中文摘要：

本文发现企业环境绩效对机构投资者投持股比例有正向影响,并且这种影响只体现在长期机构投资者的持股比例上,短期机构投资者的持股比例不受企业环境绩效的影响。本文还发现环境绩效较好的企业有更高的超额回报,这意味着机构投资者投资于环境绩效较好的公司能够带来更高股票收益。进一步分析表明,环境绩效较好的企业,银行贷款更多、贷款成本更低、所得税负担更轻,可能说明政府为了鼓励企业提升环境绩效在银行贷款获得与所得税优惠方面给予支持,政府的支持可能带来企业长期价值的提升。以上所有结果仅在国有企业样本中存在。

英文摘要：

We find that firm environmental performance positively affects institutional shareholding, the share- holding of long-term institutions in particular. However, no such correlation is found for the shareholding of short-term institutions. Resuhs of this study indicate that the better the firm environmental performance, the higher the abnormal returns, suggesting that institutions investing in firms with better environmental performance earn higher stock returns. Further analysis illustrates that firms with better environmental performance easily ac- cess to bank loans, enjoy lower loan costs and obtain higher tax benefit. Our findings indicate that the govern- ment encourages firms to enhance their environmental performance, and in return, provides more favorable lending terms and more tax benefits, leading to long-term firm value enhancement. Such findings only exist in state-owned firms.