证券市场导报Issue(4)：67-79,13.
碳中和目标下的机构投资者持股偏好研究
摘要
Abstract
Green bonds are a new financing instrument aimed at providing funding support for enterprises'green transformation and carbon neutrality-related technologies and promoting green and low-carbon development.This paper uses the issuance of green bonds by corporate as an observable indicator of actively taking responsibility for carbon neutrality and analyzes its impact on the shareholding decision of institutional investors.This study finds that after the issuance of green bonds by corporate,the shareholding ratio of institutional investors increases significantly,with the shareholding ratio of long-term stable institutional investors showing even more significant changes.The higher the"green"level of green bonds,the higher the shareholding ratio of institutional investors,indicating that institutional investors exhibit a certain green preference under the target of carbon neutrality.The mechanism test finds that media attention and access to strategic resources are two important channels for companies to issue green bonds to attract institutional investors.Cross-sectional analysis shows that the above results are more significant among samples of state-owned enterprises,higher information quality,and higher levels of social responsibility.Furthermore,the issuance of green bonds can also lead to higher excess returns.The finding of this paper not only provides empirical evidence for institutional investors'green preference but also offers theoretical references for further improving the green financial system to help achieve the target of carbon neutrality.关键词
碳中和/绿色债券/机构投资者/绿色偏好Key words
carbon neutrality/green bonds/institutional investors/green preference分类
管理科学引用本文复制引用
刘斯琴,祁怀锦,刘艳霞..碳中和目标下的机构投资者持股偏好研究[J].证券市场导报,2024,(4):67-79,13.基金项目
内蒙古自治区哲学社科规划办项目"双碳目标下绿色债券对企业绿色发展的影响及实现路径研究"(2023NDB244)、内蒙古大学高层次人才科研启动项目、北京市哲学社会科学规划项目"数据要素赋能北京民营经济高质量发展的机制与路径研究"(23JC033)、国家自然科学基金项目"分红动因、投资者信念互动与市场反应方式变迁"(72062024) （2023NDB244）
