绿色治理如何推动高质量发展——基于ESG信息披露质量与绿色投资者进入的关系解释  

How Green Governance Empowers High-quality Development

作　　者：邱静[1] 张锦 QIU Jing;ZHANG Jin(Guizhou University of Finance and Economics,Guizhou 550025,China)

机构地区：[1]贵州财经大学会计学院,贵阳550025

出　　处：《山东工商学院学报》2024年第3期32-42,共11页Journal of Shandong Technology and Business University

基　　金：贵州财经大学校级自筹专项项目“企业信息披露及行为对投资者反应影响研究”(2022ZCZX049)。

摘　　要：“十四五”规划和“双碳”目标指出,绿色转型是促进高质量发展的关键。绿色投资者能够有效促进企业绿色效益,因此,吸引绿色投资者向企业聚拢是实现高质量发展的应有之义。以2015—2022年沪深A股上市公司为研究对象,探究ESG信息披露质量对绿色投资者进入的影响。研究发现,ESG信息披露质量与绿色投资者进入显著正相关。机制检验发现,企业ESG信息披露通过缓解双重代理问题、提升企业声誉两条路径吸引绿色投资者进入。进一步分析发现,绿色投资者进入后,能够促进企业绿色创新、缓解融资约束及提升财务绩效。结论为高质量发展背景下,绿色投资者成为企业自觉践行绿色转型理念的重要驱动力提供了经验证据。The"14th Five-Year Plan"and the"Double Carbon"goals point out that green transformation is the key to promoting high-quality development.Green investors can effectively promote the green benefits of enterprises.Therefore,attracting green investors to gather in enterprises is the proper meaning to achieve high-quality development.This paper takes Shanghai and Shenzhen A-share listed companies from 2015 to 2022 as the research object,and examines the impact of ESG information disclosure quality on the entry of green investors.The study found that the quality of ESG information disclosure is significantly positively correlated with the entry of green investors.The mechanism test finds that corporate ESG information disclosure attracts green investors by alleviating the dual agency problem and improving corporate reputation.Further analysis reveals that the entry of green investors can promote corporate green innovation,alleviate financing constraints,and improve financial performance.The conclusion provides empirical evidence that green investors have become an important driving force for enterprises to consciously practice the concept of green transformation in the context of high-quality development.

关 键 词：ESG信息披露 绿色投资者 双重代理 内部控制 企业声誉 

分 类 号：F275[经济管理—企业管理] F832.48[经济管理—国民经济]