促进治理还是加剧污染:共同机构投资者如何影响企业环境绩效

Promoting Governance or Worsening Pollution:How Co-institutional Investors Influence Corporate Environmental Performance

企业环境绩效能反映环境与经济的协调发展,是衡量企业可持续发展能力的重要指标。本文以2011—2021年沪深A股上市公司为研究样本,实证检验了共同机构投资者对企业环境绩效的作用效果。基准回归发现:共同机构投资者可以显著促进企业环境绩效,且这一结论在排除可能存在的内生性问题后依然成立。作用机制检验显示:共同机构投资者主要通过改善公司治理、优化行业竞争和缓解融资约束来促进企业环境绩效。拓展性分析表明:共同机构投资者对环境绩效的促进效应在国有性质企业以及高市场化地区和高行业监管水平的企业中更加显著。应当持续推进资本市场全面深化改革,充分发挥共同机构投资者的环境治理效应,推动企业高质量发展。

Corporate environmental performance can reflect the coordinated development of environment and economy,and is an important indicator to measure the ability of the sustainable development of enterprises.This paper takes Shanghai and Shenzhen A-share listed companies from 2011 to 2021 as research samples to empirically test the effect of co-institutional investors on corporate environmental performance.Benchmark regression has found that co-institutional investors can significantly improve corporate environmental performance,and this conclusion still holds after excluding possible endogenous problems.The mechanism test shows that co-institutional investors promote corporate environmental performance mainly by improving corporate governance,optimizing industry competition and easing financing constraints.The expansion analysis shows that the degree of competition in the industry has intensified.The promotion effect of common institutional investors and the weakening of the quality of internal control of the promotion effect of common institutional investors should continue to promote the comprehensive deepening of the capital market reform,give full play to the governance effect of common institutional investors,promote the environmental performance of enterprises,and promote the high-quality development of enterprises.