新减持规定对企业绿色创新的影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-18 DOI:10.1016/j.frl.2025.108497

Di Zhang , Tao Bai , Chao Yin

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引用次数: 0

摘要

本文利用2013 - 2023年中国a股上市公司数据，以2017年减持规定为准自然实验，系统考察资本市场制度改革对企业绿色创新的影响机制。研究发现，股权减持制度显著提高了企业绿色创新水平；研发投入对政策效应的传导起部分中介作用，呈现出“政策约束→管理决策→创新产出”的传导链；不同产权的政策效果表现出显著的异质性。

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The impact of new shareholding reduction regulations on corporate green innovation

This paper systematically examines the impact mechanism of capital market institutional reforms on corporate green innovation by leveraging the 2017 share reduction regulations as a quasi-natural experiment and utilizing data from A-share listed companies in China from 2013 to 2023. The study finds that the share reduction regulations significantly enhance corporate green innovation levels; R&D investment plays a partially mediating role in the transmission of policy effects, revealing a transmission chain of "policy constraints → management decisions → innovation output"; and the policy effects exhibit significant heterogeneity based on property rights.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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