股权结构对制造业企业绿色创新的影响研究  

The Impact of Equity Structure on Enterprise Green Innovation of Manufacturing Industry

作　　者：程晓多[1] 张立彤 杨博文 CHENG Xiaoduo;ZHANG Litong;YANG Bowen(School of Economics and BusinessAdministration,Heilongjiang University,Harbin,Heilongjiang 150080)

机构地区：[1]黑龙江大学经济与工商管理学院,黑龙江哈尔滨150080

出　　处：《管理现代化》2024年第2期136-146,共11页Modernization of Management

基　　金：国家自然科学基金“大型高碳体育场馆低碳运营影响因素及模式研究”(71173067)。

摘　　要：以2007-2022年A股制造业上市公司数据,实证检验了股权结构对企业绿色创新的影响及其机制。研究结果表明,股权集中度与企业绿色创新负相关,而股权制衡度与企业绿色创新正相关。机制分析表明,股权集中度以降低数字化转型水平阻滞企业绿色创新,融资约束在股权集中度与企业绿色创新之间发挥了遮掩效应;股权制衡度通过缓解企业融资约束、提高数字化转型程度促进企业绿色创新。另外,异质性分析发现,股权集中度与企业绿色创新的负相关性在国有企业和非重污染企业中更强;股权制衡度与企业绿色创新的正相关性在非国有企业、中小型企业和非重污染企业中更为显著。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 financing 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 financing 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 innovation is more significant in non-state-owned enterprises,small and medium-sized enterprises and non-heavily polluting enterprises.

关 键 词：股权集中度 股权制衡度 融资约束 数字化转型 绿色创新 

分 类 号：F271[经济管理—企业管理]