张铁铸,冯文钦

• 1:上海对外经贸大学金融管理学院
• 2:西南财经大学中国金融研究院

摘要(Abstract)：

机构投资者作为资本市场的重要参与者，在“双碳”目标背景下检验企业环境诉讼风险对其投资行为影响具有现实意义。研究发现，中级环境资源审判庭设立后，机构投资者对高环境诉讼风险企业的持股比例显著下降，企业可通过实施自愿型环境规制降低环境诉讼风险。另外，环境司法改善通过影响企业所在地区环境司法案件审理状况和加强环境行政监管来影响机构投资者投资行为。进一步从投资者异质性来看，社会环境责任承担水平较高的企业更符合绿色机构投资者的影响力投资理念。非国有企业和小规模企业可通过积极承担社会环境责任，提高其在绿色投资发展上的比较竞争优势。

关键词(KeyWords)： 机构投资者;环境诉讼风险;中级环境资源审判庭;自愿型环境规制

Abstract:

Keywords:

基金项目(Foundation): 上海市长三角科创产业金融服务协同创新中心项目《金融服务“专精特新”企业的逻辑与路径》(2022TIIFS-XS008)的资助

作者(Author): 张铁铸,冯文钦

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• (1)https://www.ipe.org.cn/reports/report_21902.html。
• (2)根据海通证券发布的研究报告,2021年年底,在自由流通市值口径下A股中机构投资者总体占比约37.8%,已超过散户占比(占比约36.1%)。中国证监会原主席尚福林在第25届中国资本市场论坛上指出,要继续大力发展专业机构投资者,壮大理性成熟的中长期投资力量,通过专业投资、价值投资理念,夯实市场运行的微观基础,为市场引入更多稳定长期资金。
• (3)以2011年渤海溢油事件为例,涉事企业康菲石油中国有限公司尽管和环境执法机构达成处理协议,支付相应的环境赔偿金和生态恢复金,但由于环境司法的强化,该企业再次被法院判决要求其承担环境修复责任。
• (4)选择环境资源审判庭的原因见3.1.1节。
• (5)https://www.sohu.com/a/140248339_115402。
• (6)本文十分感谢高昊宇教授和温慧愉博士对手工收集我国各地区环保法庭设立情况的方法指导。本文通过手工收集截至2021年年底中级环保法庭设立的情况,最终得到134个有效数据,与《中国环境资源审判(2021)》中公布的158存在15%的误差,参照高昊宇和温慧愉(2021)的说法,通过手工检索环保法庭设立的相关新闻报道的确存在遗漏情况,但未能从各级法院官方网站上或者新闻报道中查询到的地区,其设立环保法庭的生态治理效应也很难被资本市场所识别,对实证回归的结果影响也比较有限。另外,基于上海和北京的特殊性,我们认为这两个地区第一个成立的基层环保法庭起到了中级环保法庭的生态治理效应,因此将上海市崇明县2016年和北京市延庆县2010年设立的基层环保法庭纳入到中级环保法庭的统计口径中。
• (7)参考Deschênes et al.(2017)的做法,考虑到各地区设立环保法庭的时间处于年中,也具备一定的震慑效应,因此将样本年当年设立环保法庭的地区赋值为1/2。
• (8)本文采用的环保类词汇由于不止一个,因此会导致NEnv与N相差不大,导致环保类词汇的权重过小,因此在不改变数据结构的情况下,对ESS指标做了扩大1000倍的处理。
• (9)本文选用的停用词参考链接为:https://www.cnblogs.com/demo-deng/p/9771593.html。
• (10)包括:环境治理、污水处理、环保设计与节能、三废回收、环保、生态、清洁能源等。
• (11)Stata语言的“reghdfe”命令会自动剔除一些“singleton observations”,故样本量会有所不同。
• (12)该数据来自CSMAR数据库,但2020年和2021年缺少工业废水排放量和工业烟尘排放量数据,严谨起见,表4第(4)列的样本期限定为2007—2019年。
• (13)影响力投资是指机构投资者不仅仅关注投资的经济效益,更关注投资的社会效益。英国等国家通过税收优惠等措施鼓励机构投资者进行影响力投资。相关的内容还可参阅《三优投资》一书(克罗辛斯基等著,马险峰等译.三优投资.中国金融出版社,2018年2月)。