Mixed Ownership Reform Promotes the Green Innovation of SOEs:Empirical Evidence from Listed SOE Data
This study investigates the impact of mixed-ownership reform on the green innovation of SOEs,using data from listed SOEs on the Shanghai and Shenzhen stock exchanges from 2008 to 2021.Empirical analysis reveals that mixed-ownership reform,characterized by the degree of participation of non-state-owned shareholders and the balance between state-owned and non-state-owned shareholders,significantly enhances both the capacity and quality of green in-novation in SOEs.Mechanism analysis indicates that mixed-ownership reform promotes green innovation by increasing innovation intentions(as measured by the proportion of"innovation"in financial reports)and boosting R&D investment.Heterogeneity analysis shows that the positive impact of non-state-owned shareholders on green innovation is more pro-nounced in monopolistic industries,non-polluting industries,non-high-tech industries,highly market-oriented regions,and central SOEs.These heterogeneity findings,which partially diverge from recent research results,suggest areas for further exploration.Practically,this paper provides fresh insights for future enterprise reform and strategies to enhance green innovation in SOEs.
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万方数据
