机构投资者网络团体如何影响企业ESG表现?

How Institutional Investor Cliques Influence ESG Performance of Enterprises?

近年来,证券市场中的机构投资者扮演着越来越重要的角色,它们可能通过共同持股关系形成网络团体,采取一致行动。基于中国2010—2020年A股上市公司数据,构建了机构投资者网络团体,结合社会网络理论与代理理论,探究网络团体持股对企业ESG表现的影响。研究结果表明:网络团体持股可以有效提升企业ESG表现;网络团体持股能够缓解2类代理问题,通过提升信息透明度以及抑制大股东私利促进了企业ESG表现;在缓解了内生性问题,并进行了稳健性检验后,网络团体持股提升企业ESG表现的结论仍成立。进一步研究的结果表明,网络团体的特征会影响企业的ESG表现,即团体数量更多、规模越大、背景越丰富,持股越稳定,相对力量越强,企业ESG表现越好。研究结论既丰富了机构投资者网络团体的后果研究和企业ESG表现影响因素的研究,也为上市公司、机构投资者和政府提供了一定的实践启示。

In recent years,institutional investors in the securities market have played an increasingly important role.They may form cliques through common shareholding relationships and take concerted action.Based on the data of A-share listed companies in China from 2010 to 2020,an institutional investor clique was constructed to explore the impact of cliques stockholding on corporate ESG performance,combining social network theory and agency theory.The research findings show that cliques shareholding effectively enhances the ESG performance of enterprises,i.e.,the greater the proportion of cliques shareholding,the better the ESG performance of the enterprise;cliques shareholding alleviates two types of agency issues by improving information transparency and restraining the self-interest of large shareholders,thus promoting the ESG performance of enterprises;after addressing endogeneity issues and conducting robustness tests,the conclusion that cliques shareholding enhances the ESG performance of enterprises remains valid.The results of further research indicate that the characteristics of cliques affect the ESG performance of enterprises.Specifically,a greater number of cliques,larger scale,richer backgrounds,more stable holdings,and stronger relative power are associated with better ESG performance of enterprises.The research findings not only enrich the study of the consequences of institutional investors' cliques and the influencing factors of ESG performance of enterprises,but also provide practical insights for listed companies,institutional investors,and the governments.