绿色证券投资基金财务绩效、环境绩效与投资者选择

The Financial Performance of Green Securities Investment Fund, Environmental Performance and Investor Selection

本文对我国绿色证券投资基金的财务绩效与传统基金是否存在显著差异、能否促进上市公司履行环境责任以及投资者的申购赎回决策三个方面进行研究。采用多个指标对绿色证券投资基金和传统基金的财务绩效进行评价,发现二者没有显著差异。采用和讯网社会责任评价体系对企业的环境责任进行评估,通过面板数据模型回归,发现绿色证券投资基金的持股不能显著促进企业履行其环境责任。以基金流量来衡量投资者选择,绿色证券基金投资者更希望通过持有基金份额以实现环境效益,而对基金的财务绩效不敏感。

This paper studies the following three points:Whether the financial performance of China’s green securities investment funds is significantly different from traditional funds, whether the listed companies’ environmental responsibility can be promoted, and investors’ purchase and redemption decisions. Using multiple indicators to compare the financial performance of green securities investment funds with traditional funds, we find that there is no significant difference between these two kinds of funds. The social responsibility evaluation system of Hexun.com is used to evaluate the environmental responsibility of companies. Through the regression of the panel data model, we find that the holding of green securities investment fund cannot significantly promote the company to fulfill its environmental responsibility. Investors’ selections are measured by fund flows. Green securities fund investors prefer to achieve environmental benefits by holding fund shares and they are not sensitive to the fund’s financial performance.