“反向混改”何以影响民营企业实质性绿色创新?——基于制度理论的视角  

How does the“Reverse Mixed-ownership Reform”Affect the Substantive Green Innovation of Private Enterprises?From the Institutional Theory Perspective

作　　者：贺佳 王分棉[1] 孙宛霖 张鸿[2] He Jia;Wang Fenmian;Sun Wanlin;Zhang Hong(Beijing Enterprises’Global Management Research Center/Business School,University of International Business and Economics,Beijing 100029,China;Guanghua School of Management,Peking University,Beijing 100871,China)

机构地区：[1]对外经济贸易大学北京企业国际化经营研究基地/国际商学院,北京100029 [2]北京大学光华管理学院,北京100871

出　　处：《外国经济与管理》2025年第2期69-83,共15页Foreign Economics & Management

基　　金：国家社会科学基金重点项目(23AJL016);国家自然科学基金(72302006);对外经济贸易大学研究生科研创新基金(202435)。

摘　　要：绿色创新是推动我国经济高质量发展的重要引擎,而民营企业作为开展绿色创新的重要主体仍然面临意愿不强和质量不高等问题。随着混合所有制改革进入全面深化阶段,国有资本参股给民营企业带来了制度压力。在此背景下,本文基于制度理论,实证考察了国有资本参股的“反向混改”是否以及如何影响民营企业实质性绿色创新。研究发现,“反向混改”会促进民营企业开展实质性绿色创新,该结论在经过一系列稳健性检验后依然成立。进一步研究发现,“反向混改”通过增加民营企业的外部关注、提升其环保意识,进而提高了民营企业的实质性绿色创新水平;相对于高污染行业,“反向混改”与低污染行业民营企业实质性绿色创新的正相关关系更强。本文为“反向混改”影响民营企业实质性绿色创新提供了新的经验证据,对混合所有制改革与“双碳”目标的持续深入推进具有重要参考价值。Green innovation is integral to the high-quality economic and social development in China.Private enterprises,as pivotal agents of green innovation,still face problems such as weak willingness and low quality.The deepening of the mixed-ownership reform allows state capital to participate in private enterprises,thereby bringing institutional pressure to these enterprises.Based on the institutional theory,this paper empirically investigates the impact of state capital participation,known as the“reverse mixed-ownership reform”,on the green innovation of China’s listed private enterprises from 2007 to 2020.The results show that the“reverse mixed-ownership reform”fosters the substantive green innovation of private enterprises.Further analysis discovers that the“reverse mixedownership reform”promotes the substantive green innovation of private enterprises by increasing their external attention and enhancing their environmental awareness.Compared with high-pollution industries,the positive correlation between the“reverse mixed-ownership reform”and the substantive green innovation of private enterprises in low-pollution industries is stronger.This paper provides new empirical evidence for the impact of the mixed-ownership reform on substantive green innovation.The conclusions offer insights for advancing the mixed-ownership reform and achieving the goals of carbon peaking and carbon neutrality.

关 键 词：“反向混改” 实质性绿色创新 民营企业 制度理论 

分 类 号：F270[经济管理—企业管理]