国有资本参股对民营企业绿色创新的影响研究——环境规制与高管激励的调节作用

Research on the Influence of State-owned Capital Participation on Green Innovation of Private Enterprises

绿色创新是协同推进经济社会高质量发展与生态环境高水平保护的重要途径,是提升企业抗风险和可持续发展能力的关键路径。在国家积极发展混合所有制经济背景下,国有资本参股能否有效驱动民营企业绿色创新是一个亟待进一步证实的议题。鉴于此,本文以2009-2019年深沪两市民营上市公司为研究样本,采用固定效应模型探究国有资本参股对民营企业绿色创新的影响机制及实现路径。研究结果显示:国有资本参股能够显著促进民企绿色创新,高管声誉激励正向调节国有资本参股对民企绿色创新的积极影响,高管薪酬激励对此没有显著的调节作用,并且处于环境规制较强地区的民营企业,国有资本参股对其绿色创新的促进作用更加显著。进一步分析发现,企业动态能力在国有资本参股对民企绿色创新的影响中发挥部分中介作用。国有资本参股对绿色创新的促进作用在大型民营企业和市场化水平较高的环境中更为显著。本研究验证了国有资本参股对民营企业绿色创新的促进作用;同时对于进一步推进混合所有制改革,助力民营企业的绿色创新实践具有良好的参考价值。

Green innovation is an important way to coordinate the promotion of high-quality economic and social development and high-level protection of ecological environment.It is also a key path to improve the ability of enterprises to resist risks and sustainable development.Under the background of the country’s active development of mixed ownership economy,whether state-owned equity participation can effectively drive the green innovation of private enterprises is an issue that needs to be further confirmed.In view of this,this article takes private listed companies in the Shenzhen and Shanghai stock markets from 2009 to 2019 as research samples,and uses a fixed effects model to explore the impact mechanism and implementation path of state-owned capital participation on private enterprises.The research results show that state-owned capital participation can significantly promote green innovation in private enterprises,and reputation incentives positively regulate the positive impact of state-owned capital participation on green innovation in private enterprises.Executive compensation incentives have no significant moderating effect on this,and state-owned capital participation has a more significant promoting effect on green innovation in private enterprises located in areas with strong environmental regulations.Further analysis reveals that the dynamic capabilities of enterprises play a partial mediating role in the impact of state-owned capital participation on green innovation in private enterprises.The promotion effect of state-owned capital equity participation on green innovation is more significant in large private enterprises and environments with higher levels of marketization.This study verifies the promoting effect of state-owned capital participation on green innovation in private enterprises;At the same time,it has good reference value for further promoting mixed ownership reform and assisting private enterprises in green innovation practices.