科学与管理2026，Vol.46Issue(4)：73-84,12.DOI:10.3969/j.issn.1003-8256.2026.04.009
"国家队"持股与企业环保违规
"National Team"Shareholding and Corporate Environmental Violations
摘要
Abstract
In recent years,frequent corporate environmental violations have not only adversely affected corporate reputations but also caused significant harm to the public and natural environment.Based on data from Shanghai and Shenzhen A-share listed companies spanning 2015 to 2023,this study employs empirical analysis to investigate the relationship between the shareholding ratio of the"National Team"(state-affiliated institutional investors)and corporate environmental violations,while elucidating its underlying mechanisms.The findings reveal that"National Team"shareholdings significantly inhibit corporate environmental violations.Further analysis demonstrates that such shareholdings mitigate corporate financing constraints and agency problems,thereby curbing environmental violations.Additionally,the restraining effect of"National Team"shareholdings on environmental violations is more pronounced in non-state-owned enterprises,smaller-sized companies,and firms not audited by the Big Four accounting firms.This study enriches research on corporate environmental non-compliance governance,contributing to further exploration of the economic implications of"National Team"shareholdings.It provides empirical insights for corporate green development and government decision-making.关键词
"国家队"持股/环保违规/融资约束/代理问题Key words
"National Team"shareholding/environmental violations/financing constraints/agency problem分类
管理科学引用本文复制引用
齐祥芹,战新愿,周鑫.."国家队"持股与企业环保违规[J].科学与管理,2026,46(4):73-84,12.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(KYCX25_1556) （KYCX25_1556）
国家自然科学基金项目(71602091) （71602091）
