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06
DecInstitutional Investors and Green Technology Innovation of Enterprises
Speaker： CUI Jingbo
Associate Professor of Economics and Management School of Wuhan University
Moderator: LIU Qing
Professor of National Academy of Strategy and Development, Renmin University of China
Time：Nov.6, 2018（Thursday）15:30-17:00
Venue：Meeting Room 815, Chongde Building West Wing (Keyan Building Block A）
Abstract
Institutional investors are one of the important forces in China to carry out green finance and promote micro-enterprise green technology innovation. This paper uses the environmental patent application data of listed companies to measure the green technology innovation of enterprises, analyzes the role of institutional investors in promoting green technology innovation, and explores the mechanism of green technology innovation from the sources of financing constraints and investment returns.
The research results show that the increase of the shareholding ratio of institutional investors can significantly promote the green technology innovation of listed companies in the polluting industry, whose promoting effect on innovative green patents is significantly higher than its impact on utility model green patents. Both domestic and foreign institutional investors can play a certain role in promoting green technology innovation in listed companies in the polluting industry. The green technology innovative effect of the former group is mainly reflected in innovative green patents, while the latter one is more conducive to the promotion of utility model green innovation technology.
From the perspective of the impact mechanism, domestic institutional investors can promote the green technology innovation of enterprises by alleviating the financing constraints of listed companies in the polluting industry. However, this mechanism has not appeared effective for foreign institutional investors. From the perspective of investment returns, domestic and foreign institutional investors can significantly improve their corporate performance after promoting green technology innovation of polluting enterprises, thus obtaining a return on green investment.
From the above, it can be seen that at the micro level, the misunderstandings should be clarified that the enterprise's investment strategy blindly pursue foreign investors. And we should further exert the green technology innovative effect of domestic institutional investors in the listed companies. At the government level, it should bring out more official policies to support and encourage institutional investors on green technology, which would give full play to the role of market-oriented green finance supply entities in green technology innovation.
Speaker Profile：
Cui Jingbo is Associate Professor of Economics and Management School of Wuhan University, Deputy Director of the Department of Mathematical Economics and Mathematical Finance. He is also a member of Hubei Chutian Student Talent Program. He graduated from the Department of Economics, Iowa State University in June 2012 with a PH.D. in Economics. He was once a postdoctoral and visiting assistant professor in the in the Department of Economics at Iowa State University. His research Fields include environmental economics, innovation and international trade. Cui’s research achievements（including proposed publications）has been published on Economic Research Journal, Management World, AER Papers and Proceedings, American Journal of Agricultural Economics (two essays), Energy Economics (2 essays), and Journal of International Trade and Economic Development (2 essays), etc. Cui hosted the National Natural Science Foundation Youth Project and Emergency Project (sub-project leader). He has served as an anonymous reviewer of international top journals of environmental economics including Journal of Environmental Economics and Management and Journal of the Association of Environmental and Resource Economists, international academic journals of energy economics including Energy Economics and Journal of Cleaner Production, and some domestic authoritative academic journals such as China Industrial Economics and Economics (Quarterly), etc.