MECHANISM AND EFFECT OF FIRMS' ENVIRONMENTAL HARNESS ON GREEN INVESTORS FROM PERSPECTIVE OF INVESTORS' DECISION MAKING

doi:10.13776/j.cnki.resourcesindustries.20241209.001

Abstract

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

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

CLC Number:

F205

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.

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.

References

蔡庆丰, 宋友勇, 2010. 超常规发展的机构投资者能稳定市场吗?: 对我国基金业跨越式发展的反思[J]. 经济研究, 45(1): 90-101.〔CAI Q F, SONG Y Y, 2010. Can the hyper-normal development of institutional investors stabilize the market?: leapfrog development of China's fund industry[J]. Economic Research Journal, 45(1): 90-101.〕

陈琪, 2020. 环保投入能提高企业生产率吗: 基于企业创新中介效应的实证分析 [J]. 南开经济研究(6): 80-100. 〔CHEN Q, 2020. Does environmental investment contribute to firm productivity?: an empirical analysis based on the mediation role of firm innovation[J]. Nankai Economic Studies(6): 80-100.〕

陈书伟, 韩丽, 2022. 政府创新补贴促进了企业绿色技术创新水平吗?: 基于信号传递的视角[J]. 资源与产业, 24(5): 98-107.〔CHEN S W, HAN L, 2022. Does governmental allowance promote enterprises' green technical innovation level viewing from information transmission?[J]. Resources & Industries, 24(5): 98-107.〕

陈卓思, 高峰, 祁斌, 2008. 机构投资者交易行为特征研究[J]. 金融研究（4）: 122-130.〔CHEN Z S, GAO F, QI B, 2008. On the trading strategy of institutional investors[J]. Journal of Financial Research(4): 122-130.〕

方杰, 温忠麟, 张敏强, 2017. 类别变量的中介效应分析[J]. 心理科学, 40(2): 471-477.〔FANG J, WEN Z L, ZHANG M Q, 2017. Mediation analysis of categorical variables[J]. Journal of Psychological Science, 40(2): 471-477.〕

方先明, 那晋领, 2020. 创业板上市公司绿色创新溢酬研究 [J]. 经济研究, 55(10): 106-123.〔FANG X M, NA J L, 2020. Stock market reaction to green innovation: evidence from GEM firms[J]. Economic Research Journal, 55(10): 106-123.〕

高枝欣, 许纪校, 2023. 重污染企业社会责任、高管激励与绿色技术创新[J]. 资源与产业, 25(2): 88-100.〔GAO Z X, XU J X, 2023. Social responsibilities, executive incentives and green technical innovation of heavy pollution industries[J]. Resources & Industries, 25(2): 88-100.〕

郭俊杰, 方颖, 2022. 绿色信贷、融资结构与企业环境投资[J]. 世界经济, 45 (8): 57-80.〔GUO J J, FANG Y, 2022. Green credit, financing structure and corporate environmental investment[J]. The Journal of World Economy, 45(8): 57-80.〕

何瑛, 于文蕾, 杨棉之, 2019. CEO复合型职业经历、企业风险承担与企业价值[J]. 中国工业经济, (9): 155-173.〔HE Y, YU W L, YANG M Z, 2019. CEOs with rich career experience, corporate risk-taking and the value of enterprises[J]. China Industrial Economics(9): 155-173.〕

姜广省, 卢建词, 李维安, 2021. 绿色投资者发挥作用吗?: 来自企业参与绿色治理的经验研究[J]. 金融研究(5): 117-134.〔JIANG G S, LU J C, LI W A, 2021. Do green investors play a role?: empirical research on firms' participation in green governance[J]. Journal of Financial Research(5): 117-134.〕

蒋榕湄, 陈贵松, 2022. 政府补贴、企业ESG表现与绿色创新[J]. 资源与产业, 24(6): 90-102.〔JIANG R M, CHEN G S, 2022. Governmental allowance, enterprise ESG and green innovation[J]. Resources &Industries, 24(6): 90-102.〕

李春涛, 薛原, 惠丽丽, 2018. 社保基金持股与企业盈余质量: A股上市公司的证据[J]. 金融研究 (7): 124-142.〔LI C T, XUE Y, HUI L L, 2018. Social security fund and corporate earnings quality: evidence from China[J]. Journal of Financial Research(7): 124-142.〕

