碳中和目标下的机构投资者持股偏好研究OA北大核心CHSSCDCSTPCD

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.