Study On The Effect Of Shareholder Structure On Corporate’s Green Investment In Badly Polluted Industry

Corporate’s green investment is a innovative type of investment approach emerging in recent years.It is essentially a kind of corporate social responsibility investment which including factors of investment in environmental protection study,pollution controlling,resource saving,environmental protection business,and environmental protection system.Corporate’s green investment influenced by corporate investment strategy and internal governance.Existing research showed that state-owned shareholders,institutional shareholders,foreign shareholders and managers could affect the corporate investment decision-making and investment efficiency and social responsibility.Therefore,this paper further explored the relationship between shareholder structure and corporate’s green investment.This paper took 246 listed companies in heavily polluted industry from China A-share market with time series from 2008 to 2017 as research samples.The empirical research in this paper showed: First,state-owned shareholders,institutional shareholders and foreign shareholders had a significant positive impact on corporate’s green investment.When these three types of shareholders participate in corporate governance,they would further improve the level of corporate’s green investment of enterprises.However,there was no significant correlation between management shareholding and corporate’s green investment.Second,this paper found that stateowned shareholders,institutional shareholders,and foreign-funded shareholders played a more prominent role in promoting the level of corporate’s green investment among state-owned enterprises.Third,compared to enterprises with more scattered shares,state-owned shareholders,institutional shareholders and foreign shareholders could exert their influence on corporate’s green investment in enterprises with high equity concentration.This paper believed that listed companies in heavy polluting industries could promote corporate’s green investment by improving the shareholding structure.For state-owned enterprises with high concentrated equity,state-owned shareholder’s shareholding position in listed companies of heavy pollution industries should be further consolidated.In addition,in the process of corporate governance,it was also possible to promote the corporate’s green investment by attracting institutional and foreign investors to participate in the governance of state-owned listed companies.