环保基金持股能促进企业绿色转型吗?——基于文本分析的经验证据  

Can Environmental Protection Fund Shareholding Promote Corporate Green Transformation?——Empirical Evidence Based on Text Analysis

作　　者：王晓亮[1] 黄瑞茜 张肇龙 Wang Xiaoliang;Huang Ruixi;ZHANG Zhaolong

机构地区：[1]山西财经大学会计学院 [2]澳大利亚国立大学商学院

出　　处：《财务研究》2024年第3期52-64,共13页Finance Research

基　　金：山西省科技战略研究专项项目(202204031401088);山西省哲学社会科学规划课题(2023YY133)。

摘　　要：促进企业绿色转型有助于实现高质量发展。本文以环保基金持股为研究视角,基于信号传递理论和利益相关者理论,选取2010~2022年沪深A股上市公司数据,实证检验了环保基金持股与企业绿色转型之间的关系。研究发现:企业环保基金持股比例越高,越可能促进企业绿色转型,其通过缓解融资约束、降低代理成本以及提升高管环保认知促进企业绿色转型。进一步研究发现,环保基金持股对企业绿色转型的促进作用在环境规制程度较强的企业、非重污染行业企业及稳定型环保基金投资者中更明显。本文丰富了环保基金的相关文献,拓展了企业绿色转型影响因素的研究,为企业进行绿色转型、实现高质量发展提供了理论参考。Promoting corporate green transformation will help achieve high-quality development.Based on signal transmission theory and stakeholder theory,this paper empirically tests the relationship between environmental protection fund shareholding and corporate green transformation by selecting the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2022.It is found that the higher the proportion of corporate environmental protection fund shareholding,the more likely it is to promote corporate green transformation,which can promote corporate green transformation by easing financing constraints,reducing agency costs and improving the executives environmental awareness.Further research shows that the role of environmental protection fund shareholding in promoting corporate green transformation is more obvious in enterprises with strong environmental regulation,enterprises in non-heavy polluting industries and stable environmental protection fund investors.This paper has enriched the relevant literature of environmental protection fund,expanded the research on the influencing factors of corporate green transformation,and provided a theoretical reference for corporates to carry out green transformation and achieve high-quality development.

关 键 词：环保基金持股 企业绿色转型 融资约束 代理成本 高管环保认知 

分 类 号：F276.6[经济管理—企业管理]