文献类型：期刊文献

中文题名：情绪宣泄、信息挖掘还是决策参与:投资者绿色互动“画像”与企业绿色创新

英文题名：Emotional Venting,Information Mining,or Decision-making:Investor Green Interaction“Portraits”and Corporate Green Innovation

作者：盛清慧[1];熊艳[1]

机构：[1]华东理工大学商学院,上海200237

年份：2025

卷号：51

期号：11

起止页码：79

中文期刊名：财经研究

外文期刊名：Journal of Finance and Economics

收录：;北大核心:【北大核心2023】；

基金：国家社会科学基金一般项目(22BGL076);教育部人文社会科学研究规划基金项目(21YJA630101)。

语种：中文

中文关键词：投资者绿色互动;绿色创新;投资者“画像”;中小投资者积极主义

外文关键词：investor green interaction;green innovation;investor“portraits”;minority investor activism

摘要：中小投资者能否有效参与绿色治理,是破解企业绿色创新动力不足与资源匮乏难题的关键。文章基于投资者互动平台的绿色问答构建绿色互动指标,刻画情绪宣泄、信息挖掘和决策参与三类“画像”,揭示了投资者绿色互动“画像”对企业绿色创新的影响。研究发现,仅后两类互动能够激励企业绿色创新,信息挖掘型互动抑制管理层短视,提升投资者创新风险容忍度,缓解绿色融资约束,决策参与型互动则主要缓解绿色融资约束,从而激励企业绿色创新。投资者绿色互动同时提升了绿色发明与非发明专利数量,且在高耗能行业、高外部不确定性以及重视投资者关系的企业中,创新激励效果更加显著。此外,投资者绿色互动提升了绿色与非绿色技术创新绩效,降低了企业环境治理费用,提升了ESG绩效。文章区分了中小投资者在绿色治理中的异质性表现,厘清了其影响企业绿色创新的路径与后果,从中小投资者积极主义视角拓展了企业绿色创新的动因研究,为完善企业绿色发展的市场激励路径提供了实践启示。
As the most interactive social media platform between investors and listed companies,investor interaction platforms are one of the most important carriers for minority investors to exercise activism.This paper constructs investor green interaction indicators based on data from investor interaction platforms from 2010 to 2021.According to the content of green questions,it describes investor green interaction“portraits”by distinguishing three types of interaction methods:emotional venting,information questioning,and positive suggesting,so as to examine the impact,path,and economic consequences of different types of investor green interaction on corporate green innovation.The study shows that investor green interaction enhances the level of green innovation in enterprises.The more green questions investors ask and the higher the proportion of green questions in all questions,the more green patent applications an enterprise has.Mechanism testing finds that investor green interaction affects the green innovation decision-making of enterprises by increasing their tolerance for green innovation risks,suppressing management myopia,and alleviating green financing constraints,with the impact paths of different green interaction methods differing.Heterogeneity analysis shows that investor green interaction simultaneously enhances the output of green invention and non-invention patents,bringing an innovation incentive effect of quality-quantity improvement to enterprises.Moreover,investor green interaction has a stronger innovation incentive effect on industries with higher energy consumption,and on enterprises with higher external uncertainty and high-valued investor relations.Economic consequences show that market-oriented forces represented by minority investors have outstanding advantages in overcoming corporate innovation dilemma.In terms of environmental and social performance of enterprises,green innovation triggered by investor green interaction also reduces environmental governance costs,promotes ESG performance,and promotes sustainable development of enterprises.This paper for the first time portrays the heterogeneous roles of minority investors in green governance,clarifies the paths and economic consequences that affect corporate green innovation,expands the research on green innovation drivers from the perspective of minority investor activism,and provides practical inspiration for strengthening investor relationship management,improving market incentives for green development,and achieving high-quality development.