The Influence Of Common Institutional Ownership On Enterprise Green Innovation Output

With the rapid development of economic and social,while enterprises are pulling economic growth,they are also creating a lot of environmental problems,which restricts the goal of green development to a certain extent,resulting in a series of problems such as resource limitation,environmental pollution and so on.To help enterprises achieve green development,common institutional ownership functions through mechanisms such as resource integration and collaborative governance to provide information and resource support to enterprises.Based on the above background,from the perspective of financial support,this paper further discusses the relationship between common institutional ownership and green innovation output.This paper first collates the existing researches on common institutional ownership and enterprise green innovation,explains and analyzes the relationship between common institutional ownership and enterprise green innovation output.On this basis,it further makes theoretical analysis from the resource-based theory,enterprise life cycle theory,information asymmetry theory and enterprise financing theory,and starts from the perspective of R&D expenditure.This paper analyzes the relationship between common institutional ownership and enterprise green innovation output and its mechanism,proposes corresponding research hypotheses,establishes models and conducts empirical tests,and selects samples of A-share listed manufacturing enterprises in China from 2012 to 2021 for regression analysis.The results show that:(1)if there is a common institutional ownership in the enterprise,the output of green innovation and R&D expenditure of the enterprise will be more;(2)The higher the degree of common institutional ownership linkage,the more obvious the promoting effect on green innovation output and R&D expenditure;(3)The more shares co-institutional investors hold,the more obvious the promotion effect on green innovation output and R&D expenditure;(4)The test of the mediating effect model shows that,among the influences of common institutional ownership on corporate green innovation,the intermediary effect of corporate R&D expenditure is established.This paper improves the research on common institutional ownership and green innovation,and provides a reference for the green transformation of manufacturing enterprises.