The Impact Of Green Investors On Corporate Environmental Responsibility Performance

Corporate environmental responsibility not only contributes to the improvement of ecological environment,but also facilitates the realization of carbon peaking and carbon neutrality goals.But the fact is that "environmental opportunism" makes enterprises often appear in the environmental responsibility "more talk and less action".At the same time,with the widespread development of green investment,the emergence of green investors provides market solutions to restrain the "environmental opportunism" of enterprises and promote the implementation of Corporate environmental responsibility.In view of this,from the perspective of "words" and "actions" of corporate environmental responsibility,this thesis explores whether green investors have played a positive role in restraining corporate "environmental opportunism" and thus promoting the implementation of corporate environmental responsibility,and how green investors have played their role.To be specific: First,using the Textual analysis method to construct the "words" and "actions" of corporate environmental responsibility dual-dimension indicators.Secondly,the empirical test is conducted on whether green investors affect the "words" and "actions" of corporate environmental responsibility and whether the impact is long-term sustainable.Then,the potential mechanism of green investors’ influence on corporate environmental responsibility is further tested.Finally,through grouping regression and Permutation test,it is found that the impact of green investors on corporate environmental responsibility is heterogeneous in terms of industry nature,property nature and environmental responsibility performance pattern.The conclusion of the thesis is as follows: First,green investors will not make the invested enterprises to "say more" or "say less" on environmental responsibility,but will promote them to "do more" on environmental responsibility.The greenwashing behavior in environmental responsibility adopted by enterprises does not work for green investors,so green investors play a certain role in restraining enterprises’ environmental opportunism.Second,green investors have a lag effect and long-term sustainability in promoting environmental actions of invested enterprises.Third,in addition to the direct effect of participation in corporate governance of investee enterprises,green investors can also indirectly promote the implementation of corporate environmental responsibility through internal control mechanism and Information environment transparency mechanism.Fourth,the influence of green investors on the "words" and "actions" of corporate environmental responsibility varies due to the property rights and industry nature of the invested enterprises.Compared with nonheavy polluting enterprises,green investors can encourage heavy polluting enterprises to "talk less and do more" in terms of environmental responsibility.Green investors can encourage state-owned enterprises to "do more" than non-state-owned enterprises.Fifthly,the role of green investors in promoting the corporate environmental responsibility performance of invested enterprises is different due to the different performance modes of environmental responsibility of enterprises.That is to say,compared with "less action" enterprises,green investors can only promote "multiaction" enterprises to actively fulfill their environmental responsibilities,and the role of green investors is relatively limited.Based on the above conclusions,this thesis puts forward the following suggestions:For the government,the government should introduce policies to further support,encourage and guide the healthy development of green investors,promote the scale of green investment assets and increase the number of green investment institutions;For green investment institutions,they should learn from the mature operation mode of foreign green investment,formulate green investment strategic objectives and systems,and standardize green investment processes and procedures.For enterprises,since green opportunism does not work,they should take the initiative to fulfill their environmental responsibilities,truthfully disclose their environmental responsibilities,pay attention to their long-term development interests,and timely change their development mode.