非持股基金对公司ESG表现的影响研究——基于基金网络中“观望者”的视角  

Research on the Impact of Non-Holding Funds on Corporate ESG Performance——Based on the Perspective of“Observers”in the Fund Network

作　　者：吴崇 张维亨 Wu Chong;Zhang Weiheng

机构地区：[1]南京信息工程大学商学院,江苏南京211800 [2]南京信息工程大学天长研究院,安徽滁州239300

出　　处：《上海金融》2024年第12期43-54,共12页Shanghai Finance

基　　金：国家社会科学基金一般项目“本土创新策源与补链式OFDI协同推进领军企业基础研究的机制与路径研究”(项目编号:24BGL039);江苏省社会科学一般项目基金“逆向技术溢出视域下‘混改’驱动江苏制造国企绿色创新的机制与路径研究”(项目编号:23EYB003)。

摘　　要：本文考察了公司基金网络中非持股基金网络规模对公司ESG表现的影响及其机制。研究表明:非持股基金网络规模对公司ESG表现具有显著促进作用;机制分析发现,非持股基金网络规模可以通过高管薪酬激励、证券分析师关注促进公司ESG表现,而公司信息透明度、互联网关注度对非持股基金网络规模促进公司ESG表现的关系具有正向调节作用;异质性分析发现,在环境信息披露水平高、非行业领军水平、地区金融发展水平高的公司中,非持股基金网络规模对公司ESG表现的影响更为显著。本文扩展了机构投资者与上市公司ESG表现之间关系的相关研究,为监管部门制定市场“机构化”发展政策和上市公司规划可持续发展提供了新视角。Based on the network structure and role characteristics of listed company funds,the potential governance impact of non-holding funds,which act as“observers”within the fund network,through a“watching-buying”mechanism on corporate ESG performance warrants further investigation.This paper examines the influence of non-holding fund network size within corporate fund networks on ESG performance and its underlying mechanisms.The research findings indicate that the size of non-holding fund networks significantly promotes corporate ESG performance.Mechanism analysis reveals that this promotion occurs through executive compensation incentives and increased attention from securities analysts towards enhancing ESG outcomes.Furthermore,factors such as corporate information transparency and internet visibility positively moderate the relationship between non-holding fund network size and improvements in ESG performance.Heterogeneity analysis shows that in companies with high levels of environmental information disclosure,those not leading their industries,or operating in regions with advanced financial development,the impact of non-holding fund network size on ESG performance is even more pronounced.The conclusions drawn from this study expand upon existing research regarding the relationship between institutional investors and listed companies'ESG performance,providing new perspectives for regulatory bodies to formulate market-oriented development policies and for listed companies to plan sustainable growth strategies.

关 键 词：机构投资者网络 非持股基金 潜在治理 ESG表现 

分 类 号：F253.7[经济管理—国民经济] F830