黎文靖, 路晓燕, 2015. 机构投资者关注企业的环境绩效吗?: 来自我国重污染行业上市公司的经验证据[J]. 金融研究(12): 97-112.〔LI W J, LU X Y, 2015. Do institutional investors care firm environmental performance?: evidence from the most polluting Chinese listed firms[J]. Journal of Financial Research(12): 97-112.〕

唐国平, 李龙会, 吴德军, 2013. 环境管制、行业属性与企业环保投资[J]. 会计研究(6): 83-89, 96.〔TANG G P, LI L H, WU D J, 2013. Environmental regulation, industry attributes and corporate environmental investment[J]. Accounting Research(6): 83-89, 96.〕

田澍, 林树, 俞乔, 2012. 新兴市场环境下机构投资者投资行为: 基于中国大陆资本市场的研究[J]. 金融研究(8): 139-151.〔TIAN S, LIN S, YU Q, 2012. Investment behavior of institutional investors in emerging markets: evidence from China[J]. Journal of Financial Research(8): 139-151.〕

危平, 舒浩, 2018. 中国资本市场对绿色投资认可吗?: 基于绿色基金的分析[J]. 财经研究, 44 (5): 23-35.〔WEI P, SHU H, 2018. How does China's capital market respond to green investment?: an analysis based on green funds[J]. Journal of Finance and Economics, 44(5): 23-35.〕

温忠麟, 叶宝娟, 2014. 中介效应分析: 方法和模型发展[J]. 心理科学进展, 22 (5): 731-745.〔WEN Z L, YE B J, 2014. Analyses of mediating effects: the development of methods and models[J]. Advances in Psychological Science, 22(5): 731-745.〕

姚颐, 刘志远, 2008. 震荡市场、机构投资者与市场稳定[J]. 管理世界(8): 22-32.〔YAO Y, LIU Z Y, 2008. Volatile markets, institutional investors and market stability[J]. Journal of Management World(8): 22-32.〕

姚颐, 刘志远, 相二卫, 2011. 中国基金在投资中是否追求了价值? [J]. 经济研究, 46 (12): 45-58.〔YAO Y, LIU Z Y, XIANG E W, 2011. Are Chinese funds investments pursuing value?[J]. Economic Research Journal, 46(12): 45-58.〕

袁微, 2018. 二值选择模型内生性检验方法、步骤及Stata应用[J]. 统计与决策, 34 (6): 15-20.〔YUAN W, 2018. Endogenous test methods, procedures and Stata applications of binary selection model[J]. Statistics & Decision, 34 (6): 15-20.〕

周铭山, 张倩倩, 杨丹, 2017. 创业板上市公司创新投入与市场表现: 基于公司内外部的视角[J]. 经济研究, 52 (11): 135-149.〔ZHOU M S, ZHANG Q Q, YANG D, 2017. The relationship between innovation investment and stock market performance for GEM firms: based on the company's internal and external perspective[J]. Economic Research Journal, 52(11): 135-149.〕

邹小芃, 胡嘉炜, 姚楠, 2019. 绿色证券投资基金财务绩效、环境绩效与投资者选择[J]. 上海经济研究(12): 33-44.〔ZOU X P, HU J W, YAO N, 2019. The financial performance of green securities investment fund, environmental performance and investor selection[J]. Shanghai Journal of Economic(12): 33-44.〕

BAKER M, LITOV L, WACHTER J A, et al., 2010. Can mutual fund managers pick stocks?: evidence from their trades prior to earnings announcements[J]. Journal of Financial and Quantitative Analysis, 45(5): 1111-1131.

BARNEA A, HEINKEL R, KRAUS A, 2005. Green investors and corporate investment[J]. Structural Change and Economic Dynamics, 16(3): 332-346.

BROWN B P, 1968. An empirical evaluation of accounting income numbers[J]. Journal of Accounting Research, 6(2): 159-178.

BUSHEE B J, 2001. Do institutional investors prefer near-term earnings over long-run value?[J]. Contemporary Accounting Research, 18(2): 207-246.

COX P, WICKS P G, 2011. Institutional interest in corporate responsibility: portfolio evidence and ethical explanation[J]. Journal of Business Ethics, 103(1): 143-165.

DUPUIS J, SCHWEIZER R, 2019. Climate pushers or symbolic leaders?: the limits to corporate climate leadership by food retailers[J]. Environmental Politics, 28(1): 64-86.

