合格境外机构投资者、股权集中度与企业绿色投资 Qualified Foreign Institutional Investors, Equity Concentration and Firm Green Investment

Abstract

绿色发展是加快推进生态文明建设的必然举措，是建设美丽中国的必然要求，绿色投资是贯彻绿色发展理念的关键。基于2008~2015年中国A股重污染行业上市公司的相关数据，实证研究了合格境外机构投资者持股(QFII)、股权集中度与企业绿色投资之间的关系。实证结果表明：合格境外机构投资者对企业绿色投资行为起到了正面的促进作用；进一步考虑到股权特征因素后，结果发现当企业股权集中度越高时，合格境外机构投资者持股对企业绿色投资行为的推动作用将被削弱。该研究为如何提高企业绿色投资水平提供了经验证据，并为完善合格境外机构投资者的相关政策制度提供了实证支持。 Green development is indispensable for ecological civilization development, is the inevitable requirement of building a beautiful China; green investment is the key to green development. Based on the empirical data of A-share listed companies of heavy pollution industry in China, it uses an empirical analysis to explore the relationship among QFII, equity concentration and firm green investment. It comes to the following conclusions: firstly, qualified foreign institutional investors (QFII) play a positive role in the promotion of firm green investment; secondly, considering equity concentration, the results show that the higher the degree of ownership concentration, the weaker the promotion role of qualified foreign institutional investors. The conclusions provide empirical evidence for the enhancement of firm green investment and provide evidence for the perfection and enhancement of relevant policies and institutions for qualified foreign institutional investors.