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ESG ‐Oriented Institutional Ownership and Corporate Real Investment: Evidence From China

ESG志向の機関所有権と企業の実物投資：中国のエビデンス (AI 翻訳)

T. Tang, Jiahui Guo, Rosie Parker, Liping Zou

Accounting & Finance📚 査読済 / ジャーナル2026-07-17#ESGOrigin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1111/acfi.70261
原典: https://doi.org/10.1111/acfi.70261

🤖 gxceed AI 要約

日本語

中国の機関投資家のESG選好が企業の実物投資に与える影響を検証。2009～2023年のパネルデータ分析で、ESG志向の機関所有権（ESGIO）が多い企業ほど設備投資が大きい。メカニズムとして株価情報性や流動性の役割を確認。非国有・高レバ・低内部CF企業で効果が強く、ESG開示の充実が持続可能な投資を促進する政策示唆。

English

This study examines how institutional investors' ESG preferences affect corporate real investment in China. Using quarterly panel data from 2009-2023, we find that firms with higher ESG-oriented institutional ownership (ESGIO) have significantly greater capital expenditures. The effect is stronger when stock prices are more informative, trading liquidity is higher, and among non-state-owned, highly leveraged, and low internal cash flow firms. Results highlight capital markets' role in promoting sustainable investment and suggest that enhanced ESG disclosure frameworks can facilitate allocation of ESG-aligned patient capital.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

本論文は中国市場を対象とするが、日本においても機関投資家のESG選好が企業の設備投資に与える影響は重要な論点。SSBJや有報のESG開示強化が進む中、投資家主導の実物投資促進メカニズムを実証しており、日本の政策立案や企業のIR戦略に示唆を与える。

In the global GX context

While focused on China, this paper provides empirical evidence on how ESG-oriented institutional ownership drives real investment. Globally, it supports the argument that enhanced ESG disclosure (ISSB, CSRD) can channel patient capital toward sustainable corporate investment, with implications for transition finance and stewardship codes.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the real effects of ESG ownership, with mechanism tests on market frictions and firm heterogeneity.

🏢実務担当者:Highlights that attracting ESG-oriented investors can boost capital expenditure, and that high-quality ESG disclosure is key to this process.

🏛政策担当者:Suggests that mandating ESG disclosure and supporting ESG integration by institutional investors can promote long-term sustainable investment.

📄 Abstract（原文）

This study explores whether institutional investors' ESG preferences affect firms' real investment decisions in China. Using quarterly panel data from Q1 2009 to Q4 2023, we construct a measure of ESG‐oriented institutional ownership ( ESGIO ) and find that firms with higher ESGIO exhibit significantly greater capital expenditures, and this remains robust after distinguishing from the effect of general institutional ownership. This relation is also robust to various specifications and endogeneity concerns. Mechanism tests show that the relation between ESGIO and investment is stronger when stock prices are more informative and trading liquidity is higher. The effect is stronger among non‐state‐owned enterprises, highly leveraged firms, firms with lower internal cash flow, lower ESG rating divergence, externally assured ESG disclosures and during periods of elevated investor sentiment. This paper highlights the role of capital markets in promoting sustainable corporate investment and offers policy insights, suggesting that an enhanced ESG disclosure framework can facilitate the allocation of ESG‐aligned patient capital.

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