国有资本参股如何影响民营企业环保投资

How Does State-owned Capital Participation in Private Enterprises Impact Environmental Protection Investment

当前,民营企业绿色发展突出问题较多,国有资本参股能否改善民营企业可持续发展值得关注。基于2007—2021年中国沪深A股上市公司数据,实证检验了国有资本参股对民营企业环保投资的影响及作用机制。研究发现,国有资本参股能够提升企业环保投资强度,且通过传递正面信号激励、提高投资效率以及强化社会责任履行,提升了民营企业环保投资强度。进一步研究发现,国有资本参股作用的发挥离不开外部有力的制度要素安排,在市场化程度较高、具有碳排放交易试点、政府环保政策强度较大的地区,国有资本参股能够引致民营企业环保投资更大的“加速度”。因此,相关政策设计宜关注降低国有资本参股民营企业的代理成本,确保民营企业的环保投资收益;鼓励国有资本扩大参股民营企业的范围并实施企业优选策略,进一步激发民营企业的环保投资潜力,促进民营企业绿色发展。

At present,numerous outstanding issues exist in the green development of private enterprises.It is imperative to investigate whether state-owned capital participation can enhance the sustainable development of private enterprises.Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2021,this paper empirically examines the impact of state-owned capital participation in private enterprises on environmental protection investment and its mechanisms.The results show that state-owned capital participation can significantly enhance the intensity of private enterprise environmental protection investment and this effect is achieved by sending positive signals,improving investment efficiency,and strengthening the fulfillment of social responsibilities.Further research finds that the role of state-owned capital participation depends on strong external institutional arrangements.In regions with higher marketization levels,carbon emissions trading pilot programs,and stronger government environmental protection policies,state-owned capital participation can catalyze increased investments in environmental protection by private enterprises.Therefore,relevant policies should focus on reducing the agency costs of state-owned capital participation in private enterprises and ensuring that private enterprises can reap the benefits of their environmental protection investments.Furthermore,these policies should promote increased state-owned capital participation in private enterprises and facilitate the implementation of a discerning investment strategy,thereby further incentivizing private enterprises to invest in environmental protection and fostering their green development.