Have Fund ESG Investments Facilitated Corporate Green Transformation?——Quasi-natural Experimental Study from Public Funds Signing up for PRIs
This paper takes public equity funds signing the United Nations Principles for Responsible Investment(PRI)as the research perspective,and empirically analyzes the impact of public equity funds'ESG investment on en-terprises'green transformation based on the data of Shanghai and Shenzhen A-share listed companies in the period of 2012 to 2022.The results of the study show that the signing of PRIs by fund companies has a significant role in promot-ing the green transformation of enterprises.Mechanism analysis shows that fund companies signing PRIs can promote green transformation of enterprises by effectively alleviating enterprise financing constraints,reducing agency prob-lems and increasing R&D investment.In addition,the heterogeneity analysis shows that the promotion effect of fund ESG investment on corporate green transformation is more obvious in regions with stronger environmental regulations.The study not only provides empirical support for the positive role of ESG investment by fund companies,but also pro-vides a theoretical basis and practical guidance for policy makers and corporate management to make decisions in green development.
fund ESG investinggreen transitionprinciples of responsible investmentMulti-temporal Double Difference
NETL
NSTL
万方数据
