机构投资者关注企业的环境诉讼风险吗——基于中级环保法庭设立的准自然实验  

Do Institutional Investors Care Firm Environmental Litigation Risk--Evidence From Environmental Courts in China

作　　者：张铁铸[1] 冯文钦 Tiezhu Zhang;Wenqin Feng(School of Finance,Shanghai University of International Business and Economics;Institute of Chinese Financial Studies of SWUFE,Southwestern University of Finance and Economics)

机构地区：[1]上海对外经贸大学金融管理学院 [2]西南财经大学中国金融研究院

出　　处：《经济学报》2024年第4期344-373,共30页China Journal of Economics

基　　金：上海市长三角科创产业金融服务协同创新中心项目《金融服务“专精特新”企业的逻辑与路径》(2022TIIFS-XS008)的资助。

摘　　要：机构投资者作为资本市场的重要参与者,在“双碳”目标背景下检验企业环境诉讼风险对其投资行为影响具有现实意义。研究发现,中级环境资源审判庭设立后,机构投资者对高环境诉讼风险企业的持股比例显著下降,企业可通过实施自愿型环境规制降低环境诉讼风险。另外,环境司法改善通过影响企业所在地区环境司法案件审理状况和加强环境行政监管来影响机构投资者投资行为。进一步从投资者异质性来看,社会环境责任承担水平较高的企业更符合绿色机构投资者的影响力投资理念。非国有企业和小规模企业可通过积极承担社会环境责任,提高其在绿色投资发展上的比较竞争优势。Institutional investors,as crucial participants in the capital market,we examine the impact of corporate environmental litigation risks on their investment behavior,under the background of the“Two-Carbon target”.We find that institutional investors significantly reduce their holdings in corporate with high environmental litigation risks,after the establishment of intermediate environmental court.Firms can mitigate environmental litigation risks by implementing voluntary environmental regulations.Further,improvements in environmental justice affect institutional investors'investment behavior by influencing the status of environmental judicial cases in the region and enhancing environmental administrative supervision.As for investor heterogeneity,firms with higher levels of social and environmental responsibility are more in line with green institutional investors,who care environmental protection.Private and small enterprises can enhance their comparative competitive advantage in green investment development by shouldering social and environmental responsibilities actively.

关 键 词：机构投资者 环境诉讼风险 中级环境资源审判庭 自愿型环境规制 

分 类 号：F832.51[经济管理—金融学] D926.2[政治法律—法学] D922.68