Can the Governance of Non-state-owned Shareholders Promote the Green Technological Innovation of State-owned Enterprises?——Empirical Research Based on Mixed-Ownership Reform

Abstract

Abstract: Green technological innovation is a key driving force for coordinating economic growth and environmental protection. The improvement of the corporate governance mechanism is crucial to enhancing the green technology innovation capability of enterprises, and the mixed-ownership reform has a profound impact on the corporate governance mechanism by introducing non-state-owned shareholders. This paper manually collects and sorts out data on the shareholding ratio of non-state-owned shareholders and the ratio of directors appointed by non-state-owned shareholders of state-owned listed companies from 2008 to 2019, measures the degree of participation of non-state-owned shareholders in governance from the perspectives of ownership structure and board governance and empirically studies the impact of the governance of non-state-owned shareholders on enterprise green technological innovation and the underlying mechanism. Also, a heterogeneity analysis is carried out from two perspective:enterprise type and environmental regulation pressure. The results show that:Firstly, the governance of non-state-owned shareholders has promoted green technological innovation of enterprises. There are significant differences in the impact of heterogeneous shareholders. Private shareholders can exert effective governance effects and significantly improve the level of green technological innovation. Secondly, the promotional effect of the governance of non-state-owned shareholders is achieved through three paths:easing financing constraints, reducing agency costs, and raising risk-taking levels. Thirdly, for enterprises of various types or with different environmental regulation pressure, the influence of the governance of non-state-owned shareholders is heterogeneous. If state-owned enterprises are commercial enterprises or face high environmental regulation pressure, the governance of non-state-owned shareholders has a significant positive impact on green technological innovation. The findings of this paper are not only conducive to deepening theoretical research on the effects of mixed-ownership reform and driving factors of green technological innovation, but also provide practical enlightenment for deepening mixed-ownership reform and promoting the green transformation of state-owned enterprises.

Key words: the governance of non-state-owned shareholders, mixed-ownership reform, green technological innovation, ownership structure, board governance

Xu Dandan, Li Xiangliang, Wang Jie. Can the Governance of Non-state-owned Shareholders Promote the Green Technological Innovation of State-owned Enterprises?——Empirical Research Based on Mixed-Ownership Reform[J]. Management Review, 2023, 35(9): 102-115.

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