机构投资者、媒体关注与企业环保投资

Institutional Investors, Media Coverage and Corporate Environmental Protection Investment

文章以2011-2020年中国资本市场A股上市公司为样本,实证检验机构投资者对企业环保投资的影响,并进一步考察媒体关注在其中的调节作用。研究发现,机构投资者能够显著促进企业增加环保投资;媒体关注会削弱两者之间的正向关系,即媒体关注度越高,机构投资者对企业环保投资的促进作用越弱。进一步测试发现,机构投资者通过提高企业信息透明度、降低代理成本两条路径促进企业增加环保投资。研究结论有助于科学认识机构投资者在公司治理中的积极作用,同时也为企业增加环保投资、环境保护提供决策参考。

The author empirically examines the impact of institutional investors on environmental protection investment using a sample of A-share listed companies in the Chinese capital market from 2011 to 2020, and further examines the moderating role of media coverage. The study shows that institutional investors can significantly promote corporate environmental protection investment;media coverage can weaken the positive relationship between the institutional investors and environmental protection investment.That is, the higher the media coverage, the weaker the promotion effect of institutional investors on corporate environmental protection investment;further tests show that institutional investors can improve corporate environmental protection investment by improving corporate information transparency and reducing agency costs. The conclusions help to scientifically understand the active role of institutional investors in corporate governance, and also provide a reference for decision making to increase corporate environmental investment and achieve environmental protection.