摘要：在绿色金融体系建设背景下，绿色基金能否通过自身的“绿色”优势对我国企业甚至整个资本市场起到推动作用，实现可持续发展？本文基于2009—2020年上市公司样本进行实证研究，发现绿色基金持股对上市公司环境表现存在显著促进作用，并且通过监督管理层的方式提高企业环境表现。依据投资策略的不同，本文将绿色基金分为主动型绿色基金和被动型绿色基金，研究其作用路径的异质性：信息披露质量在被动型绿色基金中发挥重要作用；市场关注在主动型绿色基金中发挥重要作用。进一步研究发现，绿色基金高比例持股更有助于促进企业因环境表现良好而享受直接优惠政策和间接优惠政策。研究结论从环境责任视角为绿色基金在企业经营中发挥的治理作用提供新的理论依据，对促进企业实现绿色可持续发展，构建完备绿色金融体系具有启示意义。
关键词：绿色基金；环境表现；信息披露质量；市场关注
How Can Green Fund Holdings Improve Company's Environmental Performance？
Abstract: Under the background of the construction of green financial system, can green funds play a role in promoting China's enterprises and even the whole capital market through their own green advantages to realize sustainable development? Based on the sample of listed companies from 2009 to 2020, this paper conducts an empirical study and finds that green funds' shareholding has a significant role in promoting the green performance of listed companies, and improves the environmental performance of enterprises by supervising the management. After categorizing green funds into active and passive green funds based on different investment strategies, this paper investigates the heterogeneity of their paths of action: the quality of information disclosure plays a crucial role in passive green funds; market concern play a crucial role in active green funds. Further research finds that higher shareholdings in green funds are more conducive to the promotion of direct incentives and indirect incentives for good environmental performance by enterprises. The findings provide a new theoretical basis for the role of green funds in corporate governance from the perspective of environmental responsibility, which is of great significance in promoting the realization of green and sustainable development of enterprises and the construction of a complete green financial system.
Keywords: Green Funds; Environmental Performance; Disclosure Quality; Market Concerns
