多个大股东对企业环保投资的影响

企业作为环境治理的责任主体，其环保投资水平直接影响国家的可持续发展。而在企业的环保投资决策中，公司的治理结构发挥了关键作用。作为一种特殊的股权结构，多个大股东可能会影响企业环保投资。以2009—2020年中国A股上市公司为样本，对多个大股东股权结构与企业环保投资的关系进行检验。研究表明，多个大股东的股权结构会抑制企业环保投资规模，同时多个大股东越多、持股比例之和越高，越不利于企业进行环保投资。最后进行稳健性检验，结论仍然成立。对二者关系的分析可为多个大股东的股权结构与企业环保投资进一步的研究提供相关启示。

A Study on the Impact of Multiple Major Shareholders on Corporate Environmental Protection Investment

As the responsible subject of environmental governance, the level of environmental investment of enterprises directly affects the sustainable development of country. And in the environmental protection investment decision of enterprise, the company governance structure plays a key role. As a special shareholding structure, multiple major shareholders may affect the environmental protection investment of enterprises. Taking China''s A-share listed companies from 2009 to 2020 as a sample, the relationship between the equity structure of multiple major shareholders and the environmental protection investment of enterprises is examined. The research shows that the ownership structure of multiple major shareholders inhibit the scale of enterprise environmental protection investment, and the more multiple major shareholders and the higher the total shareholding ratio, the more unfavorable the enterprise environmental protection investment. Finally, the robustness test is carried out and the conclusion was still valid. The analysis of the relationship between the two is expected to provide some enlightenment for further research on the ownership structure of several major shareholders and corporate environmental investment.