共同机构所有权与企业绿色创新:协同治理还是竞争合谋——来自重污染企业的经验证据

Common Institutional Ownership and Corporate Green Innovation: Coordination inGovernance or Collusion in Market—Empirical Evidence from Heavily Polluting Companies

绿色创新是企业实现经济高质量发展的重要路径之一。近年来,共同机构所有权这一现象日益普遍。以2011—2021年中国重污染行业A股上市公司为样本,探索共同机构所有权对企业绿色创新的影响。研究发现,共同机构所有权促进了企业进行绿色创新,支持协同治理效应。作用机制检验发现,共同机构所有权通过提高企业的信息透明度和缓解代理成本来促进企业绿色创新。进一步分析发现,相比非国有企业,共同机构所有权对企业绿色创新的影响在国有企业中更为明显。

Green innovation is one of the important paths for enterprises to achieve high-quality economic development.In recent years,the phenomenon of common institutional ownership has become increasingly common.Taking A-share listed companies in China s heavily polluting industries from 2011 to 2021 as a sample,the impact of common institutional ownership on corporate green innovation is explored.The results show that common institutional ownership promotes green innovation and supports synergistic governance.The mechanism of action test finds that common institutional ownership promotes corporate green innovation by improving firms information transparency and mitigating agency costs.Further analysis shows that the impact of common institutional ownership on corporate green innovation is more obvious than that of non-state-owned enterprises.