共同机构投资者如何影响企业ESG表现.pdfVIP

发行上市与企业成长 共同机构投资者如何影响企业ESG表现？ 何青 庄朋涛 (南开大学金融学院，天津 300350) 摘要：践行ESG理念是企业可持续发展的必由之路，也是实现我国经济高质量发展的重要抓手。共同机构投资者作为资本 市场重要参与者，能对企业管理决策产生重要影响，从而影响企业ESG表现。本文基于2010—2020年A股上市公司数据， 实证检验了共同机构投资者与企业ESG表现之间的关系。研究发现：共同机构投资者能够通过发挥治理效应和协同效应提 升企业ESG表现，但其退出威胁并没有对企业ESG表现产生显著作用；进一步，对于融资约束较高和媒体关注度较低的企 业，共同机构投资者的提升作用更加明显，但只有长期共同机构投资者才能产生治理协同效应。本文结论不仅可以为企 业制定ESG投资战略提供理论指导，对推动经济高质量发展也具有重要的启示意义。 关键词：共同机构投资者；ESG；治理效应；协同效应 Abstract: Practicing the ESG (Environmental, Social and Governance) concept is the only way for enterprises to achieve sustainable development, and also an important way to achieve high-quality development of China’s economy. As an important participant in the capital market, common institutional investors can have an important impact on enterprise management decisions, so as to improve the ESG performance of enterprises. Based on the data of A-share listed companies from 2010 to 2020, this paper empirically tests the relationship between the common institutional investors and the ESG performance of enterprises. The research finds that the common institutional investors can improve the ESG performance of enterprises by playing the governance effect and the synergistic effect, but their “withdrawal menace” does not have a significant impact on the ESG performance of enterprises. Further research shows that for enterprises with high financing constraints and low media attention, the influence of common institutional investors on improving ESG performance is more significant, but only long-term common institutional investors have the governance and synergistic effect. The conclusions of this paper can not only provide theoretical guidance for enterprises to formulate ESG investment strategies, but also have imp