绿色机构投资者与企业绿色创新：来自中国上市公司的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-07-26 DOI:10.1016/j.iref.2025.104476

Shunlin Zhu, Liping Liu

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引用次数: 0

摘要

本文基于2010 - 2022年中国a股上市公司数据分析，探讨了绿色机构投资者对企业绿色创新的影响。研究发现，绿色机构投资者通过缓解融资约束和提高内部控制质量显著提升了企业的绿色创新能力。此外，高管环保意识、行业竞争和媒体关注正向调节这一关系。进一步分析发现，绿色机构投资者不仅促进了剥削性绿色创新，而且更强烈地推动了探索性绿色创新，没有证据表明存在表面的“漂绿”行为。

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 institutional investors and corporate green innovation: Evidence from Chinese listed companies

Based on an analysis of data from Chinese A-share listed companies from 2010 to 2022, our study explores the impact of green institutional investors on corporate green innovation. The findings indicate that green institutional investors significantly enhance firms' green innovation by alleviating financing constraints and improving internal control quality. Furthermore, executive environmental awareness, industry competition, and media attention positively moderate this relationship. Additional analysis reveals that green institutional investors not only stimulate exploitative green innovation but also more strongly drive exploratory green innovation, with no evidence of superficial "greenwashing" behavior.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.