科研基地组织前沿文献研读交流会，李子博针对 2026 年发表于国际金融顶刊c的论文The Pace of Change: Socially Responsible Investing in Private Markets作主题汇报。
文章研究了社会责任投资者在私募资本市场中产生影响的速度。具有广泛利社会偏好的投资者会关注企业的外部性，而无论其是否持有该企业的股权；因此，他们重视收购具有高负面生产外部性的企业，因为他们能够改革这些企业。对高负面外部性企业交易收益的预期，降低了现有企业所有者主动减少这些外部性的动力，这可能会导致改革延迟。通过投资授权，投资者可承诺为具有较低负面外部性的企业支付溢价，从而激励企业及时进行改革。
Abstract
We study the pace at which socially responsible investors generate impact in private capital markets. Investors with broad pro-social preferences care about firm externalities independent of their ownership in the firm and hence value acquiring firms with high negative production externalities because they can reform these firms. The anticipation of trading gains for firms with high negative externalities decreases the incentive of current firm owners to reduce these externalities proactively, potentially causing delay in reform. Investment mandates through which investors can commit to paying a premium for firms with low negative externalities can incentivize reform in a timely manner.
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