In the construction of ecological civilization, green innovation has become an important driving force for the sustainable development of state-owned enterprises (SOEs). This paper uses panel data of state-owned listed enterprises from 2008 to 2019 to explore mixed-ownership reform’s influence on the green transformation of SOEs and its specific mechanisms. The results show that the diversity of mixed shareholders, the depth of mixed equity, and the restriction of mixed equity significantly promote the SOEs’ green innovation. Moreover, there are distinctions in the impact of the shareholding ratio of heterogeneous shareholders on green innovation. Only the increase in the shareholding ratio of foreign shareholders has a positive correlation with green innovation. The mechanism tests indicate that the mixed-ownership reform plays a governance role in the green transformation of SOEs by optimizing the reasonable allocation of environmental protection subsidies and propelling environmental social responsibility’s active performance. Our study further subdivides the significant promotion effect of mixed-ownership reform on green innovation, finding that it only exists in the SOEs in heavily polluting industries and regions with a high degree of marketization. Finally, we find that the ownership structure adjustment caused by the mixed-ownership reform has improved SOEs’ environmental management system and facilitated its sustainable development capabilities.
State-owned enterprises (SOEs) are the leading force in the national economy. The main goal of mixed-ownership reform is to enhance the SOEs’ independent innovation capability, thereby bringing high-quality development of the national economy. Based on the baseline regression and mediation effect model, this study explores the impact of mixed-ownership reform on exploratory innovation of SOEs from ownership structure adjustment and control rights allocation. The results show that the diversity of mixed shareholders, the depth of mixed equity, and the control of mixed equity significantly increase the SOEs’ exploratory innovation investment. And the shareholding ratio of heterogeneous shareholders has a differentiated influence on exploratory innovation. The mediation effect test indicates that the promotion effect of mixed-ownership reform of SOEs in the ownership structure dimension is achieved by reducing the second-type agency conflict and easing the financing constraints. In contrast, the promotion effect in the control rights allocation dimension is achieved by lowering the first-type agency conflict. The findings demonstrate that the mixed-ownership reform have positive effect on the SOEs’ exploratory innovation investment, and the different dimensions of mixed-ownership reform have disparate function routes to exploratory innovation. This study provides guidance for SOEs on how drive national innovation development through mixed-ownership reform. SOEs should guarantee the rights of non-state-owned capital to hold shares and appoint directors, improve internal governance mechanisms, so as to accelerate the development of exploratory innovation activities.
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