机构投资者持股与企业ESG表现的相互影响
The Interplay of Institutional Investors’ Shareholding and Corporate ESG Performance
摘要: 本文以2010年到2020年沪深A股上市企业为研究对象，考察了机构投资者持股和企业ESG表现的相互影响。实证结果表明：1) 机构投资者会对被投资企业进行监督治理，改善了企业ESG表现；相对于交易型机构投资者，稳定型机构投资者持股对于企业ESG表现的促进作用更强。2) 机构投资者对ESG表现良好的企业存在选择偏好，即企业ESG表现越好，机构投资者持股比例越高，其中稳定型机构投资者持股的偏好作用更强。本文研究结果为企业、机构投资者和政府机构等利益相关方在促进负责任商业行为和应对ESG挑战以实现可持续增长方面提供了一定的参考。
Abstract: Based on Shanghai and Shenzhen A-shares listed firms from 2010 to 2020, this study investigates the interplay between institutional investor shareholding and corporate ESG performance. Key findings include: 1) Institutional investors supervise and govern their invested companies, enhancing corporate ESG performance. Compared to transactional institutional investors, stable institutional investors have a stronger promoting effect on corporate ESG performance through their shareholding. 2) Institutional investors have a preference for companies with good ESG performance, that is, the better the ESG performance of the company, the higher the proportion of institutional investors holding shares. Among them, stable institutional investors have a stronger preference for holding shares. The research findings of this article provide some reference for stakeholders such as enterprises, institutional investors, and government agencies in promoting responsible business behavior and addressing ESG challenges to achieve sustainable growth.
文章引用：秦炘田, 陈凌云. 机构投资者持股与企业ESG表现的相互影响[J]. 国际会计前沿, 2023, 12(4): 516-528. https://doi.org/10.12677/FIA.2023.124067

参考文献

[1] 唐棣, 金星晔. 碳中和背景下ESG投资者行为及相关研究前沿: 综述与扩展[J]. 经济研究, 2023, 58(9): 190-208.
[2] 金缦. 机构投资者的ESG偏好对绿色创新价值的影响[J]. 金融理论与实践, 2022(1): 65-75.
[3] Bebchuk, L.A., Cohen, A. and Hirst, S. (2017) The Agency Problems of Institutional Investors. The Jour-nal of Economic Perspectives, 31, 89-102. [Google Scholar] [CrossRef] 
[4] 梁上坤. 机构投资者持股会影响企业费用粘性吗? [J]. 管理世界, 2018, 34(12): 133-148.
[5] 杨海燕, 韦德洪, 孙健. 机构投资者持股能提高上市企业会计信息质量吗?——兼论不同类型机构投资者的差异[J]. 会计研究, 2012(9): 16-23.
[6] 席龙胜, 王岩. 企业ESG信息披露与股价崩盘风险[J]. 经济问题, 2022(8): 57-64.
[7] 王琳璘, 廉永辉, 董捷. ESG表现对企业价值的影响机制研究[J]. 证券市场导报, 2022(5): 23-34.
[8] Nofsinger, J.R., Sulaeman, J. and Varma, A. (2019) Institutional Investors and Corporate Social Responsibility. Journal of Corporate Finance, 58, 700-725. [Google Scholar] [CrossRef] 
[9] Ilhan, E., Sautner, Z. and Vilkov, G. (2020) Carbon Tail Risk. Review of Financial Studies, 34, 1540-1571. [Google Scholar] [CrossRef] 
[10] 冯钰婷, 李军林, 郭雪萌, 等. “兼济天下”与“独善其身”: 机构投资者持股对企业社会责任的影响研究[J]. 金融与经济, 2021(6): 75-83.
[11] 牛建波, 吴超, 李胜楠. 机构投资者类型、股权特征和自愿性信息披露[J]. 管理评论, 2013, 25(3): 48-59.
[12] Attig, N., Cleary, S., El Ghoul, S., et al. (2013) Institutional Investment Horizons and the Cost of Equity Capital. Financial Management, 42, 441-477. [Google Scholar] [CrossRef] 
[13] 史永东, 王谨乐. 中国机构投资者真的稳定市场了吗? [J]. 经济研究, 2014, 49(12): 100-112.
[14] Erhemjamts, O. and Huang, K. (2019) Institutional Ownership Horizon, Corporate Social Responsibility and Shareholder Value. Journal of Business Research, 105, 61-79. [Google Scholar] [CrossRef] 
[15] 周方召, 潘婉颖, 付辉. 上市企业ESG责任表现与机构投资者持股偏好——来自中国A股上市企业的经验证据[J]. 科学决策, 2020(11): 15-41.
[16] Durand, R., Paugam, L. and Stolowy, H. (2019) Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evi-dence on CSR Visibility. Strategic Management Journal, 40, 1471-1490. [Google Scholar] [CrossRef] 
[17] Renneboog, L., Ter Horst, J. and Zhang, C. (2011) Is Ethical Money Finan-cially Smart? Nonfinancial Attributes and Money Flows of Socially Responsible Investment Funds. Journal of Financial Intermediation, 20, 562-588. [Google Scholar] [CrossRef] 
[18] Smith, M.P. (1996) Shareholder Activism by Institutional Inves-tors—Evidence from CalPERS. The Journal of Finance, 51, 227-252.
[19] 李争光, 赵西卜, 曹丰, 等. 机构投资者异质性与企业绩效——来自中国上市企业的经验证据[J]. 审计与经济研究, 2014, 29(5): 77-87.
[20] Elyasiani, E., Jia, J.J. and Mao, C.X. (2010) Institutional Ownership Stability and the Cost of Debt. Journal of Financial Markets, 13, 475-500. [Google Scholar] [CrossRef] 

为你推荐