State-owned equity participation and corporate green innovation: evidence from Chinese private enterprises

IF 1.1 4区 经济学 Q3 ECONOMICS
Qingzhen Deng, Liguang Zhang, Shasha Wang, Yunxiang Liao, Jiaqi Zeng
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引用次数: 0

Abstract

This study examines the influence of state-owned equity participation on green innovation in private enterprises. Using the data of China's A-share private listed companies between 2009 and 2021, the paper finds that state-owned equity participation has a positive impact on corporate green innovation and this finding remains consistent and dependable after conducting a series of robustness tests. In addition, this paper also uncovers that the impact of state-owned equity participation on corporate green innovation differed across regions, industries, and external corporate governance. The results show that the incentive impact of state-owned equity participation on green innovation is more pronounced in private enterprises with higher levels of intellectual property protection in the region where they are located, belonging to high-tech industries and with higher media attention. Further mechanism analysis reveals that state-owned equity participation enhances corporate green innovation by improving the fulfilment of corporate environmental responsibility and alleviating corporate financing constraints. Overall, this study enriches the research of green innovation influencing factors from the perspective of minority state-owned equity and can help to inspire governments to make full use of state-owned equity to promote the green transformation of private enterprises, thus contributing to the sustainable development of the global economy.

国有股权参与与企业绿色创新:来自中国民营企业的证据
本研究考察了国有股权参与对民营企业绿色创新的影响。本文利用2009 - 2021年中国a股民营上市公司的数据,发现国有股权参与对企业绿色创新具有正向影响,经过一系列稳健性检验,这一发现保持了一致性和可靠性。此外,本文还揭示了国有股权参与对企业绿色创新的影响在地区、行业和外部公司治理方面存在差异。研究结果表明,国有参股对绿色创新的激励作用在所在地区知识产权保护水平较高、属于高新技术产业、媒体关注度较高的民营企业中更为明显。进一步的机制分析表明,国有股权参与通过提高企业环境责任履行和缓解企业融资约束来促进企业绿色创新。总体而言,本研究丰富了国有少数股权视角下的绿色创新影响因素研究,有助于激励政府充分利用国有股权推动民营企业绿色转型,从而促进全球经济的可持续发展。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.70
自引率
0.00%
发文量
27
期刊介绍: Asian-Pacific Economic Literature (APEL) is an essential resource for anyone interested in economic development in the Asian-Pacific region. With original articles on topical policy issues, literature surveys, and abstracts of articles from over 300 journals, APEL makes it easy for you to keep ahead of the proliferating research on this dynamic and increasingly important region. Read by politicians, journalists, businesspeople, policy-makers, industrialists and academics, APEL avoids technical jargon, and is the only journal devoted to one-stop, in-depth reporting of research on the development of Asian-Pacific economies.
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