私募证券投资基金持仓对上市公司
ESG 表现的影响研究
金融学
2024届
2夏晶晶024届
私募证券投资基金持仓对上市公司
ESG 表现的影响研究
金融学
2024届
夏晶晶
李路
、1/68
上海外国语大学
硕士学位论文
私募证券投资基金持仓对上市公司ESG表
现的影响研究
院系：国际金融贸易学院
学科专业：金融学
姓名：夏晶晶
指导教师：李路
2024年5月
!
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Shanghai International Studies University
RESEARCH ON THE IMPACT OF PRIVATE SECURITIES
INVESTMENT FUND ON ESG OF LISTED COMPANIES
A Thesis Submitted to the School of Economics and Finance
In Partial Fulfillment of the Requirements for
The Degree of Master of Finance
By
Xia Jingjing
Under the Supervision of Professor Li Lu
May 2024
摘要
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近几年来，全球环境污染和公共卫生问题频发，严重影响到了社会和谐和经
济发展，我国也是将生态文明建设和高质量发展提到了国家方针的关键地位，因
此ESG 理念作为衡量企业可持续发展的核心框架，而私募证券投资基金作为资
本市场新兴重要力量，研究两者之间的关系，即私募证券投资基金如何发挥股东
积极主义参与企业治理，从而对企业的ESG 产生影响这一问题也是符合时代发
展背景，积极响应国家绿色发展理念的。此外，目前既有研究主要是关注在ESG
的经济后果上，也有少数学者探索了政策制度和企业文化等对ESG 表现的影响，
但是国内关于私募证券投资基金这一外界投资者和企业ESG 表现两者之间的关
系研究尚为空白。
基于以上时代背景和研究背景，本文以利益相关者理论、信息不对称理论、
委托代理理论和制度理论为理论基础，选择国内2010年至2021年的全部A 股
上市公司为研究对象，对样本公司的私募证券投资基金持仓情况和ESG 表现情
况展开实证分析。通过回归分析得到以下研究结论：私募证券投资基金持仓会抑
制企业的ESG 表现。进一步的根据企业的所有权、股权集中度情况以及2014年
这一特殊年份前后进行分样本分析，发现这种负向影响在非国有企业、股权较为
分散和2014年以后更为显著。此外为了确保本文结论的稳健性，通过替换主要
变量、滞后一期分析和工具变量法对结果进行检验，最后基于结果提出相关的政
策建议。
本文的研究对于私募证券投资基金与公司治理的研究方向具有一定的增量
贡献，填补了私募证券投资基金与企业ESG 表现关系的研究空白，并且初步探
索了这一影响机制，为绿色发展背景下政府、企业以及机构投资者如何改善公司
治理、推动企业可持续发展提供了理论依据和管理启示。
关键词：私募证券投资基金；ESG；机构投资者；公司治理
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Abstract
Abstract
In recent years,global environmental pollution and public health issues have been
frequent,significantly impacting social harmony and economic development.China
has elevated the construction of ecological civilization and high-quality development
to a key position in its national policy.Consequently,the ESG (Environmental,Social,
and Governance)concept has been established as a core framework for measuring
sustainable corporate development.Private equity securities investment funds,as an
emerging and important force in the capital market,have gained prominence.
Researching the relationship between these funds and ESG is in line with the current
developmental context and actively responds to the national concept of green
development.
Moreover,existing research has primarily focused on the economic consequences
of ESG,with only a few scholars exploring the impact of policy systems and corporate
culture on ESG performance.However,there is a lack of domestic research on the
relationship between private equity securities investment funds,as external investors,
and the ESG performance of companies.Against this backdrop,this study,grounded in
stakeholder theory,information asymmetry theory,and agency theory,selects all A-
share listed companies in China from 2010to 2021as the research objects.It conducts
empirical analysis on the holdings of private equity securities investment funds and the
ESG performance of sample companies.The regression analysis yields the following
research conclusion:the holdings of private equity securities investment funds restrain
the ESG performance of companies.Further sample analysis based on ownership
structure,equity concentration,and the period around the year 2014reveals that this
negative impact is more significant in non-state-owned enterprises,companies with
relatively dispersed equity,and post-2014.To ensure the robustness of the study's
conclusions,various tests,including variable substitution,lag analysis,and
instrumental variable methods,are employed.Finally,based on the results,relevant
policy suggestions are proposed.
This research contributes to the study of private equity securities investment funds
and corporate governance by filling the research gap on the relationship between these
funds and ESG in companies.It also explores the underlying mechanism of this impact,
providing theoretical support and managerial insights for how the government,
companies,and institutional investors can improve corporate governance and promote
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