Research on the Impact Mechanism of Institutional Investor Shareholding on Enterprise Green Innovation Capacity

在全球可持续发展议程深入推进与环境问题日趋严峻的双重背景下，企业绿色创新作为协调经济发展与生态环境保护的关键路径，其重要性日益凸显。本研究基于2007~2023年中国A股上市公司数据，考察了机构投资者对绿色创新能力的影响机制及其异质性特征并进行实证分析。实证结果表明：第一，机构投资者持股比例与企业绿色创新绩效呈显著正相关关系；第二，基于委托代理理论视角，不同类型机构投资者的治理效应存在显著差异，其中压力抵制型机构投资者通过积极的股东参与显著促进企业绿色创新投入，而压力敏感型机构投资者则因利益关联表现出明显的抑制作用。本研究不仅拓展了机构投资者与企业环境战略的研究维度，而且为优化企业治理结构、完善绿色创新激励机制以及制定差异化监管政策提供了重要的理论支撑与实践启示，对推动资本市场服务实体经济绿色转型具有重要的参考价值。Against the dual background of the deepening global sustainable development agenda and the increasingly severe environmental problems, corporate green innovation, as a key path to harmonize economic development and ecological environmental protection, has become increasingly important. Based on the data of China’s A-share listed companies from 2007 to 2023, this study examines and empirically analyzes the mechanism of institutional investors’ influence on green innovation capability and its heterogeneous characteristics. The empirical results show that: first, the shareholding ratio of institutional investors is significantly positively correlated with corporate green innovation performance; second, based on the perspective of principal-agent theory, there are significant differences in the governance effects of different types of institutional investors, in which the pressure-resistant institutional investors significantly promote the corporate green innovation investment through active shareholder participation, while the pressure-sensitive institutional investors show a clear inhibitory effect. This study not only expands the research dimension of institutional investors and corporate environmental strategy, but also provides important theoretical support and practical insights for optimizing corporate governance structure, improving incentive mechanism for green innovation, and formulating differentiated regulatory policies, which is of great reference value for promoting the capital market to serve the green transformation of the real economy.