境外机构投资者持股对企业ESG表现的影响研究

李笑冲; 王静; 黄银; 张娜

doi:10.19571/j.cnki.1000-2995.2026.03.016

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科研管理 ›› 2026, Vol. 47 ›› Issue (3) : 156-165. DOI: 10.19571/j.cnki.1000-2995.2026.03.016 CSTR: 32148.14.kygl.2026.03.016

境外机构投资者持股对企业ESG表现的影响研究

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Research on the impact of foreign institutional investors' shareholding on the ESG performance of firms

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摘要

随着中国资本市场的逐步开放，境外机构投资者可能基于国际ESG标准与持股偏好对企业ESG表现提出更高要求，这能否对当前非刚性的ESG制度环境构成有益补充尚不明晰。因此，本文以2009—2022年中国沪深A股上市公司为样本，采用多维面板固定效应Ols的回归方法，展开境外机构投资者持股对企业ESG表现的影响研究。研究发现：（1）境外机构投资者持股能够提高企业ESG表现，结论经过一系列内生性和稳健性检验后依然成立；（2）境外机构投资者持股具体通过降低管理层短视、缓解融资约束和提高风险承担，提高了企业ESG表现；（3）分析师关注、媒体监督以及政府约束强化了境外机构投资者持股对企业ESG表现的提升作用；（4）境外机构投资者持股通过提高ESG表现，能够进一步助力企业提升探索式创新水平。在中国ESG制度非刚性背景下，未来应持续完善资本市场开放的有关机制，并充分发挥分析师、媒体、政府等外部利益相关者的协同提升作用，从而提高境外机构投资者持股对企业ESG表现的积极治理作用。

Abstract

As the capital market is gradually opening up，foreign institutional investors will impose higher requirements for the ESG performance of firms based on the international ESG standards and shareholding preferences. However，it is still not clear whether it can be a beneficial complementary mechanism for non-rigid ESG institutional environment in China. Therefore，this paper selected Chinese A-share listed firms of Shanghai and Shenzhen Stock Exchange from 2009 to 2022 as the sample and examined the influence mechanism of foreign institutional investors' shareholding on the ESG performance of firms with the panel OLS regression with fixed-effects. The paper comprised four conclusions. Firstly，foreign institutional investors' shareholding improves the ESG performance of firms. This conclusion remains robust after the endogeneity and robustness tests. Secondly，foreign institutional investors' shareholding improves the ESG performance through reducing managerial myopia，alleviating financing constraints，and enhancing risk-taking. Thirdly，analyst following，media supervision，and government constraint further enhance the positive effect of foreign institutional investors' shareholding on the ESG performance of firms. Finally，foreign institutional investors' shareholding further promotes exploratory innovation through improving the ESG performance of firms. Considering China's non-rigid ESG institutional environment，the departments concerned should improve the mechanism of China capital market opening and fully play the collaborative promotion effect of external stakeholders including analysts，media，and government，in order to increase the positive governance effect of foreign institutional investors' shareholding on the ESG performance of firms.

导出引用

李笑冲, 王静, 黄银, 等. 境外机构投资者持股对企业ESG表现的影响研究[J]. 科研管理. 2026, 47(3): 156-165 https://doi.org/10.19571/j.cnki.1000-2995.2026.03.016

Li Xiaochong, Wang Jing, Huang Yin, et al. Research on the impact of foreign institutional investors' shareholding on the ESG performance of firms[J]. Science Research Management. 2026, 47(3): 156-165 https://doi.org/10.19571/j.cnki.1000-2995.2026.03.016

中图分类号： F272.3

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