国有资本入驻是否有助于民营企业减排

Does the State Capital Injection Promote the Emission Reduction in Private Enterprise?

国有资本是推动经济绿色转型的重要引擎,国有资本入驻民营企业,不仅可以有效规范民营企业污染排放行为,还可以通过打破民营企业发展桎梏以赋予企业创新活力,对于实现“双碳目标”和推动中国式现代化发展具有重要意义。本文运用工业企业与绿色发展数据库的匹配数据,考察国有资本入驻对民营企业减排行为的影响。研究发现,国有资本入驻后可有效减少民营企业污染排放,并且该减排效应在大规模企业、非战略性行业与财政分权水平较高的样本中表现更为突出。机制检验发现,国有资本入驻既可以通过放松企业融资约束与提高企业风险承担能力的方式促进民营企业技术创新,还可以通过将自身所承担的政策性社会目标融入民营企业中,以强化民企的社会责任意识,最终在“技术创新效应”和“社会责任效应”共同驱动下实现污染减排。特别的,虽然国有资本入驻不利于提升企业生产率,但国有资本入驻引致的“技术创新效应”有助于推动民企实现生产效率与绿色化的兼容发展。本研究为完善企业创新激励机制、优化环境治理与实现发展方式绿色转型提供新的视角和动力。

State capital is an important engine to promote the green transformation of economy.The state capital injection can effectively regulate the pollution emission behavior of private enterprises,break the shackles of innovation,which is significant for realizing the "double carbon goal" and the Chinese path to modernization.This paper discusses the impact of state capital injection on the pollution emission of private enterprises.The study finds that the state capital injection can effectively reduce the pollution emission of private enterprises,which is more obvious in the high fiscal decentralization,non-strategic industries and large-scale enterprises.Further,the mechanism shows that state capital injection can improve technological innovation by alleviating financing constraint and improving risktaking,and enhance social responsibility with integrating the policy social goals undertaken by state capital,then under the joint of "technological innovation effect" and "social responsibility effect" to achieve emission reduction.Particularly,although state capital injection cannot promote the productivity,"technological innovation effect" is the key to achieve both efficiency improvement and environment improvement.This paper provides a new perspective and impetus for improving the incentive mechanism of enterprise innovation,optimizing environmental governance and realizing the green transformation of the economy.