How Green Governance Empowers High-quality Development
The"14th Five-Year Plan"and the"Double Carbon"goals point out that green transformation is the key to promoting high-quality development.Green investors can effectively promote the green benefits of enterprises.Therefore,attracting green investors to gather in enterprises is the proper meaning to achieve high-quality development.This paper takes Shanghai and Shenzhen A-share listed companies from 2015 to 2022 as the research object,and examines the impact of ESG information disclosure quality on the entry of green investors.The study found that the quality of ESG information disclosure is significantly positively correlated with the entry of green investors.The mechanism test finds that corporate ESG information disclosure attracts green investors by alleviating the dual agency problem and improving corporate reputation.Further analysis reveals that the entry of green investors can promote corporate green innovation,alleviate financing constraints,and improve financial performance.The conclusion provides empirical evidence that green investors have become an important driving force for enterprises to consciously practice the concept of green transformation in the context of high-quality development.
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万方数据
