Research on the Influence of Fund Holding on Enterprise Green Innovation

Abstract

Under the background of global environmental problems and the concept of green development put forward by the government, green innovation of enterprises has become an important path to achieve environmental sustainability. Based on the data of listed companies in Shanghai and Shenzhen from 2010 to 2020, this paper selects the largest fund among institutional investors to study, and explores the influence and mechanism of fund shareholding and enterprise green innovation. Through research, it is found that fund holding shares is helpful to improve the level of green innovation of enterprises. The moderating effect shows that whether there are defects in internal control have moderating effects on green innovation of enterprises. The influence mechanism shows that corporate social responsibility information disclosure can have an intermediary effect on the influence of fund ownership on corporate green innovation. This paper discusses the influence of fund ownership on enterprise green innovation from the perspective of the largest institutional investor, which supplements the literature of institutional investors and green field, and has practical significance for promoting enterprises to realize green transformation, practicing ESG concept and realizing environmental sustainable development.