投资者偏好、ESG表现与企业绿色创新  

Investor Preference,ESG Performance and Corporate Green Innovation

作　　者：庄雷[1] 李凰 ZHUANG Lei;LI Huang(School of Economics and Management,Nanjing Tech University,Nanjing Jiangsu 211816,China;Center for Financial Engineering,Soochow University,Suzhou Jiangsu 215031,China)

机构地区：[1]南京工业大学经济与管理学院,江苏南京211816 [2]苏州大学金融工程研究中心,江苏苏州215031

出　　处：《生态经济》2025年第3期86-94,共9页Ecological Economy

基　　金：国家社会科学基金一般项目“碳数据金融化激励效应及风险治理研究”(23BJY066)。

摘　　要：在“双碳”目标与绿色发展指引下,企业通过绿色创新来获得良好的ESG表现,同时释放出积极信号吸引投资者的注意。论文选取上市公司财务报告数据进行实证分析,结果表明,企业绿色创新显著正向影响ESG表现,企业绿色创新显著正向影响机构投资者偏好,上市公司良好的ESG表现能够吸引投资者关注,机构投资者偏好存在中介效应。企业要想获得良好的ESG表现,需制定绿色创新发展战略,提升公司绿色治理水平,从而获得更多机构投资者的青睐。从利益相关者的角度建议,机构投资者可以参与公司治理,改善企业内部控制,积极引导企业可持续发展。Under the guidance of the“dual carbon”goals and green development,enterprises can achieve good ESG performance through green innovation,while also sending out positive signals to attract the attention of investors.This paper selects the financial report data of listed companies for empirical analysis.The results show that corporate green innovation has a significant positive impact on ESG performance,and corporate green innovation has a significant positive impact on institutional investor preference.Good ESG performance of listed companies can attract investors’attention,and institutional investor preference has an intermediary effect.In order to achieve good ESG performance,enterprises need to formulate green innovation development strategy,improve the level of corporate green governance,so as to gain the favor of more institutional investors.From the perspective of stakeholders,it is suggested that institutional investors can participate in corporate governance,improve internal control of enterprises,and actively guide the sustainable development of enterprises.

关 键 词：投资者偏好 ESG表现 企业绿色创新 

分 类 号：F062.2[经济管理—政治经济学] F272