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| 文章编号：1672-3104(2023)05-0109-14 |
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国有股东参股能否促进民营企业绿色技术创新？——基于民营企业混合所有制改革的经验证据 |
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别奥1，杨上广1，罗孝玲2 |
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（1. 华东理工大学商学院，上海，200237；
2. 中南大学商学院，湖南长沙，410083） |
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| 摘 要： 在深化企业混合所有制改革与发展绿色经济的背景下，国有股东参股民营企业能否促进民营企业绿色技术创新，是有待被关注和讨论的问题。利用2010—2020年A股民营上市公司数据，考察了国有股东参股对民营企业绿色技术创新的影响。研究发现：国有股东参股能够促进民营企业绿色技术创新，这一作用在民营企业所处地区的市场化程度更高、环境规制力度更强，以及民营企业所属行业为污染型行业时更为显著。机制研究证实：国有股东参股能通过缓解民营企业融资约束和降低民营企业委托代理水平进而促进民营企业绿色技术创新。进一步分析发现：中央国有企业股东参股较地方国有企业股东参股更有利于促进民营企业绿色技术创新。研究结论丰富了民营企业混合所有制改革对企业效益影响的研究，为民营企业借助混合所有制改革促进绿色技术创新提供了理论支持和经验证据。 |
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| 关键词： 国有股东；民营企业；绿色技术创新；融资约束；委托代理水平 |
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Can state-owned shareholders participating in private firms promote green innovation of the enterprises?—Empirical evidence based on the mixed ownership reform of private enterprises |
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BIE Ao1, YANG Shangguang1, LUO Xiaoling2 |
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（1. School of Business, East China University of Science and Technology, Shanghai 200237, China;
2. School of Business, Central South University, Changsha 410083, China） |
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| Abstract: In the context of deepening the reform of mixed ownership in enterprises and developing green economy, whether state-owned shareholders participating in private firms can promote green innovation in private enterprises is a question that needs to be paid attention to and discussed. Based on the background of private enterprises participating in mixed ownership reform, and by using data from A-share private listed companies from 2010 to 2020. This study examines the impact of state non-controlling shareholders on green innovation in private enterprises. Research has found that state non-controlling shareholders can promote green innovation in private enterprises, which is more significant in areas where private enterprises are located with higher marketization, stronger environmental regulations, and when the industry to which private enterprises belong is a polluting industry. Mechanism research has confirmed that state non-controlling shareholders can promote green innovation in private enterprises by alleviating financing constraints and reducing their agency level. Further analysis has revealed that state non-controlling shareholders have a greater promoting effect on green innovation in private enterprises when state non-controlling shareholders come from central state-owned enterprises. The research conclusion not only enriches the research on the benefits of mixed ownership reform in private enterprises, but also provides theoretical support and empirical evidence for promoting green technology innovation in private enterprises in China from the perspective of mixed ownership reform. |
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Key words: state-owned shareholders; private enterprises; green technology innovation; financing constraints; principal agency level |
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