Mixed Ownership Reform and Environmental Sustainable Development—Based on the Perspective of Carbon Performance

Abstract

Mixed ownership reform has contributed greatly to China’s economic development; however, there is little literature on how mixed ownership reform affects carbon performance in the context of environmentally sustainable development. Therefore, this paper takes A-share industrial state-owned enterprises in Shanghai and Shenzhen from 2008 to 2020 as research samples to investigate the impact of mixed ownership reform on carbon performance through empirical tests. The results show that the mixed ownership reform of state-owned enterprises can improve the carbon performance of enterprises. The intermediary test shows that green innovation plays an intermediary role in the relationship between mixed ownership reform and carbon performance. Furthermore, compared with green management innovation, mixed ownership reform has a stronger promoting effect on green technology innovation, and green technology innovation has a greater impact on carbon performance. Heterogeneity analysis shows that in heavily polluted industries and competitive industries, mixed ownership reform of state-owned enterprises has a more significant role in improving carbon performance. Therefore, the mixed ownership reform of state-owned enterprises is of great significance for promoting environmental sustainable development. Overall, this study provides empirical evidence for the environmental sustainable development of state-owned enterprises in emerging markets.

Foreign Ownership and State-Owned Enterprises’ Innovation: The Mediating Role of Host Country’s Innovation Level and the Moderating Effect of Government Innovation Subsidies

“…This variable is measured by the OFDI SOEs' growth rate of their main business income. 3 ⃝ R&D intensity (RD). Generally speaking, the more R&D investment there is, the more innovation vitality will be found in the SOEs.…”

“…It is obvious that how to promote the optimization of the governance structure of SOEs and enhance the level of innovation through mixed-ownership reform should be a key problem to be solved. In the context of mixed-ownership reform, the academic research on the relationship between mixed-ownership reform and SOE innovation is mainly carried out from the view of efficiency, grounded in principal-agent theory, and the complementary view from the perspective of resource-dependence theory [2,3]. However, previous studies have two limitations: (1) Although domestic and foreign scholars believe that mixed-ownership reform is an important way to promote the process of the internationalization of enterprises [4], there are few studies on the impact of foreign ownership on SOE innovation through the process of internationalization as an important way of mixed-ownership reform encouraged by the Chinese government [5].…”

Role of Digital Transformation on Carbon Performance: Evidence from Firm-Level Analysis in China

“…To align the orientation of the indicators with the trajectory of carbon performance alterations, we evaluate corporate carbon performance using the inverse of carbon intensity. Based on previous studies [23,62], carbon performance is quantified as the ratio of operating revenue to carbon dioxide emissions. Initially, this research collected consumption data pertaining to eight distinct fossil fuel categories at the industrial level from the National Bureau of Statistics.…”

Supply Chain Concentration, Financing Constraints, and Carbon Performance

“…This includes research on internal factors such as property rights nature [6], carbon risk awareness [7], carbon disclosure [8,9], digitalization level [10], technological progress [11], and corporate governance [12,13]. It also includes research on external factors such as carbon trading policies [14], environmental subsidies [15], and mixed ownership reform [16]. There is a considerable amount of literature studying firm performance from a supply chain perspective, but the conclusions are not consistent, and there is a lack of research on carbon performance.…”