机构投资者持股会影响企业ESG表现吗?——来自中国上市公司的证据

Does Institutional Investor Ownership Affect ESG Performance?——Evidence from Chinese Listed Companies

在“双碳”目标下,推行“环境、社会责任和公司治理”(ESG)是企业实现可持续发展的重要途径。机构投资者是资本市场的重要力量,积极参与公司治理,有助于企业ESG的建设与实践。本文以2010—2021年间我国上市公司的数据作为研究样本,探索机构投资者持股与企业ESG表现之间的影响机制。研究结果表明,机构投资者持股与企业ESG表现之间呈显著正相关,而且对环境(E)、社会责任(S)和公司治理(G)3个维度表现均有显著的促进作用,支持机构投资者“有效监督假说”。机构投资者异质性分析表明,稳定型机构投资者和专注型机构投资者更积极发挥监督和治理职能,与企业ESG表现呈显著正向关系。本文研究结论为培育长期稳定的机构投资者,改善上市公司ESG表现,实现企业、社会和环境的可持续发展提供实践指导。

Under the strategic goal of “carbon peaking and carbon neutrality”,the implementation of “environment,social,and governance”(ESG) is an important way for enterprises to achieve sustainable development.Institutional investors are important forces in the capital market,actively participate in corporate governance,and contribute to the planning and practice of corporate ESG.This study uses the sample of A-share listed companies in China between 2010 and 2021,explores the mechanism relationship between institutional investor ownership and corporate ESG performance.The findings show that there is a significant positive correlation between institutional investor ownership and ESG performance.Institutional investors ownership has a significant promoting effect on the performance of environment(E),social responsibility(S) and corporate governance(G),which supports the “effective supervision hypothesis”.Heterogeneity analysis of institutional investors shows that stable institutional investors and dedicated institutional investors play a more active supervisory and governance role,and have a significantly positive impact on corporate ESG performance.The results of this study provide practical guidence for cultivating long-term and stable institutional investors,improving the ESG performance of Chinese listed companies,and achieving the sustainable development of enterprises,society and environment.