EBERHART A C, MAXWELL W F, SIDDIQUE A R, 2004. An examination of long-term abnormal stock returns and operating performance following R&D increases[J]. The Journal of Finance, 59(2): 623-650.

ETZION D, 2007. Research on organizations and the natural environment, 1992—present: a review[J]. Journal of Management, 33(4): 637-664.

EYRAUD L, CLEMENTS B, WANE A, 2013. Green investment: trends and determinants[J]. Energy Policy, 60: 852-865.

FLAMMER C, 2021. Corporate green bonds[J]. Journal of Financial Economics, 142(2): 499-516.

GOSS A, ROBERTS G S, 2011. The impact of corporate social responsibility on the cost of bank loans[J]. Journal of Banking & Finance, 35(7): 1794-1810.

HAND J R M, 1990. A test of the extended functional fixation hypothesis[J]. The Accounting Review, 65（4）： 740-763.

HANNAN R L, KAGEL J H, MOSER D V, 2002. Partial gift exchange in an experimental labor market: impact of subject population differences, productivity differences, and effort requests on behavior [J]. Journal of Labor Economics, 20(4): 923-951.

HEINKEL R, KRAUS A, ZECHNER J, 2001. The effect of green investment on corporate behavior[J]. Journal of Financial and Quantitative Analysis, 36(4): 431-449.

HIRSHLEIFER D, HSU P H, LI D, 2013. Innovative efficiency and stock returns[J]. Journal of Financial Economics, 107(3): 632-654.

IACOBUCCI D, 2012. Mediation analysis and categorical variables: the final frontier[J]. Journal of Consumer Psychology, 22(4): 582-594.

KAHNEMAN D, LOVALLO D, 1993. Timid choices and bold forecasts: a cognitive perspective on risk taking[J]. Management science, 39(1): 17-31.

KUANG X, MOSER D V, 2009. Reciprocity and the effectiveness of optimal agency contracts[J]. The Accounting Review, 84(5): 1671-1694.

LEWIS A, MACKENZIE C, 2000. Support for investor activism among UK ethical investors[J]. Journal of Business Ethics, 24: 215-222.

LI X, 2010. The impacts of product market competition on the quantity and quality of voluntary disclosures[J]. Review of Accounting Studies, 15(3): 663-711.

MACKINNON DP, COX M C, 2012. Commentary on “Mediation analysis and categorical variables: the final frontier” by Dawn Iacobucci[J]. Journal of Consumer Psychology, 22(4): 600-602.

MARTIN P R, MOSER D V, 2016. Managers' green investment disclosures and investors' reaction[J]. Journal of Accounting and Economics, 61(1): 239-254.

PHAM L, HUYNH T L D, 2020. How does investor attention influence the green bond market?[J]. Finance Research Letters, 35:101533.

RABIN M, 1993. Incorporating fairness into game theory and economics[J]. The American Economic Review, 83(5): 1281-1302.

SANGIORGI I, SCHOPOHL L, 2021. Why do institutional investors buy green bonds: evidence from a survey of European asset managers[J]. International Review of Financial Analysis, 75: 101738.

SILVESTRI A, VELTRI S, 2020. Exploring the relationships between corporate social responsibility, leadership, and sustainable entrepreneurship theories: a conceptual framework[J]. Corporate Social Responsibility and Environmental Management, 27(2): 585-594.

SIRRI E R, TUFANO P, 1998. Costly search and mutual fund flows[J]. The Journal of Finance, 53(5): 1589-1622.

VERRECCHIA R E, 2001. Essays on disclosure[J]. Journal of Accounting and Economics, 32(1-3): 97-180.

WERMERS R, 2000. Mutual fund performance: an empirical decomposition into stock-picking talent, style, transactions costs, and expenses[J]. The Journal of Finance, 55(4): 1655-1695.

