环保基金持股、中央环保督察与企业绿色创新

Environmental Protection Fund Shareholding,Central Environmental Protection Supervision and Enterprise Green Innovation

绿色金融是提升企业绿色创新水平的重要推动力。本文以环保基金为研究视角,选取了中国2010—2020年沪深A股非金融类上市公司为研究样本,实证检验了环保基金持股对企业绿色创新的影响,以及中央环保督察的调节作用。研究发现:(1)环保基金持股能够显著提高企业的绿色创新水平;(2)中央环保督察强化了环保基金持股对企业绿色创新的促进作用;(3)环保基金持股可以增强高管环保意识、降低信息不对称程度,从而促进企业绿色创新;(4)环保基金持股对企业绿色创新的促进作用在大规模企业、非污染企业和高经营性现金流的企业中更显著。本文从环保基金投资者的视角丰富了绿色创新研究的相关文献,拓展了企业参与绿色治理的相关研究,同时对我国经济实现绿色低碳转型发展等提供了经验证据。

Green finance is an important driving force for improving the level of green innovation in enterprises.This article takes the environmental protection fund as the research perspective and selects non-financial listed companies in China’s Shanghai and Shenzhen A-shares from 2010 to 2020 as research samples to empirically test the impact of environmental protection fund holdings on green innovation of enterprises,as well as the regulatory role of central environmental protection supervision.Research has found that:First,holding shares in environmental protection funds can significantly improve the level of green innovation of enterprises;Second,the central environmental supervision has strengthened the role of environmental protection fund shareholding in promoting green innovation in enterprises;Third,holding shares in environmental protection funds can enhance executives’environmental awareness and reduce information asymmetry,thereby promoting green innovation in enterprises;Finally,the promotion effect of environmental protection fund shareholding on green innovation of enterprises is more significant in large-scale enterprises,nonpolluting enterprises,and high operating cash flow enterprises.This paper enriches relevant literature on green innovation research from the perspective of environmental protection fund investors,expands relevant research on enterprises’participation in green governance,and provides empirical evidence for China’s economy to achieve green and low-carbon transformation and development.