College of Business, Gachon University, Seongnam 13120, Republic of Korea.
Int J Environ Res Public Health. 2023 Jan 18;20(3):1787. doi: 10.3390/ijerph20031787.
Enterprises have emerged as primary actors in environmental protection owing to the increasingly severe global energy crisis and environmental pollution. Companies can reduce operational costs, achieve environmental social responsibility, and enhance their green image by increasing their green investments. Simultaneously, companies can gain support from investors, governments, and other stakeholders for improving their sustainable development. This study uses fixed-effects regression models to analyze the impact of green investment on corporate sustainability in Chinese listed companies for the period from 2010 to 2020. It also investigates the moderating effects of government environmental subsidies, investor attention, and executives' overseas experience on the relationship between green investment and corporate sustainability. The data used in this study were not only obtained from the China Stock Market & Accounting Research (CSMAR) database but also collected manually from the annual reports and social responsibility reports of listed companies using web crawler technology. And the robustness test was conducted by removing the epidemic year and replacing the range of independent variables and 2SLs. This study uses Stata 17.0 to filter and process the data. The results show that green investment can significantly improve the sustainability of enterprises; besides, government subsidies, investors' attention, and executives' overseas experience all play a positive role in moderating the positive effect of green investment on the sustainable development of enterprises. Further analysis of this study finds that the moderating effect is more significant in non-state-owned enterprises and highly polluting enterprises. This study contributes to broadening the theory related to the green development of enterprises and environmental governance and provides theoretical support for enterprises to make green investment decisions and green transformations.
由于全球能源危机和环境污染日益严重，企业已成为环境保护的主要参与者。企业可以通过增加绿色投资来降低运营成本、实现环境社会责任，并提升绿色形象。同时，企业可以通过改善可持续发展获得投资者、政府和其他利益相关者的支持。本研究采用固定效应回归模型，分析了 2010 年至 2020 年期间中国上市公司绿色投资对企业可持续性的影响，并探讨了政府环境补贴、投资者关注度和高管海外经历对绿色投资与企业可持续性之间关系的调节作用。本研究的数据不仅来自中国股票市场与会计研究（CSMAR）数据库，还通过网络爬虫技术从上市公司的年度报告和社会责任报告中手动收集。通过剔除疫情年份、替换自变量范围和 2SLS 进行稳健性检验。本研究使用 Stata 17.0 对数据进行筛选和处理。研究结果表明，绿色投资可以显著提高企业的可持续性；此外，政府补贴、投资者关注度和高管海外经历都对绿色投资对企业可持续发展的积极影响起到了积极的调节作用。本研究的进一步分析发现，这种调节作用在非国有企业和高污染企业中更为显著。本研究有助于拓宽企业绿色发展和环境治理的理论，为企业做出绿色投资决策和绿色转型提供理论支持。
