当代经济科学2026，Vol.48Issue(3)：100-113,14.DOI:10.20069/j.cnki.DJKX.2026015
民营股东对国有企业绿色创新的影响
The Impact of Private Shareholders on Green Innovation of State-owned Enterprises from the Perspective of Shareholder Resources
摘要
Abstract
The dual externality of green innovation mean that most firms engage in green innovation passively under stakeholder pressure.Even state-owned enterprises(SOEs)with a strong sense of social responsibility are less likely to actively carry out green innovation due to the strong administrative governance orientation.Although existing literature has emphasized that private shareholders are important stakeholders in promoting SOEs'green innovation,most studies focus on the governance optimization effect brought by the shareholding of private shareholders.However,as corporate governance is gradually shifting from an equity-ratio-based logic to a shareholder-resource-based logic,the"green"governance capabilities,knowledge,and other resources that private shareholders possess have become an indispensable factor in promoting SOEs' green innovation. This paper takes as its sample Chinese A-share state-owned listed companies whose top ten shareholders include private shareholders during the period 2013-2023.Using the green patent data of private shareholders and the industries they are in,the paper measures the green innovation pressure of private shareholders and examines its impact on SOEs'green innovation behavior and the underlying mechanisms.The findings are as follows:(1)The green innovation pressure of private shareholders has a significant positive impact on SOEs'substantive green innovation,but no significant impact on strategic green innovation.(2)Mechanism tests show that private shareholders facing greater green innovation pressure promote SOEs'substantive green innovation through green governance optimization and green knowledge spillovers.(3)Further analysis indicates that the excessive appointment of directors by private shareholders and the green investment level of SOEs contribute to strengthening the influence of private shareholders'green innovation pressure on SOEs'substantive green innovation.(4)Furthermore,in regions with stronger environmental regulations or in non-heavily polluting industries,the promotion effect of private shareholders'green innovation pressure on SOEs'substantive green innovation is more obvious. Compared with previous studies,this paper makes three main contributions.(1)From the perspective of shareholder resources,this paper defines the green innovation pressure of private shareholders,which helps to enrich the research starting point and path of SOEs'reform,and breaks through the traditional governance framework centered on the equity ratio.It provides a theoretical basis for SOEs to identify private shareholders whose resources are compatible with green innovation goals.(2)This paper explores the impact of private shareholders'green innovation pressure on the green innovation of SOEs and discovers two mechanisms:green governance optimization and green knowledge spillover.This not only expands research on the determinants of green innovation,but also deepens understanding of green innovation's dependence on resources such as"green"governance capabilities and knowledge.(3)From the perspectives of SOEs'control rights incentives and resource accumulation,this paper respectively explores the moderating effects of private shareholders'excessive appointment of directors and the level of green investment of SOEs.This helps to incorporate the"reform"dimension of board governance and the"integration"dimension of strategic resources into the same research framework,providing empirical evidence for SOEs to build an internal environment for green innovation incentives. From the perspective of shareholder resources,this paper verifies the significant role of the green innovation attributes of private shareholders in empowering the green innovation of SOEs.This provides a feasible solution for promoting SOEs to achieve a win-win outcome between environmental protection and economic efficiency.关键词
国有企业/股东资源/绿色创新/治理优化/知识溢出Key words
state-owned enterprises/shareholder resources/green innovation/governance optimization/knowledge spillover引用本文复制引用
郭建鸾,刘迎凤,刘子諝..民营股东对国有企业绿色创新的影响[J].当代经济科学,2026,48(3):100-113,14.基金项目
国家自然科学基金项目(72402248). （72402248）
