管理学刊2025，Vol.38Issue(4)：81-92,12.DOI:10.19808/j.cnki.41-1408/F.2025.0038
绿色基金持股与企业绿色生产力
Green Fund Holdings and Corporate Green Productivity
摘要
Abstract
Amidst the escalating challenges of global climate change and guided by China's dual carbon strategic objectives,enhancing corporate green productivity has emerged as a pivotal and essential pathway to high-quality economic development.Using panel data from Chinese A-share listed industrial firms from 2012 to 2019,this study systematically examines the impact of green fund shareholdings on corporate green productivity and its mechanisms of action.The results reveal that green fund ownership significantly boosts corporate green productivity.Further heterogeneity analysis demonstrates that this positive effect is more pronounced in firms characterized by higher institutional ownership,greater market competition,and high-tech attributes.The mechanism analysis confirms that green funds enhance corporate green productivity by exerting a transformation-driving effect and a supervisory effect.This research not only broadens the theoretical understanding of green finance's role in fostering corporate sustainability but also offers practical implications and empirical evidence for refining the institutional framework of green funds and strengthening the policy system for financing a green and low-carbon transition.关键词
绿色基金/绿色生产力/企业绿色全要素生产率/赋能型股东Key words
green funds/green productivity/corporate green total factor productivity/value-added investor分类
管理科学引用本文复制引用
孙自愿,贾东醒,詹子阳,林奕皓..绿色基金持股与企业绿色生产力[J].管理学刊,2025,38(4):81-92,12.基金项目
2024年国家社科基金后期资助项目(24FGLB105) （24FGLB105）
2024年度江苏省基础研究专项(软科学研究)(SBR2024000312) （软科学研究）
2023年教育部哲学社会科学研究后期资助项目(23JHQ102) （23JHQ102）
中国矿业大学教改课题(2024KC12) （2024KC12）
中国矿业大学研究生教改课题(2025YJSJG060) （2025YJSJG060）
深圳虚拟大学园机构(智库)资助项目(ZKZZ202308) （智库）
