Research On The Impact Of Corporate ESG Performance On Institutional Investors' Shareholding Behavio

In recent years,with the rise of the concept of "carbon neutrality" in China and the gradual maturity of China’s local rating agencies,ESG investment concept has become the general trend.Then,as the "weather vane" in the market,does the shareholding behavior of institutional investors follow this investment philosophy?By sorting out the relevant literature at home and abroad,we find that compared with foreign countries,there are relatively few studies on this kind of issue in our country.In view of this,with the help of ESG rating data of China Securities Corporation in Wind database,this paper takes all A-share listed companies from 2016 to 2021 as research samples and adopts two-way fixed effect model to first study the impact of ESG performance on the shareholding behavior of institutional investors.Secondly,in order to deeply understand the internal reasons and influence paths of ESG performance affecting institutional investors’ shareholding behavior,this paper takes enterprise performance and enterprise operating risk as mediating variables for further exploration.Finally,this paper conducts heterogeneity analysis.Through research,this paper draws the following conclusions:(1)The ESG performance of enterprises has a significant role in promoting the shareholding behavior of institutional investors,that is,the better the ESG performance of enterprises is,the more inclined institutional investors are to hold the stocks of the company.(2)Corporate performance and corporate operational risk play an intermediary role in the impact of ESG performance on institutional investors’ shareholding behavior.(3)Compared with non-independent institutional investors,independent institutional investors are more inclined to value investment and pay more attention to the ESG performance of enterprises.(4)Compared with state-owned enterprises,enterprises with low market share and enterprises in the central and western regions,institutional investors have more significant shareholding behavior on the ESG performance of non-state-owned enterprises,enterprises with high market share and enterprises in the eastern region.Finally,based on the above conclusions,this paper puts forward corresponding countermeasures and suggestions for investors,listed companies and regulators respectively.