机构投资者与企业环境治理:过程与结果孰轻孰重

Institutional Investors and Corporate Environmental Governance:Process versus Outcome

中国政府和证券监督管理委员会对企业环境治理的监管日益增强,在此背景下机构投资者理应具备足够动机参与企业环境治理.而实际上机构投资者能否对企业环境治理发挥积极监督和促进作用,该作用是偏向于环境治理的过程维度还是结果维度,即对于机构投资者而言,环境治理的过程与结果孰轻孰重,这些问题还有待探究.基于利益相关者理论和股东积极主义,从企业环境治理的过程维度和结果维度出发,以2011年至2019年沪深A股上市企业为样本,并手工收集环境治理数据,运用固定效应模型,检验机构投资者如何影响企业环境治理及其过程维度和结果维度.基于企业产权、行业和企业外部环境治理进行异质性分组分析,并从筛选行为和股东积极主义行为两方面分析机构投资者对企业环境治理的影响机制.研究结果表明,机构投资者对企业环境治理具有显著的正向影响,但该影响仅体现在企业环境治理的结果维度,在企业环境治理过程维度并不显著.进一步分析发现,机构投资者对企业环境治理及其结果维度的正向影响主要体现在非国有企业、重污染行业和外部环境治理较好的企业.此外,机构投资者对企业环境治理及其结果维度的影响机制是股东积极主义行为,而非筛选股票的被动行为.基于环境治理过程维度和结果维度的异质性特征视角,探究机构投资者对企业环境治理不同维度的影响,不仅揭示了机构投资者对参与企业环境治理存在"重结果轻过程"的偏好,为深入理解机构投资者的监督作用提供了新的研究视角和经验证据,而且丰富和拓展了企业环境治理的影响因素研究,研究结果对于资本市场进一步完善环境治理监督机制具有启示意义.

Institutional investors should have sufficient incentives to participate in corporate environmental governance in the context of increasing government and CSRC regulation.In fact,can institutional investors play an active role in supervising and promoting corporate environmental governance.Weather this effect is biased towards the process dimension or the outcome dimension of environmental governance,that is,for institutional investors,the process and outcome of environmental governance which is more important.These questions remain to be explored.Based on the stakeholder theory and shareholder activism,starting from the process and outcome dimensions of corporate environmental governance,we take Shanghai and Shenzhen A-share listed companies from 2011 to 2019 as samples and manually collect environmental governance data.We use the fixed effects model to analyze how institutional investors influence corporate environmental governance and its process and outcome dimensions.We also make heterogeneous grouping analyses based on corporate property rights,industry and corporate external environmental governance,and analyze the influence mechanism of institutional investors on corporate environmental governance from two aspects:selection behavior and shareholder activism behavior.The results show that institutional investors have a significant positive impact on corporate environmental governance,but this impact is only reflected in the outcome dimension of corporate environmental governance,and is not significant in the process dimension of corporate environmental governance.Further analysis shows that the positive impact of institutional investors on corporate environmental governance and its outcome dimension is mainly reflected in non-state-owned enterprises,heavy pollution industries and enterprises with better external environmental governance.In addition,we find that institutional investors positively influence corporate environmental governance and its outcome dimension mainly through shareholder activism behavior,rather than the passive behavior of selection behavior.Based on the heterogeneity of the process dimension and outcome dimension of environmental governance,the study explores the influence of institutional investors on different dimensions of corporate environmental governance.The study not only reveals that institutional investors prefer to participate in the outcome dimension of corporate environmental governance over the process dimension,and provides a new research perspective and new empirical evidence for in-depth understanding of the supervisory role of institutional investors,but it also enriches and expands the research on the influencing factors of corporate environmental governance.The research results have enlightenment significance for the capital market to further improve the supervision mechanism of environmental governance.