ESG Investing,Institutional Investor Shareholding and Entity Investment Efficiency
Improving the efficiency of enterprise physical investment is an important connotation of high-quality economic development.In recent years,with the deepening of sustainable and green development concepts,the impact of ESG investment on the efficiency of corporate entity investment has received increasing attention.Using 2710 listed companies in Shanghai and Shenzhen A-shares from 2009 to 2021 as samples,this study empirically tests the impact of ESG investment on the efficiency of corporate entity investment and the moderating effect of institutional investor shareholding.Research has found that ESG investment has a U-shaped effect on corporate investment efficiency,and institutional investor shareholding has a negative moderating effect on the relationship.Through further research,it was found that the heterogeneity of institutional investors affects their effectiveness.Independent institutional investors have a positive regulatory effect,while dependent institutional investors have a negative regulatory effect.Compared to transactional institutional investors,stable institutional investors are more able to exert a positive moderating effect.The research provides empirical evidence for enterprises to continuously practice ESG investment,improve the efficiency of physical investment,and promote high-quality economic development.At the same time,it enriches the research on the governance effects of institutional investors,which is beneficial for institutional investors to strengthen their own construction and transform their development concepts.Finally,it provides some inspiration for the government to improve the relevant policies and systems for ESG construction and strengthen the cultivation of institutional investors.
ESG investinginstitutional investorentity investment efficiencyhigh-quality economic development
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NSTL
万方数据
