Research On The Influence Of Green Institutional Investors On Corporate Environmental Responsibilit

With the normalization of green development,corporate stakeholders pay more and more attention to the protection of corporate ecological environment and require enterprises to fulfill more environmental responsibilities.As owners and supervisors of enterprises,how green institutional investors affect the fulfillment of corporate environmental responsibilities is an important proposition to be tested.First,based on the review of relevant foreign and domestic literature,this paper defines the concept of green institutional investors and corporate environmental responsibility.This paper summarizes the relevant theoretical basis,and gradually carries out the theoretical analysis,heterogeneity analysis and mechanism analysis of the impact of green institutional investors on corporate environmental responsibility.Secondly,taking Chinese A-share listed companies from 2010 to 2020 as examples,this paper identifies relevant information about green institutional investors and corporate environmental responsibility based on Python text analysis method,and empirically tests the impact of green institutional investors on corporate environmental responsibility by combining two-way fixed effect model and instrumental variable regression method.Heterogeneity test was conducted from the perspective of "project-information-technology" triple unlocking according to the characteristics of different corporations,industries and locations,and mediation effect test was conducted according to the action path sorted out in the theoretical analysis.Thirdly,it empirically tests the impact of green institutional investors on corporate benefits.Finally,according to the development of green finance,the corresponding suggestions are put forward.The results show that(1)green institutional investors can promote the performance of corporate environmental responsibility.With the entry of green institutional investors,enterprises will be encouraged to take corresponding measures to fulfill their environmental responsibility;(2)From the perspective of heterogeneity,among non-state-owned enterprises,non-polluting enterprises and enterprises in eastern China,green institutional investors play a more significant role in promoting the implementation of corporate environmental responsibility;(3)From the perspective of mechanism,green institutional investors can influence the fulfillment of corporate environmental responsibility by influencing corporate investment project,information transparency and green technology innovation level;(4)From the perspective of corporate benefit,green institutional investors have obvious improvement effect on corporate ESG performance,corporate economic performance and corporate value.Based on the above results,some suggestions are put forward from the national government,enterprise and institutional investors.Under the background of practicing the concept of green development,the research of this paper guides enterprises to establish the concept of sustainable development and establish and improve the communication channels with green institutional investors and other stakeholders.And provide some reference for relevant policy makers to help the development of green finance.