摘要
混合所有制改革(以下简称"混改")是增强国有经济活力、控制力和影响力的有效途径,绿色创新是我国实现绿色发展的重要驱动力。本文利用2008~2021年沪深A股上市国有企业为初始样本,探讨国有企业混合所有制改革对国有企业绿色创新的影响。实证分析发现,无论是从非国有股东参股程度还是从股权制衡角度看,都能证明混改显著提高了国有企业的绿色创新能力和质量。机制效应分析发现,混改通过提高国有企业的创新意愿(以财务报告中“创新”一词的词频衡量)和增加其研发投入,来促进其绿色创新的发展。异质性分析发现非国有股东参与对国有企业绿色创新水平的提升作用在垄断性行业、非污染行业、非高科技行业、市场化程度高的地区的国有企业和中央国有企业中更为显著。本文的异质性分析的发现与近期的研究成果存在不完全一致和值得进一步探讨之处。在实践意义层面上,本文为新一轮国企改革和提升国有企业绿色创新水平提供了一些新的思考。
This study investigates the impact of mixed-ownership reform on the green innovation of SOEs,using data from listed SOEs on the Shanghai and Shenzhen stock exchanges from 2008 to 2021.Empirical analysis reveals that mixed-ownership reform,characterized by the degree of participation of non-state-owned shareholders and the balance between state-owned and non-state-owned shareholders,significantly enhances both the capacity and quality of green innovation in SOEs.Mechanism analysis indicates that mixed-ownership reform promotes green innovation by increasing innovation intentions(as measured by the proportion of"innovation"in financial reports)and boosting R&D investment.Heterogeneity analysis shows that the positive impact of non-state-owned shareholders on green innovation is more pronounced in monopolistic industries,non-polluting industries,non-high-tech industries,highly market-oriented regions,and central SOEs.These heterogeneity findings,which partially diverge from recent research results,suggest areas for further exploration.Practically,this paper provides fresh insights for future enterprise reform and strategies to enhance green innovation in SOEs.
作者
张慧莲
沈沁源
ZHANG Huilian;SHEN Qinyuan(School of International Economics,China Foreign Affairs University,Beijing 100037,China)
出处
《金融评论》
CSSCI
北大核心
2024年第3期131-154,158,共25页
Chinese Review of Financial Studies
基金
外交学院中央高校基本科研业务费专项资金资助重大项目《绿色金融与经济发展模式转变对我国全球经济治理角色的影响》(项目批准号:3162021ZYKA02)的资助。
关键词
混合所有制改革
绿色创新
股权结构
Mixed ownership reform
Green innovation
Ownership structure
