异质机构投资者持股对企业ESG表现的影响研究

Heterogeneous Institutional Investors and ESG Performance of Enterprises

以2011—2021年A股上市公司为研究样本,分析了异质机构投资者持股对于企业ESG表现的影响,并进一步检验了压力抵抗型机构投资者的作用机制。研究发现,压力抵抗型机构投资者更能够显著提升企业的ESG表现,并且在非国有企业、高新技术企业中这种促进作用更强;进一步机制检验表明,压力抵抗机构投资者可以通过缓解企业融资约束、提升企业内部控制水平的作用渠道对企业ESG表现产生促进作用。

Practicing ESG concepts is the only way for enterprises to develop sustainably,and institutional investors,one of the internal stakeholders,have an impact on corporate operation and management,thereby affecting corporate ESG performance.This paper takes China’s Shanghai and Shenzhen A-share listed enterprises from 2011 to 2021 as a research sample to empirically examine the impact of heterogeneous institutional investors’shareholding on corporate ESG performance.The study finds that pressure-resistant institutional investors are more likely to improve the ESG performance of enterprises,and this promotion effect is stronger in non-state-owned enterprises and high-tech enterprises.Further mechanism tests show that pressure-resistant institutional investors can promote enterprises ESG performance by alleviating enterprises financing constraints and improving their internal control levels.