绿色投资者进入与企业绿色转型——基于融资约束与绿色创新的链式中介作用  

Engagement of Green Investors and Corporate Green Transitions:The Chain Mediation Effect Based on Financing Constraints and Green Innovation

作　　者：张晨[1,4] 陈学瑾 曹文晴 汪文隽[3] ZHANG Chen;CHEN Xuejin;CAO Wenqing;WANG Wenjun(School of Management,Hefei University of Technology,Hefei 230009,China;Data Science and Smart Society Governance Lab&Philosophy and Social Sciences Lab of the Ministry of Education,Hefei University of Technology,Hefei 230009,China;School of Economics,Hefei University of Technology,Hefei 230009,China;Process Optimization and Intelligent Decision-making Lab&Key Lab of the Ministry of Education,Hefei University of Technology,Hefei 230009,China)

机构地区：[1]合肥工业大学管理学院,安徽合肥230009 [2]合肥工业大学数据科学与智慧社会治理教育部哲学社会科学实验室,安徽合肥230009 [3]合肥工业大学经济学院,安徽合肥230009 [4]合肥工业大学过程优化与智能决策教育部重点实验室,安徽合肥230009

出　　处：《华东经济管理》2024年第11期53-63,共11页East China Economic Management

基　　金：国家自然科学基金面上项目“基于多源异构混频数据深度学习的碳金融资产定价理论与方法”(71971071);教育部人文社会科学研究规划基金一般项目“基于多源异构数据融合的碳排放权价格波动风险测度及防控研究”(21YJAZH082)。

摘　　要：文章基于资源编排理论,以2008—2022年沪深A股制造业上市公司为样本,考察绿色投资者进入对企业绿色转型的影响机制。研究发现,绿色投资者进入可促进企业的绿色转型,在使用工具变量法和PSM法等缓解内生性问题后,结论依然稳健。机制检验发现,绿色投资者进入可以通过优化资本配置和提升绿色创新能力显著促进企业绿色转型,并且存在“绿色投资者进入—缓解融资约束—激励绿色创新—促进绿色转型”的链式中介作用;异质性检验结果表明,绿色投资者进入对企业绿色转型的促进作用在非国有企业、西部地区和重污染企业中更加明显。Drawing upon the resource orchestration theory,this essay investigates the influence of green investors on corporate green transitions,utilizing a dataset of manufacturing enterprises listed on the Shanghai and Shenzhen A-shares from 2008 to 2022.Research findings:the engagement of green investors significantly facilitates corporate green transitions,with the results remaining robust even after addressing endogeneity concerns through instrumental variable methods and propensity score matching.Mechanism analysis reveals that the engagement of green investors can significantly promote corporate green transitions by optimizing capital allocation and enhancing green innovation capabilities,following a chain-mediated effect:"engagement of green investors—alleviation of financing constraints—stimulation of green innovation—promotion of green transitions".Heterogeneity analysis indicates that the positive impact of the engagement of green investors on corporate green transitions is more pronounced in non-state-owned enterprises,western regions,and heavily polluting industries.

关 键 词：绿色转型 绿色投资者 融资约束 绿色创新 资源编排理论 

分 类 号：F273.1[经济管理—企业管理] F832.51[经济管理—国民经济] X322[环境科学与工程—环境工程] F425