Can "Reverse Mixed Ownership Reform" Promote Green Innovation Of Private Enterprises

The research on the motivation of corporate green innovation in the academic circle is developing from the external policy,market demand and resource characteristics to the internal governance structure.However,the research on the interaction mechanism between corporate green innovation based on the ownership structure,especially the mixed ownership with private enterprises as the main body,is still lacking in attention.Therefore,from the perspective of mixed ownership of private enterprises,this thesis discusses the mechanism of mixed ownership of private enterprises in promoting green innovation by improving the level of green innovation and realizing green transformation.This thesis takes China’s Shanghai and Shenzhen A-share non-financial private listed enterprises from 2011 to 2020 as samples to empirically test the influence mechanism between mixed ownership and green innovation of private enterprises in China.In this thesis,the bidirectional fixed effect model with a lag of one stage was used to make the estimation results more accurate.The robustness test was conducted by constructing the Heckman two-stage model,replacing the measurement indicators of dependent variables and adding provincial control variables.The results show that the mixed ownership of private enterprises can significantly promote the green innovation of private enterprises by increasing the government subsidies of private enterprises and restraining the short-sighted tendency of private enterprise management.Further analysis shows that when private enterprises are faced with heavy financing constraints,mixed ownership of private enterprises has a more significant promoting effect on their green innovation.Mixed ownership of private enterprises has a more significant promoting effect on green innovation when the region where private enterprises are located has a higher CO2 apparent emission pressure or a higher marketization degree.In addition,for high-tech private enterprises and manufacturing private enterprises,the effect of state-owned shareholders’ participation in promoting green innovation of private enterprises is more significant.The contribution of this thesis is to verify that mixed ownership of private enterprises is effective in promoting green innovation of private enterprises and helping to achieve the "double carbon goal",and to provide experience reference for stimulating the enthusiasm of green innovation of private enterprises and promoting the green transformation development of private enterprises.At the same time,it also provides empirical evidence for testing the effectiveness of "reverse mixed ownership reform" of private enterprises and enrichis the existing research on mixed ownership reform.