Knowledge Transfer Effect.

Using the data of Chinese listed firms, this study constructs a two-layer complex network of Qualified Foreign Institutional Investors (QFII) and Domestic Institutional Investors (DII) to examine their influence on the quality of corporate ESG disclosures. By analyzing the credibility, consistency, and completeness of the network, it finds that improving a firm’s position within the QFII-DII complex network significantly enhances ESG disclosure quality. Key drivers include the knowledge transfer effect, information exchange effect, and market supervision effect. Additionally, executive green awareness and strong internal governance amplify the positive impact of network position on ESG quality. The study also reveals variations in the influence of QFII and DII over time and across industries, with similar overall effects. However, companies with higher centrality in the DII network layer are more likely to engage in ESG greenwashing behavior.

本研究以中国上市公司数据为基础，构建合格境外机构投资者（Qualified Foreign Institutional Investors, QFII）与境内机构投资者（Domestic Institutional Investors, DII）的双层复杂网络，以考察二者对企业ESG（Environmental, Social and Governance, ESG）信息披露质量的影响。通过分析该网络的可信度、一致性与完整性，研究发现，提升企业在QFII-DII双层复杂网络中的地位，可显著改善其ESG信息披露质量。其核心驱动机制包括知识转移效应、信息交流效应与市场监管效应。此外，高管绿色认知与健全的内部治理会强化网络地位对ESG披露质量的正向影响。本研究还发现，QFII与DII的影响效应随时间与行业维度存在异质性，但二者的整体影响效果相近。不过，在DII网络层中中心度更高的企业，更易出现ESG漂绿行为。