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论文编号：	16155
作者编号：	2120243817
上传时间：	2026/6/10 0:39:22
中文题目：	绿色公募基金持股对企业环境绩效的影响——基于绿色创新的中介效应
英文题目：	The Impact of Green Public Fund Holdings on Corporate Environmental Performance: Based on the Mediating Effect of Green Innovation
指导老师：	陆宇建
中文关键字：	绿色公募基金；企业环境绩效；绿色创新
英文关键字：	Green public funds; Corporate environmental performance; Green innovation
中文摘要：	在“双碳”目标推进与绿色金融体系加速完善的背景下，企业环境绩效提升成为经济绿色转型的核心环节，绿色公募基金作为连接资本市场与实体企业的关键绿色金融工具，其对企业环境行为的驱动作用及内在机制亟待深入探究。本文以2014-2023年中国A股上市公司为研究样本，基于股东积极主义、信号传递和技术创新等理论，采用双向固定效应模型，系统分析绿色公募基金持股对企业环境绩效的影响，并重点验证绿色创新的中介效应，同时通过工具变量法、倾向得分匹配法和Heckman两阶段法处理内生性问题，结合安慰剂检验、替换被解释变量、控制公司层面固定效应、更换聚类层级和滞后两期解释变量等方式开展稳健性检验，进一步引入媒体关注度验证调节效应，并从产权性质、企业所属地区、企业规模、行业污染属性四个维度展开异质性分析。 研究发现：其一，绿色公募基金持股能显著提升企业环境绩效，无论是持股比例提升还是持股状态获取，均对企业环境绩效产生正向驱动，这一效应源于资金支持缓解绿色转型融资约束与股东积极主义参与公司治理的双重作用；其二，绿色创新在二者关系中发挥关键中介作用，绿色公募基金持股可通过提升绿色创新总量规模与优化绿色创新结构，推动创新成果转化为环境绩效改善；其三，媒体关注度正向调节绿色公募基金持股与企业环境绩效的关系，高媒体关注能放大“绿色认可”信号，强化企业环境治理动力；其四，该影响存在显著异质性，在非国有企业、东部地区企业、小规模企业、非绿色信贷限制行业企业中，绿色公募基金持股的环境绩效提升效应更为突出，而在国有企业、中西部地区企业、大规模企业、绿色信贷限制行业企业中，效应则相对弱化。 基于上述结论，本文从企业、绿色公募基金、政府层面提出对策建议：企业需聚焦绿色创新优化资源配置、提升环境信息披露质量、契合基金持股特点；绿色公募基金应完善投资筛选机制、强化投后治理参与、实施差异化投资策略、联合媒体扩大信号效应；政府需健全绿色创新支持政策、规范环境信息披露体系、构建适配异质性特征的差异化政策框架、强化绿色金融生态，以期为充分发挥绿色公募基金环境治理效能、推动企业绿色转型与“双碳”目标落地提供参考。
英文摘要：	Against the backdrop of advancing the "dual carbon" goals and accelerating the improvement of the green financial system, enhancing corporate environmental performance has become a core link in the green transformation of the economy. As a key green financial tool connecting the capital market and real enterprises, green public funds have their driving role and internal mechanisms in shaping corporate environmental behavior that urgently require in-depth exploration. This study takes Chinese A-share listed companies from 2014 to 2023 as the research sample, based on theories such as shareholder activism, signal transmission, and technological innovation, and adopts a two-way fixed effects model to systematically analyze the impact of green public fund shareholding on corporate environmental performance. It focuses on verifying the mediating effect of green innovation, while addressing endogeneity issues through instrumental variable method, propensity score matching, and Heckman two-step method. Robustness tests are conducted by placebo test, replacing the explained variable, controlling for firm-level fixed effects, changing clustering levels, and lagging the explanatory variable by two periods. Furthermore, media attention is introduced to verify the moderating effect, and heterogeneity analysis is carried out from four dimensions: nature of property rights, corporate location, firm size, and industry pollution attribute. The findings are as follows: First, green public fund shareholding significantly improves corporate environmental performance. Both the increase in shareholding ratio and the acquisition of shareholding status exert a positive driving effect on corporate environmental performance. This effect stems from the dual role of capital support in alleviating financing constraints for green transformation and shareholder activism in participating in corporate governance. Second, green innovation plays a key mediating role in the relationship between green public fund shareholding and corporate environmental performance. Green public fund shareholding can promote the transformation of innovation achievements into improved environmental performance by increasing the total scale of green innovation and optimizing the structure of green innovation. Third, media attention positively moderates the relationship between green public fund shareholding and corporate environmental performance. High media attention amplifies the "green recognition" signal and strengthens enterprises’ motivation for environmental governance. Fourth, there is significant heterogeneity in this impact: the promoting effect of green public fund shareholding on corporate environmental performance is more prominent in non-state-owned enterprises, enterprises in eastern regions, small-scale enterprises, and industries not restricted by green credit; in contrast, the effect is relatively weakened in state-owned enterprises, enterprises in central and western regions, large-scale enterprises, and industries restricted by green credit. Based on the above conclusions, this study puts forward countermeasures and suggestions from the perspectives of enterprises, green public funds, and the government: Enterprises should focus on green innovation to optimize resource allocation, improve the quality of environmental information disclosure, and align with the characteristics of fund shareholding; Green public funds should improve investment screening mechanisms, strengthen post-investment governance participation, implement differentiated investment strategies, and collaborate with the media to expand signal effects; The government should improve green innovation support policies, standardize the environmental information disclosure system, construct a differentiated policy framework adapted to heterogeneous characteristics, and strengthen the green financial ecosystem. It is expected to provide references for giving full play to the environmental governance effectiveness of green public funds, promoting the green transformation of enterprises, and advancing the achievement of "dual carbon" goals.
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