资本市场开放与绿色投资者进入——基于"陆港通"交易制度的准自然实验
Capital Market Opening and Green Investors' Entry-A Quasi-natural Experiment of "Mainland-Hong Kong Stock Connect" Trading System
杜斐烨 1黄哲 1金洪飞2
作者信息
- 1. 上海财经大学浙江学院金融系,浙江金华 321000;浙中金融研究院,浙江金华 321000
- 2. 上海财经大学金融学院,上海 200433
- 折叠
摘要
本研究利用2009-2022年A股企业数据,采用多时点双重差分模型,检验了资本市场开放对绿色投资者进入的影响及其作用机制.研究发现,资本市场开放能够吸引更多绿色投资者持股标的企业.机制检验表明,资本市场开放通过缓解企业融资约束和提高绿色创新水平,以及促进企业实施绿色行动和社会责任承担,进而有助于吸引绿色投资者进入.约束性条件检验表明,在高污染风险行业企业、高管环境注意力高的企业、我国东部和中部地区企业,资本市场开放对绿色投资者进入的促进作用更明显.
Abstract
This study uses data from A-share companies from 2009 to 2022 and employs a multi-period double difference model to examine the impact of capital market liberalization on the entry of green investors.The research findings suggest that capital market liberalization can attract a larger number of green investors to invest in targeted companies,thus enhancing their stock holdings.Mechanism tests show that capital market liberalization,by easing corporate financing constraints and increasing levels of green innovation,as well as promoting green actions and corporate social responsibility,contributes to attracting green investors.Constraint tests indicate that in companies with high pollution risk,companies with high levels of executive environmental attention,and companies in eastern and central China,the promotion effects of capital market liberalization on the entry of green investors are more significant.
关键词
资本市场开放/绿色投资者/沪港通/深港通/多时点双重差分模型Key words
Capital Market Opening/Green Investor/The Shanghai-Hong Kong Stock Connect/The Shenzhen-Hong Kong Stock Connect/Multi-period DID Model引用本文复制引用
基金项目
浙江省教育厅一般项目(Y202352178)
出版年
2024
NETL
NSTL
万方数据