The Influence Of State-Owned Major Shareholders On Green Innovation In Enterprises

Under the national strategy of "Made in China 2025" and the "30/60" dual carbon objectives,industrial enterprises,as the major source of carbon emissions,urgently need to undergo green transformation.Green innovation,which is an effective way to balance economic and environmental benefits,has become the inevitable choice for industrial enterprises to seek longterm development and obtain competitive advantages.As the helmsman and major stakeholders of the enterprise,major shareholders have a significant impact on the company’s various business strategies.With the continuous advancement of mixed ownership reform,there has been increasing research on the differences in the impact of different shareholders on the company,with the differences between state-owned and non-state-owned shareholders being particularly significant.Therefore,it is essential to thoroughly understand the influence of state-owned major shareholders on enterprise green innovation to better carry out a new round of industrial enterprise reform focusing on technological innovation and sustainable development.Considering that 2015 was the start of China’s first decade-long plan for a manufacturing powerhouse,this study selected A-share industrial listed companies in Shanghai and Shenzhen from 2015 to 2020 as research samples.Based on theoretical research and empirical analysis,a multiple regression model was constructed,and the research results show that:(1)State-owned major shareholders will hinder the development of the company’s green innovation;(2)Stateowned major shareholders will cause a reduction of the company’s earnings quality,thereby inhibiting the company’s green innovation;(3)State-owned major shareholders will reduce the risk appetite of the company’s management,thereby inhibiting the company’s green innovation;(4)Environmental regulations strengthen the inhibitory effect of state-owned major shareholders on the company’s green innovation.Through heterogeneity tests,this article also found that the second largest shareholder being a non-state-owned shareholder and the industry in which the company operates being a heavily polluting industry both weaken the inhibitory effect of stateowned major shareholders on corporate green innovation.At the same time,this article also verifies that the control power of the state-owned largest shareholder also inhibits corporate green innovation.The research findings of this study verified the direct influence of state-owned major shareholders on enterprise green innovation,as well as the indirect influence through the impact on the company’s earnings quality and management risk appetite,and the role of environmental regulations in the process of state-owned major shareholders influencing enterprise green innovation.The research findings further demonstrate the necessity and urgency of state-owned capital reform and provide theoretical guidance for state-owned enterprises that hope to promote their own green development through mixed ownership reform.At the same time,it also provides new ideas for promoting differentiated environmental regulation reforms based on the needs of individual enterprises,thereby fully mobilizing different companies’ green innovation power,promoting China’s ecological civilization,and achieving a harmonious coexistence between humans and nature in a Chinese-style modernization.