国有股权参股与民营重污染企业绿色治理

State-owned Equity Participation and the Green Governance of Private Heavy-polluting Enterprises

由于生态环境投入的外部性和资本的逐利性,民营重污染企业的绿色治理是我国企业绿色治理的重点和难点。本文分析了国有股权参股对民营重污染企业绿色治理的影响机理,并以2008-2019年A股上市的民营重污染企业为研究样本进行了实证检验。研究发现,国有股权参股能够通过治理效应和资源效应促进民营重污染企业绿色治理;相对于污染风险较低、所在地环境规制水平较低、融资约束较低的民营重污染企业,国有股权参股对污染风险较高、所在地环境规制水平较高、融资约束较高的民营重污染企业的绿色治理促进作用更大;相比于异地国有股权参股,本地国有股权参股更能促进民营重污染企业绿色治理。本文的研究对于通过发展混合所有制经济促进社会主义生态文明建设和经济高质量发展具有一定的借鉴意义,也为"十四五"时期推进我国重点行业和重要领域的绿色化改造提供了一种可能的路径。

Due to the externality of ecological environment investment and the profit-seeking nature of capital,the green governance of private heavy-polluting enterprises is the focus and difficulty of green governance of enterprises in China.This paper takes the private heavy-polluting enterprises listed in A-share market from 2008 to 2019 as the research sample,and empirically tests the impact of state-owned equity participation on the green governance of private heavypolluting enterprises.The results show that state-owned equity participation can promote the green governance of private heavy-polluting enterprises through governance effect and resource effect.Compared with private heavy-polluting enterprises with low pollution risk,low environmental regulation level and low financing constraints,state-owned equity participation plays a greater role in promoting green governance of those with high pollution risk,high environmental regulation level and high financing constraints.Compared with non-local state-owned equity participation,local state-owned equity participation can better promote the green governance of private heavy-polluting enterprises.The research of this paper has some enlightenment significance for promoting the construction of socialist ecological civilization and high-quality economic development through the development of mixed ownership economy,and also provides a possible way to promote the green transformation of key industries and important fields in the period of the 14th five-year plan.