基地环境会计团队在国际期刊Journal of Sustainable Finance & Investment发表论文

Abstract: This study analyses how equity funds react to institutional pressure related to green finance. Based on the analysis of 378 open-end equity funds in China from 2010 to 2019, we examined the environmental performance of fund holdings to measure their level of green investment. In our analyses, we distinguished between funds with positive and negative screening strategies. Our results indicate that the funds’ green investments are gradually increasing. Furthermore, we found that green investment strategies help to increase the funds’ excess return. The positive connection to financial returns, however, is only valid for funds with negative screening strategies. Finally, we found that fund investors react negatively to funds using positive screening to identify green investments. The study contributes to theoretical and practical knowledge about factors influencing equity funds’ green and financial performance.

摘要：本论文研究分析了股票型基金如何应对与绿色金融相关的制度压力。本论文以2010 - 2019年我国378只开放式股票型基金为研究对象，以基金持有股票的环境绩效为基础，构建了基金的绿色投资水平指标。在具体分析中，本文区分了基金的积极筛选策略和消极筛选策略。结果表明，首先，基金的绿色投资正在逐渐增加。其次，绿色投资策略有助于提高基金的超额收益，然而，其与财务回报的正相关关系仅被发现于采用消极筛选策略的基金样本中。最后，本文发现基金投资者对积极筛选绿色投资的基金反应消极。本研究有助于从理论和实践两方面了解股票型基金环境绩效和财务绩效的影响因素。

期刊介绍：

Journal of Sustainable Finance & Investment是一本国际性的同行评审期刊，发表高质量的原创研究。期刊主要侧重于金融市场、管理投资、银行、小额金融、项目融资和慈善事业中制定的环境、发展、社会和治理原则。JSFI 每年出版 4 期，并在Chartered Association of Business Schools Academic Journal Guide（2018 版）和 Scopus 中摘录和索引。

原文链接：https://www.tandfonline.com/doi/full/10.1080/20430795.2021.1964808