摘要：机构投资者有能力和责任对企业施加影响，实现企业绿色转型。本文将机构投资者与ESG、CSR投资的相关研究拓展至绿色创新领域，采用2005-2019年中国A股非金融上市公司年度面板数据，创新性地从动力和路径双重视角实证研究机构投资者持股对企业绿色创新的影响。研究发现：（1）机构收益和监管压力是机构投资者推动企业绿色创新的两大动机；（2）缓解融资约束是机构投资者推动企业绿色创新的有效路径，而改善企业治理水平对绿色创新影响不显著；（3）机构投资者持股显著提高企业绿色创新水平；（4）压力抵制型机构持股显著增强企业绿色创新水平，但是压力敏感型机构持股与企业绿色创新之间无显著关系；区域绿色创新水平越高，机构投资者持股对企业绿色创新的正向影响越强；相较于低污染行业，机构投资者持股增加对高污染行业的绿色创新的影响更大。结合当前绿色金融领域的具体实践，本文认为可以通过完善激励机制体系、提升内部治理效率、优化外部监管环境推动企业绿色创新。
关键词：机构投资者；机构持股；企业绿色创新；绿色金融；公司治理
Institutional Shareholding and Corporate Green Innovation:Based on the Dual Perspective of Motivation and Path
Yan Chunxiao, Lu Mingjie, Zhu Dixing
Abstract：Institutional investors have the ability and responsibility to exert influence on companies and achieve their green transformation. This paper uses the annual panel data of China's A-share non-financial listed companies from 2005 to 2019 to study the impact of institutional investor holdings on corporate green innovation from the dual perspectives of motivation and path. The research found that institutional investors’shareholding significantly improves the level of green innovation of enterprises. Institutional income and regulatory pressure are the two major motivations for institutional investors to promote corporate green innovation. Institutional investors promote the ease of financing constraints is an effective path for corporate green innovation, while improving corporate governance has no significant impact on green innovation. The holding of pressure-resistant institutions significantly enhances the level of corporate green innovation, but there is no significant difference between holdings of pressure-sensitive institutions and corporate green innovation relationship. Based on current practices in the field of green finance, this paper believes that it is possible to promote corporate green innovation through the improvement of incentive mechanisms, enhancement of internal governance efficiency, and optimization of the external regulatory environment.
Keywords：Institutional Investors; Corporate Green Innovation; Green Finance; Corporate Governance
DOI:10.19511/j.cnki.jee.2023.02.003
