The Impact Of Institutional Investor Heterogeneity On Corporate Green Technology Innovation

《The 14th Five-Year Plan for National Economic and Social Development of the People’s Republic of China(2021-2025)and the 2035 Vision Goal Outline》emphasized that support for green technology innovation should be strengthened,market-oriented,promote the development of green technology innovation,and carry out a series of key research actions.As an important part of China’s market economy,the willingness and ability of listed companies to carry out green innovation are of great significance for China to further develop a green economy and build an environment-friendly country.However,compared with traditional innovation activities,green technology innovation not only has the characteristics of high investment and high risk of normal innovation activities but also has the characteristics of a closer connection with environmental ecology.This means that enterprises need to carry out green technology innovation and improve the level of green technology innovation.It not only needs to strengthen corporate governance and prevent self-interested behavior of management but also needs the support of more talents,knowledge and resources.With the continuous growth of institutional investors,institutional investors have become an important force to supervise the behavior of executives and promote the sustainable development of enterprises.Considering that different institutional investors show different investment preferences and tendencies in investment activities,their governance effect,supervision ability and whether they provide necessary support or not are different.Therefore,whether different institutional investors have different effects on promoting green technology innovation is a question worth studying.Therefore,this paper divides institutional investors into stable institutional investors and instable institutional investors.This paper empirically analyzes the relationship between institutional investor heterogeneity and corporate green technology innovation.At the same time,corporate social responsibility and internal control are introduced into the research framework to explore the influence mechanism between institutional investor heterogeneity and corporate green technology innovation,and to sort out the internal logic of their role.The results show that stable institutional investors can promote green technology innovation.As a manifestation of enterprises ’ pursuit of economic and social benefits,The impact of institutional investor heterogeneity on corporate green technology innovation is partially moderated by corporate social responsibility;likewise,internal control,a critical component of corporate governance.Using the robustness test,the above conclusions are still valid.Further analysis shows that the effect of institutional investor heterogeneity on corporate green technology innovation is significant in heavily polluting enterprises and not significant in non-heavy polluting enterprises.Compared with regions with high marketization level,this difference is more significant in regions with low marketization level.The research contributions of this paper are as follows: First,this paper deeply discusses how the heterogeneity of institutional investors affects the green technology innovation of enterprises,thus expanding a series of valuable conclusions and providing an important reference for the research of institutional investors.Secondly,it further analyzes the impact mechanism of institutional investment heterogeneity on corporate green technology innovation.From the two aspects of corporate social responsibility and internal control,enriches the research on the impact path of green technology innovation and helps to improve the level of green technology innovation of Chinese enterprises.