HOW DOES STATE-OWNED EQUITY AFFECT GREEN TECHNOLOGY INNOVATION OF PRIVATE ENTERPRISES

Abstract

Based on the data of 22368 private listed companies in the CSMAR database from 2010 to 2022, this paper empirically tests the impact of mixed ownership reform of private enterprises on green technology innovation and discusses the mechanisms of financing constraints. The research finds that the introduction of state-owned equity by private enterprises can help enterprises improve their green technology innovation level. Further research reveals that financing constraints significantly limit enterprises' green technology innovation, and the introduction of state-owned equity can enhance this innovation by alleviating financing constraints. The effect of mixed reform in less developed areas is more significant. This paper provides important empirical data for the mixed ownership reform of private enterprises and also provides ideas for the improvement of the green technology innovation level of private enterprises in developing countries.