股权结构、环境规制与企业绿色创新——基于A股上市重污染企业的实证分析

Ownership Structure,Environmental Regulation and Corporate Green Innovation

在倡导绿色发展的时代背景下,绿色创新是企业平衡经济增长和环境保护的重要战略。重污染企业作为主要的工业产品生产者和自然资源消耗者,其实现绿色化转型升级的任务更加紧迫。本文以2015-2020年在A股上市的重污染企业为研究样本,实证检验了股权结构对企业绿色创新的影响,并探析了环境规制对股权结构与绿色创新关系的调节作用。研究表明:股权集中度与绿色创新之间存在显著的正向相关关系;而股权制衡度与绿色创新之间存在非显著的负向相关关系;环境规制正向调节了股权集中度对绿色创新的影响。以上发现丰富了影响绿色创新的内部因素,为如何通过企业内部治理促进绿色创新提供了新证据。因此,为进一步提升重污染企业的绿色创新绩效,需优化完善股东环保责任制度,保障对绿色创新项目的权利支持,加强政府环境监管,进而在企业内部形成压力传导。

In the context of advocating green development,green innovation is an important strategy for enterprises to balance economic growth and environmental protection.As the major producers of industrial products and consumers of natural resources,the task of heavily polluting enterprises to achieve green transformation and upgrading has become more urgent.Taking the heavily polluting enterprises listed in A-shares in 2015-2020 as research samples,this paper empirically tests the impact of ownership structure on corporate green innovation,and explores the regulatory role of environmental regulation on the relationship between the ownership structure and green innovation.The study shows that there is a significant positive relationship between ownership concentration and green innovation,while there is a non-significant negative relationship between equity balance and green innovation.Environmental regulation positively moderates the impact of ownership concentration on green innovation.The above findings enrich the internal factors affecting green innovation and provide new evidence for how to promote green innovation through enterprise internal governance.Therefore,in order to further improve the green innovation performance of heavily polluting enterprises,it is necessary to optimize and improve the system of shareholders'environmental responsibility,guarantee the right to support green innovation projects and strengthen government environmental supervision,so as to form pressure transmission within enterprises.