企业环境治理影响绿色投资者的机制与效应研究——基于投资者决策视角

doi:10.13776/j.cnki.resourcesindustries.20241209.001

摘要/Abstract

摘要： 绿色金融相关政策的出台和绿色投资市场的逐步扩大使得中国市场上绿色投资者涌现，“漂绿”问题也随之而来。为探究企业环境治理投入如何吸引绿色投资者，从投资者决策视角剖析绿色投资者是否真的“绿色”，以2008—2020年中国资本市场上市企业为样本，构建Logit回归模型，实证检验企业环境治理投入对绿色投资者的影响，并选取未预期盈余和超额预期收益作为中介变量，构建中介效应模型，运用二分类中介效应的检验方法，分析企业环境治理投入与绿色投资者之间的作用机制。研究表明：1）践行环境治理的企业更可能存在绿色投资者参与，表明企业进行环境治理行为能够吸引绿色投资者的加入。类别变量中介效应模型表明，企业环境治理投入主要通过短期交易收益发挥吸引效应，而非长期治理价值机制，绿色投资者多出于投机行为，以追求企业环境治理的短期收益为主要投资目的。2）污染性行业、非国有企业均能够通过环境治理投入产生的短期效益显著吸引绿色投资者，表明绿色投资者在以追求短期效益为目标进行投资决策时，对于污染性行业和非国有企业的环境治理投入行为更为敏感。3）绿色投资者的参与会增加企业的市场份额，且这种市场势力的增强效应对于占据市场份额较大的企业更为明显，表明绿色投资者对于短期收益的决策偏好会强化较高市场份额企业的垄断势力，阻碍行业整体绿色发展进程。基于上述研究结论，提出如下建议：绿色投资者应兼顾经济与社会效益，培养长期投资理念；地方政府相关优惠、补贴政策应避免“择优战略”，支持中小型企业环境治理，推动企业在清洁化生产的过程中实现共赢。研究对揭示绿色投资者存在的“漂绿”行为提供了新的经验证据，对完善我国绿色金融体系、合理引导资本市场投资理念具有一定的借鉴意义。

关键词: 绿色投资者, 企业环境治理, 短期收益, 吸引效应

Abstract: Issuing green financing policies and enlarging green investing market attract lots of green investors accompanying with “greenwashing”. This paper, aiming at how firm's environmental harness attracts green investors, analyzes if the green investors are really “green” from perspective of investors' decision-making, uses stock-listed firms data from 2008 to 2020 to establish a Logit regression model to test the impacts of firms' environmental harness input on green investors, and selects non-expected earnings and over-expected returns as mediating variables to establish a mediating effect model, which is employed to study mechanism of firms' environmental harness on green investors by means of binary classification mediating effect. Firms that actually conduct environmental harness probably attract green investors. Category variable mediating effect model indicates that firms' environmental harness casts an attracting effect through short-term trading gains rather than long-term harness mechanism. It reveals that green investors tend to be more speculative and invest primarily for the short-term gains. Pollution industry and private firms can attract green investors through outstanding short-term gains from environmental harness, suggesting green investors are more sensitive to pollution industry and private firms while chasing short-term gains. Participation of green investors will increase firms' market share, especially for firms with larger market share, suggesting investors' decision preference intensifies firms' monopolizing power with higher market share, thus hindering green development. Green investors shall aim at both economic and social benefits to have a long-term investing will. Local governments shall avoid “selecting best” strategy when issuing allowance policies, support small and medium-sized firms in environmental harness to reach a win-win during green production. This paper offers new empirical evidences in disclosing green investors' “greenwashing” behavior, and helps to improve China's green financing system and guide the investment concept of capital market

Key words: green investors, firms' environmental harness, short-term gains, attracting effect

中图分类号:

F205

肖建忠, 李卫伟, 温阳. 企业环境治理影响绿色投资者的机制与效应研究——基于投资者决策视角[J]. 资源与产业, 2025, 27(1): 77-91.

XIAO Jianzhong, LI Weiwei, WEN Yang. MECHANISM AND EFFECT OF FIRMS' ENVIRONMENTAL HARNESS ON GREEN INVESTORS FROM PERSPECTIVE OF INVESTORS' DECISION MAKING[J]. Resources & Industries, 2025, 27(1): 77-91.

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