混合所有制改革对国有企业绿色创新的影响与溢出效应

Impact and spillover effect of mixed‑ownership reform on the green innovation of state‑owned enterprises

混合所有制改革作为国有企业改革的核心举措,探讨其对绿色创新的影响效果兼具理论与实践意义。该研究以2010—2019年中国A股国有上市公司为研究对象,以国有企业前十大股东中非国有股东持股比例为混改判断依据,通过双重差分倾向得分匹配法实证检验了混合所有制改革对国有企业绿色创新的影响、作用机制及影响的异质性。在此基础上,进一步探讨了混合所有制改革对国有企业绿色创新的溢出效应。研究发现:混合所有制改革总体上能有效促进国有企业绿色创新。在采用安慰剂检验、工具变量法缓解内生性问题,更换匹配依据进行稳健性检验后,结论仍然成立。机制检验发现,公司治理水平提高和知识溢出效应是混合所有制改革促进国有企业绿色创新的重要渠道;非国有股东逐利属性可能在混合所有制改革影响国有企业绿色创新中产生抑制作用。根据行业特征的异质性分析发现,在竞争行业和环保行业中,混合所有制改革对国有企业绿色创新的促进作用更明显。整体上混改促进国有企业绿色创新,但非国有股东占比并非越高越好,当前十大股东中非国有股东持股占比位于15%~≤30%时,混改对国有企业绿色创新的促进效应最明显。混改对未混改国有企业绿色创新存在溢出效应,有效促进了同行业未混改国有企业进行实质性绿色创新。基于研究结果提出,应充分认识混改在绿色发展中的重要作用,进一步推动国有企业混合所有制改革;推动形成互相制衡的股权结构,合理配置非国有资本占比;同时,避免“一刀切”的混合所有制改革,应坚持分类分层有序推进混改进程。

It is of theoretical and practical significance to study the impact of mixed-ownership reform,the core measure of stateowned enterprise(SOE)reform,on the green innovation of SOEs.Using the data of SOEs listed in the China A-share stock market from 2010 to 2019,this study empirically tested the impact,mechanisms,and heterogeneous impact of mixed-ownership reform on the green innovation of SOEs through a Propensity Score Matching+Difference-in-Differences(PSM-DID)model based on the shareholding ratio of non-state-owned shareholders among the top ten shareholders of state-owned enterprises.On this basis,this paper further explored the spillover effect of mixed-ownership reform on the green innovation of SOEs.The results showed that:①Mixed-ownership reform could effectively promote the green innovation of SOEs.After using the placebo test and instrumental variable method to alleviate the endogenous problem and replacing the matching basis for the robustness test,the conclusion was still valid.②The mechanism test showed that the improvement of corporate governance level and the knowledge spillover effect were important channels for mixed owner⁃ship reform to promote the green innovation of SOEs.The profit-seeking nature of non-state-owned shareholders might have a dampen⁃ing effect on the green innovation of SOEs in mixed-ownership reform.③The heterogeneity analysis of industry characteristics showed that in competitive industries and environmental protection industries,mixed-ownership reform had a more obvious impact on promot⁃ing the green innovation of SOEs.④Although the mixed-ownership reform promoted the green innovation of SOEs,it was not the higher the better in terms of the proportion of non-state-owned shareholders.When non-state-owned shareholders accounted for 15%to 30%,the promotion effect on the green innovation of SOEs was most obvious.⑤The mixed-ownership reform had a spillover effect on the green innovation of unreformed SOEs,effectively promoting the substantive green innovation of these SOEs in the same industry.There⁃fore,the study proposes that the important role of mixed-ownership reform in green development should be fully recognized and the mixed-ownership reform of SOEs should be further promoted.We should promote the formation of a mutually balanced equity structure and rationally allocate the proportion of non-state-owned capital.At the same time,we should avoid the‘one-size-fits-all’mixed-owner⁃ship reform and adhere to the classification and stratification of orderly progress.