[1]	KANG Jing. OVERVIEWS AND OUTLOOK FOR “RESOURCE CURSE” HYPOTHESIS [J]. Resources & Industries, 2025, 27(1): 1-10.
[2]	ZHANG Jie, ZHAO Xiangyang, PANG Qinghua, ZHANG Chenjun. IMPACTS OF DIGITAL ECONOMY ON PROVINCIAL GREEN WATER RESOURCES USE EFFICIENCY BASED ON SYSTEM GMM MODEL TESTS [J]. Resources & Industries, 2025, 27(1): 11-21.
[3]	LI Xiaofei, ZHUANG Shiying. IMPACTS AND PATHWAYS OF DIGITAL TRANSFORMATION ON GREEN ECONOMIC DEVELOPMENT [J]. Resources & Industries, 2025, 27(1): 35-49.
[4]	LIANG Yuan, ZHOU Juanmei, WU Yunxia. IMPACTS OF GREEN FINANCING ON CARBON EMISSION LEVELS BASED ON DUAL PERSPECTIVES OF QUANTITY AND QUALITY [J]. Resources & Industries, 2025, 27(1): 50-62.
[5]	YI Xinghua, WANG Xiaoxiao, CHENG Jinhua, HU Songqin. SUPPLY-DEMAND FORECAST AND SUPPLY-SECURING MEASURES OF CLEAN ENERGY MINERAL PROCESSING PRODUCTS BASED ON A CASE STUDY ON LITHIUM, COBALT AND NICKEL [J]. Resources & Industries, 2025, 27(1): 63-76.
[6]	LU Qing, FANG Huaxin, HOU Jianchao. EVOLUTIONARY GAMBLING STUDY ON LOW-CARBON TRANSFORMATION OF ENERGY CONSUMPTION FOR INDUSTRIAL GAS PRODUCERS [J]. Resources & Industries, 2025, 27(1): 92-106.
[7]	HAN Zixuan, CHEN Jinlin. HARMONIOUS SYMBIOSIS EVOLUTION BETWEEN HUMAN AND NATURE IN THE UPPER-STREAM OF YELLOW RIVER IMPACTED BY ECOLOGICAL TOURISM [J]. Resources & Industries, 2025, 27(1): 120-131.
[8]	TIAN Ming, SHEN Shaoqi, YAN Jiarui. IMPACTING MECHANISM OF CLIMATIC CHANGE RISKS ON FIRM'S SUSTAINABILITY PERFORMANCES [J]. Resources & Industries, 2025, 27(1): 146-162.
[9]	SUN Huaping, CHEN Tingting, JIANG Chengfeng, ZHAO Jiawen. CAN DIGITAL ECONOMY PROMOTE URBAN GREEN COORDINATED DEVELOPMENT? [J]. Resources & Industries, 2024, 26(6): 1-16.
[10]	ZHOU Pu, HOU Huali, TAN Wenbing, ZHANG Hui. REFORM OF PAID USE SYSTEM OF NATURAL RESOURCES: EVOLUTION, CHALLENGES AND PATHS [J]. Resources & Industries, 2024, 26(6): 17-23.
[11]	WANG Rongyu, WU Shutian. INSTITUTIONAL ANALYSIS OF PAY-FOR-USING COMMERCIAL NATURAL RESOURCES ASSETS: REVIEWS AND OUTLOOK [J]. Resources & Industries, 2024, 26(6): 24-32.
[12]	ZHANG Zhuoying, NIE Xiaowei. OBJECTIVES OF AND PATH TO ECOLOGICAL CIVILIZATION HIGHLAND CONSTRUCTION OF QINGHAI-TIBET PLATEAU FROM PERSPECTIVE OF RESOURCES ECONOMY [J]. Resources & Industries, 2024, 26(6): 41-47.
[13]	YANG Ning, LIU Gang, HUANG Chen, WANG Ying, DU Hui, ZHANG Yongcheng. KNOWLEDGE GRAPH AND TREND OF URBAN RESILIENCE INFRASTRUCTURES FOR ECOLOGICAL CIVILIZATION CONSTRUCTION [J]. Resources & Industries, 2024, 26(6): 48-61.
[14]	XU Chang, CHENG Baodong, XIA Lei. IMPACTS OF PUBLIC WELFARE FOREST COMPENSATION POLICY ON CONTINUOUS INCREMENT OF FOREST ECOLOGICAL BENEFITS [J]. Resources & Industries, 2024, 26(6): 62-70.
[15]	ZHAO Qianyu, LIU Hao. RESPONSE OF ECOSYSTEM SERVICING VALUES ON LAND USE CHANGES BASED ON A CASE STUDY OF SICHUAN PROVINCE [J]. Resources & Industries, 2024, 26(6): 71-80.