机构投资者异质性与企业绿色创新——兼论股权集中度的调节效应

Institutional Investor Heterogeneity and Enterprise Green Innovation:With Discussion on the Moderating Effect of Ownership Concentration

为进一步引导我国企业提高绿色创新水平,助力“双碳”目标实现,以我国2009—2020年沪深A股上市公司为样本,实证分析机构投资者异质性持股对企业绿色技术创新的影响以及股权集中度的调节效应。研究发现,压力抵抗型机构投资者持股显著推动了企业绿色创新,而压力敏感型机构投资者持股起抑制作用,且股权集中度越高,压力抵抗型机构投资者的促进作用越弱,稳健性检验也支持上述结论。进一步研究表明,压力抵抗型机构投资者的促进作用在非国有企业和非重污染行业企业中更加明显。此外,研究还发现,环保政策颁布后,机构投资者异质性持股对企业绿色创新的影响也更为显著。

In order to further guide Chinese enterprises to strengthen the level of green innovation and help achieve the goal of"double carbon",this paper takes Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as samples to empirically analyze the impact of institutional investors′heterogeneous shareholding on enterprises′green technology innovation and the moderating effect of ownership concentration.The study finds that pressure-resistant institutional investors′shareholding significantly promotes corporate green innovation,while pressure-sensitive institutional investors′shareholding inhibits corporate green innovation;the higher the ownership concentration,the weaker the promoting effect of pressure-resistant institutional investors.Robustness tests also support the above conclusion.Further research shows that the promotion effect of pressure-resistant institutional investors is more obvious in non-state-owned enterprises and non-heavy-pollution enterprises;in addition,after the implementation of environmental policy,the impact of institutional investors′heterogeneous shareholding on corporate green innovation is more obvious.