Research On The Relationship Between Green Mutual Fund And Enterprise Environmental Performance ——Take A-Share Manufacturing Listed Companies For Example

Under the background of exploring the green transformation of economy,how to use mutual fund to absorb non-governmental investment into the green transformation of enterprises is an important issue worthy of attention.So,this paper studies the relationship between green public funds and corporate environmental performance.In the part of literature review and theoretical analysis,this paper combs the relevant definitions and influencing factors from the aspects of enterprise environmental performance and green fund.When measuring the environmental performance of enterprises,this paper uses the guidance framework of China Fund Industry Association for the green evaluation of enterprises for reference to disassemble the environmental performance of enterprises from three dimensions,including the level of enterprise environmental disclosure,enterprise environmental investment and enterprise pollution emission level.In the empirical part,this paper takes the panel data of 2310 listed companies in the A-share manufacturing industry from 2010 to 2020 as the research sample,uses the Logit model to study the relationship between the shareholding of green mutual fund and the level of enterprise environmental disclosure,and uses the fixed effect model to study the shareholding of green mutual fund and the level of enterprise environmental investment and pollution discharge.According to the different nature of enterprise property rights,the sample is divided into state-owned enterprises and non-state-owned enterprises for further research.The study found that enterprises with green mutual fund holdings have higher environmental disclosure level and higher environmental investment expenditure,but there is no significant correlation between green mutual fund holdings and enterprise pollution emission level.Further research shows that for state-owned enterprises,the positive impact of green fund shareholding on their environmental disclosure level is higher than that of non-state-owned enterprises.In the sample of state-owned enterprises,the relationship between the shareholding of green public funds and the level of corporate sewage discharge is negative,but this relationship is still not obvious in the sample of non-state-owned enterprises.For non-state-owned enterprises,green public fund ownership has a significant positive effect on the level of corporate environmental investment,but this relationship is not significant in the sample of state-owned enterprises.Based on the empirical research content,this paper puts forward relevant suggestions on three themes of enterprises,green mutual fund and government.For enterprises,we should improve the level of environmental disclosure,smooth the internal communication channels between green investors and enterprises,and adhere to the concept of sustainable development;for green mutual fund should further guide enterprises to improve environmental performance,improve the ability to identify green investment;for the government can improve the government evaluation of corporate environmental performance,while supporting the issuance of more green public funds.