摘要
机构投资者作为市场端参与公司治理的重要主体,其通过积极沟通介入企业ESG战略决策,发挥监督治理作用值得关注。基于深圳证券交易所披露的机构投资者实地调研有关数据,评估机构投资者幕后沟通对企业ESG“漂绿”的治理效应。研究表明,机构投资者实地调研中对ESG的关注能够显著抑制企业的ESG“漂绿”,信息透明度的提高和退出威胁是其中的两个作用机制。异质性分析发现,机构投资者抑制企业ESG“漂绿”的作用主要体现在信息披露专有成本较低的企业中,而稳健型机构投资者具有更强的监督治理效应。进一步研究表明,机构投资者对企业ESG“漂绿”的抑制作用存在供应链溢出效应。研究结论从ESG“漂绿”视角丰富了注意力基础观的应用范畴,为规范企业行为、发挥机构投资者的监督治理功能提供理论依据和实践启示。
As a key market participant in corporate governance,institutional investors’capacity to engage proactively in corporate ESG strategic decision-making through active communication and to exert supervisory governance warrants close attention.It utilized the data from on-site visits of institutional investors disclosed by the Shenzhen Stock Exchange to evaluate the governance effects of institutional investors’behind-the-scenes communication on corporate ESG“greenwashing”.The findings indicate that institutional investors’focus on ESG during on-site visits significantly curbs corporate ESG“greenwashing”,with enhanced information transparency and the exit threat as two underlying mechanisms.Heterogeneity analysis reveals that the inhibitory effect of institutional investors on corporate ESG“greenwashing”is primarily observed in the corporates with relatively low proprietary costs of information disclosure,while prudent institutional investors demonstrate a stronger supervisory governance role.Further analysis shows a supply chain spillover effect in the suppression of corporate ESG“greenwashing”by institutional investors.These conclusions enrich the application scope of the attention-based theory from the perspective of ESG“greenwashing”,and provide both theoretical foundations and practical insights for regulating corporate behavior and enhancing the supervisory governance functions of institutional investors.
作者
陈鹏程
李智
徐辉
CHEN Peng-cheng;LI Zhi;XU Hui(Business School,Zhengzhou University,Zhengzhou 450001,China;School of Accounting,Chongqing Technology and Business University,Chongqing 400000,China)
出处
《研究与发展管理》
北大核心
2026年第1期119-131,共13页
R&D Management
基金
教育部人文社会科学研究规划基金项目“中央环保督察对企业高质量发展的影响及传导机制研究”(21YJA630005)
中国证券业协会重点课题“机构投资者实地调研对企业ESG“漂绿”的治理效应研究”(2024SACKT059)。
