Abstract
Enterprises are the micro subjects to promote the green development of the economy. It is very realistic for China to deeply explore how the shareholder relationship network affects the green transformation of enterprises to build and upgrade the green development model. This paper takes the A-share listed companies in Shanghai and Shenzhen in China from 2010 to 2021 as samples to empirically test the impact of chain shareholders on the green transformation of enterprises. The study found that: chain shareholders can promote the green transformation of enterprises, and financing constraints and the first type of agency costs play a partial intermediary role. The research conclusion of this paper provides an important reference for chain shareholders to exert the resource governance effect, for optimizing the corporate governance mechanism and regulating shareholder behavior to help the green and high-quality economic development.
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