共同机构投资者的绿色创新市场驱动机制研究——基于行业绿色治理协同网络视角

Research on Market Driving Mechanism of Green Innovation by Common Institutional Investors:Based on Industry Coordinating Network of Green Governance

共同机构投资者作为资本市场主体之一,可凭借专业投资优势和行业绿色治理协同网络驱动企业绿色创新。本文选取2006—2020年沪深两市A股非金融类上市公司为样本,基于机构投资者企业持股网络的监督机理,检验共同机构投资者驱动企业绿色创新的作用和传导路径。研究发现,共同机构投资者持股可以推动上市公司提升绿色创新水平,且共同机构所有权联结程度、共同机构所有权比例均与绿色创新水平正相关。针对传导路径的研究发现,共同机构所有权发挥治理和行业协同网络效应,通过实地调研、退出威胁或较强的同行业势力促进企业绿色创新。本文进一步引入绿色金融准自然实验,发现共同机构所有权在绿色金融改革创新试验区的实施中发挥资金配置效应,产生更显著的绿色创新驱动作用。异质性分析发现,相比绿色发明专利,共同机构投资者对于绿色实用新型专利的正效应更加显著,且长期的共同机构投资者、环保行业属性或成熟型公司特征可以提升共同机构所有权对于绿色创新的正效应。本文研究成果丰富了以市场驱动为主体的绿色创新驱动力形成机制研究,为我国行业绿色治理协同网络下的绿色转型探索提供了经验证据。

With professional investment advantages and common shareholding position in the industry,common institutional investors can influence corporate green innovation decisions through the capital market.This study combines the practice of the Green Finance Reform and Innovation Pilot Zone to study the green innovation effect and mechanism of common institutional ownership.We find that common institutional ownership has a significant positive effect on the green innovation of listed companies,and the increase in the degree of com⁃mon institutional ownership linkage or the proportion of common institutional ownership can enhance the level of green innovation.A study of the green innovation transmission path finds that common institutional ownership has an effect of governance and synergy,and en⁃hances the green innovation effect of common institutional investors through investigation,exit threat or higher industry power.We further introduce a green finance natural experiment and find that common institutional ownership plays a capital allocation effect through the im⁃plementation of Green Finance Reform and Innovation Pilot Zones,resulting in a more significant green innovation driving role.The test of heterogeneity analysis finds that compared with green invention patents,common institutional investors have a more significant positive effect on green utility patents,and long⁃term common institutional investors,environmental protection industry attributes or mature corpo⁃rate characteristics can enhance the positive effect of common institutional ownership on green innovation.The research results of this pa⁃per enrich the research on the formation mechanism of the green governance system with the market as the main body,and provide empir⁃ical evidence for the exploration of the market mechanism of green transformation in China.