关键词: 企业绿色创新, 机构投资者持股, 股权集中度

Abstract: In order to further guide Chinese enterprises to strengthen the level of green innovation and help achieve the goal of "double carbon", this paper takes Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as samples to empirically analyze the impact of institutional investors' heterogeneous shareholding on enterprises' green technology innovation and the moderating effect of ownership concentration. The study finds that pressure-resistant institutional investors' shareholding significantly promotes corporate green innovation, while pressure-sensitive institutional investors' shareholding inhibits corporate green innovation; the higher the ownership concentration, the weaker the promoting effect of pressure-resistant institutional investors. Robustness tests also support the above conclusion. Further research shows that the promotion effect of pressure-resistant institutional investors is more obvious in non-state-owned enterprises and non-heavy-pollution enterprises; in addition, after the implementation of environmental policy, the impact of institutional investors' heterogeneous shareholding on corporate green innovation is more obvious.

Key words: enterprise green innovation, institutional investors' shareholding, ownership concentration