机构投资者持股会助推企业“漂绿”吗--基于重污染企业社会责任报告披露的实证研究  

Do Holdings of Institutional Investors Spur Firms to“Greenwash”?--An Empirical Study Based on the Disclosure of Corporate Social Responsibility Reports of Heavily Polluting Enterprises

作　　者：朱福敏[1] 樊昊远 吴恒煜[2] Zhu Fumin;Fan Haoyuan;Wu Hengyu

机构地区：[1]深圳大学经济学院 [2]暨南大学管理学院

出　　处：《金融经济学研究》2024年第2期90-106,共17页Financial Economics Research

基　　金：国家自然科学基金项目(72071132)。

摘　　要：以中国A股上市的455家重污染企业为样本,探究机构投资者与企业“漂绿”的关系。实证结果表明,机构投资者持股比例越高,企业发布社会责任报告的可能性越大,但报告内容披露的完整程度会降低,即机构投资者持股助推企业“漂绿”。机制分析表明,机构投资者持股可以通过提升公司盈利能力,助推企业“漂绿”,但通过降低公司负债水平来抑制企业“漂绿”。进一步分析发现,2016年绿色金融政策发布后,机构投资者持股对企业“漂绿”的助推效果减弱;机构投资者持股对国企“漂绿”行为的助推效果不明显。建议提升对公司绿色治理的监督力度,促使公司减少“漂绿”行为,更好地维护投资者的利益和社会效益。This study draws on a sample of 455 heavy-polluting firms listed on China's A-shares to probe the nexus between institutional investors and corporate"greenwashing."Empiri-cal evidence underscores that the greater the proportion of institutional investor holdings,the more inclined the firm is to issue a corporate social responsibility report,albeit with a decline in the completeness of report content disclosure;this suggests that institutional investor holdings induce firms to"greenwash."Mechanistic analysis reveals that institutional investor holdings can elevate the firm's profitability,thereby encouraging"greenwashing,"and also temper""greenwashing"by reducing the firm's debt level.Further analysis uncovers that after the advent of the green finance policy in 2016,the influence of institutional investor holdings in inducing firms to"greenwash"subsided.The effect of institutional investor equity on state-owned entities'"greenwashing"be-havior is found to be insignificant.It is therefore suggested to amplify the oversight of corporate green governance,encourage firms to reduce""greenwashing"activities,and better safeguard in-vestor interests and social benefits.

关 键 词：机构投资者 漂绿行为 社会责任报告 内容完整性 

分 类 号：F830.9[经济管理—金融学]