovation.A study of the green innovation transmission path finds that common institutional ownership has an effect of governance and synergy,and en-hances the green innovation effect of common institutional investors through investigation,exit threat or higher industry power.We further introduce a green finance natural experiment and find that common institutional ownership plays a capital allocation effect through the im-plementation of Green Finance Reform and Innovation Pilot Zones,resulting in a more significant green innovation driving role.The test of heterogeneity analysis finds that compared with green invention patents,common institutional investors have a more significant positive effect on green utility patents,and long-term common institutional investors,environmental protection industry attributes or mature corpo-rate characteristics can enhance the positive effect of common institutional ownership on green innovation.The research results of this pa-per enrich the research on the formation mechanism of the green governance system with the market as the main body,and provide empir-ical evidence for the exploration of the market mechanism of green transformation in China.
common institutional ownershipgreen innovationgreen governancegreen finance
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