资本市场开放与绿色投资者进入——基于“陆港通”交易制度的准自然实验  

Capital Market Opening and Green Investors’Entry——A Quasi-natural Experiment of“Mainland-Hong Kong Stock Connect”Trading System

作　　者：杜斐烨 黄哲 金洪飞[3] 

机构地区：[1]上海财经大学浙江学院金融系,浙江金华321000 [2]浙中金融研究院,浙江金华321000 [3]上海财经大学金融学院,上海200433

出　　处：《上海金融》2024年第1期15-28,共14页Shanghai Finance

基　　金：浙江省教育厅一般课题“企业数字化转型对管理层机会主义的影响:基于信息优势和数据权力视角”(Y202352178)

摘　　要：本研究利用2009-2022年A股企业数据,采用多时点双重差分模型,检验了资本市场开放对绿色投资者进入的影响及其作用机制。研究发现,资本市场开放能够吸引更多绿色投资者持股标的企业。机制检验表明,资本市场开放通过缓解企业融资约束和提高绿色创新水平,以及促进企业实施绿色行动和社会责任承担,进而有助于吸引绿色投资者进入。约束性条件检验表明,在高污染风险行业企业、高管环境注意力高的企业、我国东部和中部地区企业,资本市场开放对绿色投资者进入的促进作用更明显。This study uses data from A-share companies from 2009 to 2022 and employs a multi-period double difference model to examine the impact of capital market liberalization on the entry of green investors.The research findings suggest that capital market liberalization can attract a larger number of green investors to invest in targeted companies,thus enhancing their stock holdings.Mechanism tests show that capital market liberalization,by easing corporate financing constraints and increasing levels of green innovation,as well as promoting green actions and corporate social responsibility,contributes to attracting green investors.Constraint tests indicate that in companies with high pollution risk,companies with high levels of executive environmental attention,and companies in eastern and central China,the promotion effects of capital market liberalization on the entry of green investors are more significant.

关 键 词：资本市场开放 绿色投资者 沪港通 深港通 多时点双重差分模型 

分 类 号：F832.5[经济管理—金融学]