企业环境治理投入如何吸引绿色投资者？

摘要/Abstract

摘要： 本文以2008-2020年中国资本市场上市企业为样本，实证检验企业环境治理投入如何吸引绿色投资者及其作用机制。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，即产生“吸引”效应。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，剖析绿色投资者是否真的“绿色”。（2）异质性分析表明：污染性行业、非国有企业均具有强“吸引”特征，且通过短期机制发挥作用。（3）进一步研究发现，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。

关键词: 绿色投资者, 企业环境治理, 短期收益, 吸引效应

Abstract:

This paper empirically tests how environmental governance investment attracts green investors and its mechanism by taking China's capital market listed enterprises from 2008 to 2020 as samples.The results show that: (1) the firms that practice environmental governance are more likely to have green investors' participation, that is to say, there is an“attraction”effect.The mediating effect model of category variables shows that the investment in environmental governance mainly exerts the“attraction”effect through the short-term transaction income, rather than the long-term governance value mechanism,then analyzes whether the green investor is really“green”.(2) The heterogeneity analysis shows that both polluting industries and non-state-owned enterprises have strong“attraction” characteristics and play their roles through short-term mechanism.(3) Further research shows that green investors' decision-making preference for short-term returns will strengthen the monopoly power of high market share enterprises and hinder the green development of the whole industry.

Key words: green investor, corporate environmental governance, short-term profits, the attraction effect

肖建忠, 李卫伟, 温阳. 企业环境治理投入如何吸引绿色投资者？[J]. 资源与产业.

XIAO Jianzhong, LI Weiwei, WEN Yang.

HOW DO CORPORATE ENVIRONMENTAL GOVERNANCE INVESTMENTS ATTRACT GREEN INVESTORS? [J]. Resources & Industries.

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