Econ Papers Daily / 期刊论文
负责任投资的外部性
Externalities of Responsible Investments
摘要
We develop a model to study the efficiency of socially responsible investing (SRI) as a mechanism to control firms' externalities. When SRI is not too popular, responsible investors favor strategies that lead to a concentration of SRI in a subset of firms in the economy. This concentration can mitigate coordination issues in adopting green technologies, but it can also crowd out the green investments of excluded firms and increase the price of green products. In equilibrium, responsible investors continue to favor concentration even as SRI becomes more popular, and concentrate the most when concentration is least desirable.
中文摘要
我们构建了一个模型，旨在研究社会责任投资（SRI）作为控制企业外部性机制的有效性。当SRI尚未过于普及时，负责任投资者倾向于采取那些导致SRI在经济中部分企业集中的策略。这种集中虽能缓解采用绿色技术时的协调难题，但也可能挤出被排除在外企业的绿色投资，并推高绿色产品的价格。在均衡状态下，即便SRI日益流行，负责任投资者仍偏好集中策略，并且在集中最不可取时反而集中程度最高。