Institutional Investor Shareholding,r&d Investment And Corporate Green Innovation

With the rapid development of economy and society,Innovation,as the first power leading the development,plays a supporting role in the process of our country’s economic development,but the extensive development represented by the expansion of scale has caused a series of environmental and ecological problems.On this basis,China has proposed the green development goals of achieving "carbon peak" in 2030 and "carbon neutral" in 2060 green development goals.As the core body of the national innovation system,enterprises are the main organizers and participants of scientific and technological innovation activities,as well as the important implementers of the National Green Development Strategy,it is crucial in enhancing national capacity for Green Innovation.When an enterprise engages in green innovation activities,institutional investors,as important participants in the capital market and important shareholders of the enterprise,are able to make a significant impact on the business activities of the enterprise through their expertise,therefore,it affects the R&D investment and the green innovation ability of the enterprise.In this context,this paper further studies the mechanism of institutional investors’ influence on corporate green innovation through the mediating role of R&D investment from the perspective of institutional investors’ shareholding.This article first sorts out the research on the participation of institutional investors in corporate governance and their impact on green innovation in enterprises,elaborates on the mechanism of the impact of institutional investors on green innovation in enterprises,and further analyzes it based on the principal-agent theory,shareholder activism,stakeholder related theory,Schumpeter’s innovation theory,and Porter’s hypothesis theory,exploring the mechanism of institutional investors influencing green innovation in enterprises through research and development investment,And discussed the differential impact of heterogeneous institutional investors on corporate green innovation,as well as the impact of property rights on institutional investors’ shareholding,R&D investment,and corporate green innovation.The research results show that:(1)institutional investors can promote green innovation in enterprises;(2)Institutional investors pay more attention to the earnings management behavior of enterprises,which can effectively suppress the management’s behavior of reducing long-term expenses such as research and development investment due to shortsightedness;(3)The increase in R&D investment can significantly promote the improvement of green innovation capabilities of enterprises;(4)Institutional investors can promote the green innovation capability of enterprises by increasing their R&D investment;(5)R&D investment can play a mediating role in promoting green innovation in enterprises by stable institutional investors,while transactional institutional investors exhibit a inhibitory effect;(6)Compared to non-state-owned enterprises,institutional investors’ shareholding in state-owned enterprises has a more significant promoting effect on green innovation through the intermediary effect of R&D investment.Finally,based on the research conclusions of this article,relevant suggestions were proposed from the national and government levels,institutional investor levels,and enterprise levels,and research directions that can be expanded in this article were pointed out.