企业ESG表现如何影响绿色投资者进入?OA北大核心CSTPCD

Against the backdrop of increasingly severe resource bottlenecks and environmental constraints in economic growth,green investment is gaining momentum. Based on panel data from A-share listed companies from 2009 to 2017,this paper employs fixed-effects models and instrumental variable methods to examine the impact of corporate ESG performance on the entry of green investors and its underlying mechanisms. The study finds that:( 1 ) corporate ESG performance is significantly positively correlated with the number of green investors,with robustness tests supporting a causal relationship between the two;( 2 ) ESG performance primarily exerts a positive effect on the entry of green investors by incentivizing companies to engage in green innovation;( 3 ) the positive impact of corporate ESG performance on the entry of green investors is more pronounced in non-state-owned enterprises,large-scale enterprises,and non-heavy polluting industries. Therefore,efforts should be made to promote ESG system development,establish a sound government-guided and supervisory mechanism for ESG,continually improve mechanisms for protecting green investors,and actively promote green innovation projects,increase investment in green research and development,and form a virtuous cycle model of enterprise development.