绿色金融政策与高管投机减持

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-14 DOI:10.1016/j.frl.2025.107945

Haiyang Jiang , Zeyu Yang

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引用次数: 0

摘要

本文利用2007-2023年沪深两市a股上市公司的数据，考察了绿色金融政策对高管股票销售的影响及其潜在机制。结果表明，绿色信贷利息补贴频繁导致高管机会性抛售股票，主要是通过推高股价和驱动非理性投资者情绪。异质性分析表明，具有金融背景的高管、非国有企业高管和法律环境较弱地区高管的影响更大。研究结果强调了与绿色发展倡议相关的潜在公司治理风险，并为加强资本市场监管提供了政策见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Green financial policies and executive opportunistic share reduction

Using data from A-share listed firms in Shanghai and Shenzhen spanning 2007–2023, this study examines the impact of green finance policies on executive share sales and their underlying mechanisms. Results show that green credit interest subsidies frequently lead to executives’ opportunistic share sales, mainly by inflating stock prices and driving irrational investor sentiment. Heterogeneity analysis reveals a stronger effect among executives with financial backgrounds, in nonstate-owned enterprises, and in regions with weaker legal environments. Findings highlight potential corporate governance risks associated with green development initiatives and offer policy insights for enhancing capital market regulation and oversight.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance