School of Economics and Management, Fuzhou University, Fuzhou, 350108, China.
School of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou, 350002, China.
Environ Sci Pollut Res Int. 2023 Jan;30(3):8297-8316. doi: 10.1007/s11356-022-22688-4. Epub 2022 Sep 2.
Through the introduction of green finance policies, governments hope to improve the guiding role of institutional investors in green investment and provide financial support for green enterprises. Using the data in China, the difference-in-difference (DID) analysis explores whether the implementation of policies could change institutional investors' attitude to environmental factors when making investment decisions. Considering the effect of investment horizons, we find that long-term institutional investors have shown symmetric preferences on green investment, while short-term institutions are more affected by green finance policies. Additionally, the mechanism analysis shows that green finance policies can influence the green investment of institutional investors not only by affecting stock price returns but also by increasing the innovation capabilities of green companies and thus improving corporate performance. Besides, heterogeneity and moderating effect analyses find that green finance policies can achieve better policy effects when financial institutions invest in non-state-owned enterprises, enterprises with higher quality of information disclosure and poor external supervision. The finding would extend the studies of green investment in emerging markets and present new evidence about the policy effect on institutions' preferences for green investment.
通过引入绿色金融政策，政府希望提高机构投资者在绿色投资方面的指导作用，并为绿色企业提供金融支持。本文利用中国的数据，通过双重差分（DID）分析探讨了政策的实施是否能够改变机构投资者在做出投资决策时对环境因素的态度。考虑到投资期限的影响，我们发现长期机构投资者对绿色投资表现出对称偏好，而短期机构投资者受绿色金融政策的影响更大。此外，机制分析表明，绿色金融政策不仅可以通过影响股票价格回报来影响机构投资者的绿色投资，还可以通过提高绿色公司的创新能力从而改善公司业绩，进而影响机构投资者的绿色投资。此外，异质性和调节效应分析发现，绿色金融政策在金融机构投资于非国有企业、信息披露质量较高和外部监管较差的企业时，可以取得更好的政策效果。该研究拓展了新兴市场绿色投资的相关研究，并为机构投资者对绿色投资偏好的政策效果提供了新的证据。
