Research on the Impact of Insurance Fund Shareholding on Green Innovation: An Analysis of the ESG Investment Path of Insurance Funds

Abstract

Abstract: This paper takes A-share listed enterprises from 2009 to 2022 as the research object to analyze the impact of insurance fund shareholding on enterprise green innovation. The results show that insurance fund shareholding has a significant contribution to corporate green management and technological innovation, but this contribution is strongly influenced by the nature of property rights, and is stronger only in manufacturing, non-state and small-scale enterprises. In addition, long-term shareholding insurance fund and investment insurance fund can promote green technology innovation and green manegement innevation of enterprises; while short-term shareholding insurance fund will only promote enterprise green management innovation; and protection insurance fund shareholding has no significant impact on enterprise green innovation. In the impact of insurance fund shareholding on green innovation, enterprise ESG performance plays a partial intermediary role, especially in the purchase of D&O insurance companies. This is especially obvious in companies that purchase D&O insurance. The specific path is that insurance fund ownership promotes listed companies to adopt more environmentally friendly policies and measures, enhance the social responsibility of listed companies, and reduce the financial risk and technological innovation risk of listed companies.

Key words: Insurance Fund Shareholding, Green Innovation, ESG Performance, D&O Insurance

摘要： 以2009—2022年沪深A股上市企业为研究对象,分析保险资金持股对企业绿色创新的影响。结果表明:保险资金持股对企业绿色技术创新和绿色管理创新有显著促进作用,且在制造业、非国有及小规模企业中表现更强。长期持股型和投资型保险资金持股能够促进企业绿色技术创新和绿色管理创新,短期持股型保险资金持股仅会促进企业绿色管理创新,保障型保险资金持股对企业绿色创新没有显著影响。企业ESG表现在保险资金持股对绿色创新的影响中发挥部分中介作用,且在购买D&O保险的企业中更明显,其作用路径是通过促进企业执行环保政策、采取更加环保的措施、增强社会责任以及降低财务风险和技术创新风险,进而推动企业绿色创新。

关键词: 保险资金持股, 绿色创新, ESG表现, D&O保险

CLC Number:

F842.3

LIU Dongjiao, MA Tangyu. Research on the Impact of Insurance Fund Shareholding on Green Innovation: An Analysis of the ESG Investment Path of Insurance Funds[J]. Collected Essays on Finance and Economics, 2025, 41(3): 64-75.

刘冬姣, 马堂玉. 保险资金持股对企业绿色创新的影响研究——基于险资ESG投资路径分析[J]. 财经论丛, 2025, 41(3): 64-75.

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