机构投资者驱动企业绿色治理:监督效应与内在机理  

Institutional Investors Drive Corporate Green Governance:Monitoring Effects and Internal Mechanisms

作　　者：张云 吕纤 韩云 Zhang Yun;Lu Qian;Han Yun(School of Finance,Shanghai University of International Business and Economics;School of Management,South-central Minzu University;School of Finance,Shanghai Lixin University of Accounting and Finance)

机构地区：[1]上海对外经贸大学金融管理学院 [2]中南民族大学管理学院 [3]上海立信会计金融学院金融学院

出　　处：《管理世界》2024年第4期197-214,共18页Journal of Management World

基　　金：国家社会科学基金重点项目“碳中和目标下国际碳泄漏效应与减排合作中国方案研究”(基金号:22AJY021);国家社会科学基金项目一般项目“全球碳定价博弈下的碳风险传染及防控策略研究”(基金号:23BJY106);教育部人文社会科学研究青年基金项目“基于机构投资者积极监督视角下的公司绿色治理机制研究”(基金号:20YJCZH040);中央高校基本科研业务费专项资金项目“‘双碳’目标下资本市场对企业绿色技术创新激励效应研究”(基金号:CPT22009)的资助。

摘　　要：政府环境规制政策对企业绿色行为决策形成差异化影响,围绕企业绿色治理的市场驱动型环境治理机制是构建现代环境治理体系的关键路径之一。本文从市场驱动型环境治理机制视角拓展股东积极主义模型,利用文本分析法等测度机构投资者沟通有效程度,探讨机构投资者驱动企业绿色治理的监督效应及内在机理。模型推导发现,机构投资者基于绿色价值创造和社会效用动机,积极沟通介入控股股东绿色经营决策,有效沟通的门槛条件取决于绿色关注、声誉因素、退出威胁和控股股东利益侵占成本的影响。实证检验结果证实,机构投资者沟通对于公司绿色治理绩效产生正效应,且在绿色投资者关注度较高、绿色声誉较大、退出威胁更强烈、控股股东持股比例越高或两权分离程度较低时绿色治理作用更显著;机构投资者沟通形成了提高绿色投资效率、驱动绿色创新、抑制绿色代理冲突和促进碳减排的绿色治理传导路径。本文进一步引入环境规制外生冲击,验证了碳排放权交易、新环保法实施与机构投资者沟通形成的绿色治理联动效应。最后,本文提出要发挥机构投资者绿色积极主义行为的市场驱动力作用,从内部传递性和外部联动性角度提升有效沟通程度,促进企业绿色治理机制形成。Government environmental regulatory policies have differentiated impacts on corporate green behavioral decisions.The marketdriven environmental governance mechanism based on corporate green governance is one of the key paths to build the modern environmental governance system.This paper extends the shareholder activism model from the perspective of market-driven environmental governance mechanism,uses text analysis methods to measure the effectiveness of institutional investors'communication,and explores the monitoring effects and internal mechanism of institutional investors driving corporate green governance.Through theoretical model deduction,it is found that institutional investors actively communicate and intervene in controlling shareholders'green operating decisions based on green value creation and social utility motivation.Also,it shows that the threshold conditions for effective communication depend on the impacts of green attention,reputation,exit threat and the cost of controlling shareholders tunnelling.The empirical test results confirm that the institutional investors'communication has a positive effect on the performance of corporate green governance,and the role of green governance is more significant when facing higher green investors'attention,higher green reputation,stronger exit threats,higher controlling shareholders ownership,or lower separation of the ownership and control.The empirical results also indicate that the institutional investors'communication has formed a green governance transmission path that improves green investment efficiency,drives green innovation,suppresses green agency conflicts,and promotes carbon reduction.This paper further introduces the exogenous impact of environmental regulations,and verifies the green governance linkage effects formed by carbon emission trading,implementation of new environmental protection laws,and institutional investors'communication.Finally,this paper proposes to leverage the market driving force of institutional investors green activism be

关 键 词：绿色化转型 绿色治理 股东积极主义 机构投资者 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济] X322[环境科学与工程—环境工程]