科学与管理2025，Vol.45Issue(5)：93-102,10.DOI:10.3969/j.issn.1003-8256.2025.05.012
"逆向混改"与民营企业环境信息披露质量
"Reverse Mixed-Ownership Reform"and Environmental Information Disclosure of Private Enterprises
摘要
Abstract
With the comprehensive deepening of mixed-ownership reform,the participation of private enterprises in"reverse mixed-ownership reform"begins to attract attention.The reverse mixed-ownership reform is characterized by private enterprises introducing the state-owned equity.This thesis takes listed private enterprises in Shanghai and Shenzhen A stock markets from 2013 to 2021 as samples to explore the effect of reverse mixed-ownership reform on environmental information disclosure of private enterprises.The main empirical findings are:(1)the participation of private enterprises in reverse mixed-ownership reform and the introduction of the state-owned equity can significantly promote the level of environmental information disclosure;(2)the working mechanism finds that in virtue of the resource effect of state-owned stock right,the financing restrictions are reduced,thus promoting the environmental disclosure;(3)further study finds that under the circumstance of high institutional investor shareholding and high regional environmental regulation intensity,the reverse mixed-ownership has a more significant effect on the environmental performance of private enterprises.This thesis enriches related research on environmental responsibility of private enterprises and is conducive to further studies of the financial effects on mixed-ownership reform.Meanwhile,it also provides reference to the distribution of state-owned capital and the high-quality development of private enterprises.关键词
逆向混改/环境信息披露/融资约束Key words
reverse mixed-ownership reform/environmental information disclosure/financing restriction分类
管理科学引用本文复制引用
齐祥芹,鲁宁,徐凡.."逆向混改"与民营企业环境信息披露质量[J].科学与管理,2025,45(5):93-102,10.基金项目
江苏高校哲学社会科学研究重大项目(2022SJZD007) （2022SJZD007）
江苏省研究生科研与实践创新计划项目(SJCX24_0431) （SJCX24_0431）
国家自然科学基金青年项目(71602091) （71602091）
