绿色投资者注意力与企业高质量发展

——兼论经济效率与可持续发展

宋肖肖¹　胡海峰²　李亚茹²

（1.北京林业大学；2.北京师范大学）

内容提要：绿色投资者是促进企业高质量发展的重要利益相关者。本文基于绿色投资者特征构建绿色机构投资者注意力的正向指标，从企业全要素生产率视角考察绿色机构投资者注意力对企业高质量发展的影响效应及作用机制。研究结果显示，绿色机构投资者注意力提升对企业短期及长期全要素生产率均有正向影响。机制检验结果显示，绿色机构投资者注意力通过绿色治理、融资约束和绿色创新渠道推动企业高质量发展。异质性分析结果表明，绿色机构投资者助推企业高质量发展的效应在重污染行业、高行业竞争程度、机构投资者持股比例低和短期投资者主导的企业中更明显。绿色机构投资者在推动企业高质量发展中能够兼顾经济效率和可持续发展，对中国经济实现可持续的高质量发展具有重要作用。

关键词：绿色投资者；企业全要素生产率；绿色治理；融资约束；绿色创新

作者简介：宋肖肖，北京林业大学经济管理学院讲师，北京，100083；胡海峰，北京师范大学经济与工商管理学院教授、博士生导师，北京，100875；李亚茹，北京师范大学经济与工商管理学院博士研究生，通信作者。

基金项目：国家社会科学基金重大项目“新发展格局下提高直接融资比重优化金融结构与经济高质量发展研究”（21&ZD111）；中央高校基本科研业务费专项资金资助项目“绿色投资者对企业绿色低碳转型的影响、作用机制及经济后果研究”（2025SKQ01）

引用格式：宋肖肖,胡海峰,李亚茹.绿色投资者注意力与企业高质量发展——兼论经济效率与可持续发展[J].经济与管理研究,2025,46(8):37-55.

Green Investor Attention and High-Quality Development of Firms

—A Discussion on Economic Efficiency and Sustainable Development

SONG Xiaoxiao¹, HU Haifeng², LI Yaru²

(1. Beijing Forestry University, Beijing 100083;

2. Beijing Normal University, Beijing 100875)

Abstract: High-quality development is the top task of building China into a modern socialist country in all respects, with the cultivation of new quality productive forces being an essential requirement for achieving high-quality development. The green attribute is a fundamental characteristic of new quality productive forces, and their “high quality” is primarily reflected in green development. As China continues to develop its green financial system, green investors have actively responded to national initiatives, embraced social responsibilities, and emerged as vital contributors to this system. Distinct from ordinary investors, green investors prioritize sustainability, environmental protection, and eco-conscious investment strategies, thereby motivating firms to align their operations with sustainable development objectives.

This paper investigates the impact of green institutional investors on the high-quality development of firms and the underlying mechanisms from the perspective of investor attention, aiming to provide empirical evidence on whether green investors can promote the sustainable and high-quality development of firms. By employing total factor productivity (TFP) as a proxy for the development level, the findings reveal that increased attention of green institutional investors exerts a positive effect on both short-term and long-term TFP. Mechanism analysis indicates that this effect operates through three key pathways: green governance, green resource allocation, and green innovation. Heterogeneity analysis demonstrates that the positive impact of green institutional investor attention on TFP is more pronounced for firms in heavily polluting industries, high industry competition, low institutional investor ownership ratios, and short-term investor dominance.

Based on the findings, several policy recommendations are proposed. First, green institutional investors should actively promote and monitor corporate green governance to achieve both social and economic returns. They should remain vigilant against distractions caused by diversified investments and prevent firms from exploiting such distractions to engage in activities detrimental to corporate interests. Second, firms should recognize the positive impact of green institutional investors on TFP and actively facilitate investors’ participation in corporate governance to leverage the benefits investors bring. Third, policymakers should continue to refine green finance policies, enhance communication mechanisms between green investors and corporate management, standardize green governance practices among listed firms, and address potential governance gaps arising from investor distraction, thereby supporting sustainable and high-quality economic development.

Keywords: green investor; TFP; green governance; financing constraint; green innovation

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