Digitalization is of great significance for resource-based enterprises to break through the dual constraints of resource and environment. Based on the data of China's A-share resource-based listed enterprises, this study empirically examines the direct effect and transmission mechanism of digital transformation on the enterprises' environmental performance. The study finds that digital transformation significantly enhances the environmental performance of enterprises by stimulating green technology innovation, accelerating human capital accumulation, increasing environmental information disclosure, and strengthening environmental governance. The environmental performance of state-owned, large-size and high-tech resource-based enterprises is more prominently affected by digital transformation. In the eastern region and areas with higher environmental regulation, the impact of digital transformation on the environmental performance of resource-based enterprises is more significant. This study provides targeted suggestions for resource-based enterprises to make full use of the digital dividends and achieve high-quality development.
Whether state‐owned equity participation in private enterprises to implement mixed ownership reform can help the sustainable development of private enterprises has been a widespread topic in recent years. Using data from China's A‐share private listed enterprises from 2014 to 2020, this paper adopts the fixed effect model to examine the impact of state‐owned equity participation on the strategic risk taking of private enterprises. The study finds that state‐owned equity participation can improve private enterprises' strategic risk taking, while alleviating financing constraints and improving corporate governance are important mechanisms. Heterogeneity analysis demonstrates that when enterprises belong to high‐tech enterprises and the industry competition is relatively high, state‐owned equity participation has a more remarkable effect in promoting strategic risk taking of private enterprises. Further research also finds that state‐owned equity participation can improve enterprises' innovation capability, which is embodied in the increase of patent output. This research enriches the relevant achievements of the mixed ownership reform of private enterprises and has certain theoretical and practical guidance for private enterprises' strategic choice.
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