机构投资者持股与企业ESG表现的相互影响  

The Interplay of Institutional Investors’ Shareholding and Corporate ESG Performance

作　　者：秦炘田 陈凌云[1] 

机构地区：[1]东华大学旭日工商管理学院,上海

出　　处：《国际会计前沿》2023年第4期516-528,共13页Frontiers of International Accounting

摘　　要：本文以2010年到2020年沪深A股上市企业为研究对象,考察了机构投资者持股和企业ESG表现的相互影响。实证结果表明:1) 机构投资者会对被投资企业进行监督治理,改善了企业ESG表现;相对于交易型机构投资者,稳定型机构投资者持股对于企业ESG表现的促进作用更强。2) 机构投资者对ESG表现良好的企业存在选择偏好,即企业ESG表现越好,机构投资者持股比例越高,其中稳定型机构投资者持股的偏好作用更强。本文研究结果为企业、机构投资者和政府机构等利益相关方在促进负责任商业行为和应对ESG挑战以实现可持续增长方面提供了一定的参考。Based on Shanghai and Shenzhen A-shares listed firms from 2010 to 2020, this study investigates the interplay between institutional investor shareholding and corporate ESG performance. Key findings include: 1) Institutional investors supervise and govern their invested companies, enhancing corporate ESG performance. Compared to transactional institutional investors, stable institutional investors have a stronger promoting effect on corporate ESG performance through their shareholding. 2) Institutional investors have a preference for companies with good ESG performance, that is, the better the ESG performance of the company, the higher the proportion of institutional investors holding shares. Among them, stable institutional investors have a stronger preference for holding shares. The research findings of this article provide some reference for stakeholders such as enterprises, institutional investors, and government agencies in promoting responsible business behavior and addressing ESG challenges to achieve sustainable growth.

关 键 词：机构投资者 企业ESG表现 监督治理 选择偏好 

分 类 号：F83[经济管理—金融学]