逆向混改与民营企业“漂绿”行为  

Reverse Mixed Ownership Reform and the“Greenwashing”Behavior of Private Enterprises

作　　者：陈春林[1] 何信刚 Chen Chunlin;He Xingang(School of Economics and Management,Northeast Normal University,Changchun 130117,China)

机构地区：[1]东北师范大学经济与管理学院,长春130117

出　　处：《技术经济》2024年第10期69-82,共14页Journal of Technology Economics

基　　金：国家社会科学基金一般项目“‘双循环’新格局下我国体育产业供求均衡机制研究”(21BTY053);国家自然科学基金面上项目“东北地区多尺度乡村类型演化时空特征、驱动机制及优化调控研究”(42071223)。

摘　　要：本文基于2013—2019年沪深A股上市的民营企业数据,从股权结构角度出发,探究了逆向混改对民营企业“漂绿”行为的影响及其作用机制。研究发现:逆向混改引入国有股东能够通过增强企业融资能力、改善管理层短视行为、提升企业环保责任感三条作用渠道,有效抑制民营企业愈演愈烈的“漂绿”问题。差异化分析了国有股权的治理效应,发现相较表述性操纵,国有股权对选择性披露的抑制作用更为明显。引入逆向混改二次项,验证了国有股权存在最优的参股比例。异质性分析从行业性质、企业信息披露程度及企业声誉出发,揭示了不同情境下逆向混改的绿色治理效应。基于此,本文从深入推动民营企业逆向混改进程、健全信息披露法律法规及加强企业团队建设三个方面提出了有关建议。Anchoring on the shareholding structure,the A-share listed companies in Shanghai and Shenzhen in China from 2013 to 2019 was taken as a research sample,and the impact of reverse mixed ownership reform on the“greenwashing”behavior of private enterprises was discussed.Results show that by enhancing the financing capacity of enterprises,improving management's short-sighted behavior,and promoting enterprisesense of responsibility for environmental protection,reverse mixed ownership reform can significantly alleviate the worsening problem about“greenwashing”behavior of private enterprises.The governance effects of state-owned equity was analyzed deferentially,the results show that reverse mixed ownership reform has a more significant inhibitory effect on selective disclosure compared to expressive manipulation.The quadratic term of reverse mixed ownership reform was introduced into the research to verify the existence of an optimal shareholding ratio for state-owned equity.Heterogeneity analyses revealed that governance effects of reverse mixed ownership reform in different contexts in terms of the nature of the industry,the degree of corporate disclosure,and corporate reputation.It puts forward relevant suggestions from three aspects,including that deepening the process of reverse mixed ownership reform in private enterprises,improving laws and suggestions on information disclosure,and strengthening the construction of corporate teams.

关 键 词：逆向混改 国有参股 民营企业 漂绿 

分 类 号：F272.3[经济管理—企业管理]