绿色创新效率对中国上市公司绿色转型效率的影响:基于股权集中度视角

汪文静; WANG Wenjing; 曾迪; ZENG Di; 毛艺轩; MAO Yixuan

doi:10.48014/csdr.20251014002

绿色创新效率对中国上市公司绿色转型效率的影响:基于股权集中度视角

The Impact of Green Innovation Efficiency on the Green Transformation Efficiency of Chinese Listed Companies: A Perspective Based on OwnershipConcentration

中国可持续发展评论 2025年第4卷第4期页码[146-162] 下载全文[0.8MB]

摘要

本文从股权集中度的视角出发, 系统研究绿色创新效率对我国上市公司绿色转型的影响及其内在机制。与以往多关注宏观层面绿色创新与经济增长关系的研究不同, 本文聚焦企业微观层面, 结合治理结构差异, 探讨股权集中度在绿色创新效率与企业绿色转型之间的作用路径。基于2013—2022年中国3488家上市公司的财务与创新数据, 采用DEA-SBM模型 (数据包络分析—超级效率模型) 测度企业绿色创新效率, 并构建面板回归模型进行实证检验。研究结果表明: 绿色创新效率显著促进企业绿色转型, 而股权集中度在其中发挥关键的调节作用; 相对较低的股权集中度有助于企业创新改革, 提高资源配置效率与监督效应, 从而提升绿色创新效率的转化效果。此外, 异质性分析发现, 国有企业与非国有企业在绿色创新效率驱动的转型路径上存在显著差异。本文揭示了企业治理结构在绿色转型过程中的关键作用, 为完善绿色创新政策、优化股权治理机制以及推动企业可持续发展提供了重要参考。

Abstract

This paper, from the perspective of ownership concentration, systematically studies the impact of green innovation efficiency on the green transformation of Chinese listed companies and its internal mechanism. Unlike previous researches that mainly focus on the macro-level relationship between green innovation and economic growth, this paper focuses on the micro-level corporate dynamics and, in combination with differences in governance structure, explores the role of ownership concentration in the pathway between green innovation efficiency and corporate green transformation. Based on financial and innovation data from 3, 488 Chinese listed companies from 2013 to 2022, the DEA-SBM model (Data Envelopment Analysis - Super Efficiency Model) is used to measure corporate green innovation efficiency, and constructs panel regression models for empirical testing. The results show that green innovation efficiency significantly promotes corporate green transformation, with ownership concentration playing a key moderating role. A relatively lower degree of ownership concentration helps firms carry out innovative reforms and enhances resource allocation efficiency and supervisory effects, thereby improving the conversion effect of green innovation efficiency. In addition, heterogeneity analysis finds that there are significant differences between state-owned and non-state-owned enterprises in the green transformation pathways driven by green innovation efficiency. This paper reveals the critical role of corporate governance structure in the green transformation process and provides important references for improving green innovation policies, optimizing ownership governance mechanisms, and promoting sustainable development of enterprises.

DOI

10.48014/csdr.20251014002

文章类型

研究性论文

收稿日期

2025-10-14

接收日期

2025-10-28

出版日期

2025-12-28

关键词

绿色转型效率, 绿色创新效率, 绿色成果转换, 绿色科技研发效率, 股权集中度

Keywords

Green transformation efficiency, green innovation efficiency, green research outcomes, green technology R&D efficiency, ownership concentration

作者

汪文静¹, 曾迪^2,*, 毛艺轩³

Author

WANG Wenjing¹, ZENG Di^2,*, MAO Yixuan³

所在单位

1. Cardiff University, Cardiff, 英国, CF10 3DY
2. 中国建设银行, 武汉 430074
3. Cardiff University, Cardiff, 英国, CF10 3DY

Company

1. Cardiff University, Cardiff, UK, CF10 3DY
2. China Construction Bank, Wuhan, 430074, China
3. Cardiff University, Cardiff, UK, CF10 3DY

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引用本文

汪文静,曾迪,毛艺轩.绿色创新效率对中国上市公司绿色转型效率的影响:基于股权集中度视角[J].中国可持续发展评论,2025,4(4):146-162.

Citation

WANG Wenjing, ZENG Di, MAO Yixuan, et al. The impact of green innovation efficiency on the green transformation efficiency of Chinese listed companies: a perspective based on ownership concentration[J]. Chinese Sustainable Development Review, 2025, 4(4): 146-162.