重庆理工大学学报2024，Vol.38Issue(8)：43-58,16.DOI:10.3969/j.issn.1674-8425(s).2024.04.004
企业ESG表现如何影响绿色投资者进入?
How does enterprise ESG performance affect green investor entry?
摘要
Abstract
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.关键词
ESG表现/绿色投资者/ESG信息披露/绿色创新/企业异质性Key words
ESG performance/green investors/ESG information disclosure/green innovation/enterprise heterogeneity分类
资源环境引用本文复制引用
刘明晗,赵松慧,韦庄禹..企业ESG表现如何影响绿色投资者进入?[J].重庆理工大学学报,2024,38(8):43-58,16.基金项目
广西农业职业技术大学科研项目"数字经济对农业高质量发展的影响研究"(XSK2333) （XSK2333）
广西研究生教育创新计划项目"碳排放权交易试点政策背景下我国企业ESG表现、企业绩效与融资约束"(YCBZ2022041) （YCBZ2022041）
国家自然科学基金项目"大规模非光滑有界约束问题的优化方法研究"(11661009) （11661009）
