The Impact of Equity Structure on Enterprise Green Innovation of Manufacturing Industry
Based on the data of manufacturing listed companies in A stock market from 2007 to 2022,the impact of ownership structure on corporate green innovation and its mechanism are empirically tested.The conclusions show that the ownership intensity of an enterprise is negatively correlated with its green innovation,while the equity restriction degree of an enterprise is positively correlated with its green innovation.The mechanism analysis shows that the ownership intensity of a corporate hinders its green innovation by reducing the level of digital transformation,and the financ-ing constraints play a masking effect between the ownership intensity of a corporate and its green innovation.The equity restriction system promotes green innovation by alleviating the corporate fi-nancing constraints and improving the degree of digital transformation.In addition,it is found by the heterogeneity analysis that the negative correlation between the ownership intensity of a corporate and its green innovation is stronger in state-owned enterprises and non-heavily polluting enterpris-es,the positive correlation between the equity restriction degree of a corporate and its green inno-vation is more significant in non-state-owned enterprises,small and medium-sized enterprises and non-heavily polluting enterprises.
Equity concentrationEquity checks and balancesFinancing constraintsDigital transformationGreen innovation
NETL
NSTL
万方数据
维普
