Research On The Influence Of Degree Of Equity Mixture On Enterprise Green Investment

Since the 18th National Congress of the CPC,Chinese government has been adhering to the concept of green development,striving to build a harmonious and beautiful ecological environment,actively promoting the construction of ecological civilization,and constantly improving the ecological civilization system,which has effectively solved the problem of environmental pollution and brought about overall changes in ecological environmental protection.At the 20th National Congress of the Communist Party of China in October 2022,the General secretary once again stressed the importance of planning China’s future development from the perspective of harmonious coexistence between man and nature,planning ecological protection,pollution control and industrial restructuring,and promoting green expansion and pollution reduction in a coordinated manner.However,the key to ensure the ultimate realization of ecological priority,green and low-carbon development of the whole society lies in enterprises.As the core subjects of pollution emission and control,enterprises should exert their advantages to proactively fulfill their social responsibilities,increase green investment,actively expand green investment scale,and accelerate the realization of green production.Under the background of the continuous deepening and promotion of the mixed ownership reform,the cross-integration of state-owned capital and non-state-owned capital,and the more reasonable mixed ownership structure formed by the joint shareholding of state-owned and non-state-owned shareholders are playing an increasingly important role in enterprises and becoming an important internal influencing factor for enterprises’ green investment decisions.In addition,there are few literatures on the direct impact of equity mix on the scale of green investment.Therefore,it is of great theoretical and practical significance to study the relationship between the two and explore the influencing path and regulating factors in depth.Therefore,based on the research results of domestic and foreign scholars,the principalagent theory,sustainable development theory,corporate social responsibility theory and externality theory,this paper firstly makes a theoretical analysis of the relationship between equity mix and corporate green investment.Secondly,the A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 were selected as research samples,and the twoway fixed effect model was used for empirical test.At the same time,the mediating role of corporate transparency between the two companies and the moderating role of two regional characteristics,the intensity of environmental regulation and the degree of marketization,were investigated and analyzed.Then,in order to ensure the robustness of the results,the Tobit regression model was constructed,the measurement index of corporate green investment was replaced,the control variables were added,and the PSM propensity score was matched to verify the results.Finally,the effect of endogeneity is excluded by instrumental variable method.The following conclusions are drawn:(1)there is a significant positive correlation between equity mix and corporate green investment;(2)Corporate transparency plays a partial intermediary role between equity mix and corporate green investment,that is,equity mix significantly improves the level of corporate green investment by improving corporate transparency;(3)Different regional characteristics have a heterogeneous effect on the relationship between the two.Specifically,in the regions with stronger environmental regulation intensity and weaker marketization degree,the positive effect of equity mix on corporate green investment is stronger.The contribution of this paper is that,based on mixed ownership,the specific environmental behavior of enterprises is taken as the starting point,to explore the impact of equity mix degree on corporate green investment,and further expand the driving factors of corporate green investment and the impact of equity mix degree of related research.At the same time,the mediating role of corporate transparency is analyzed and tested,and the moderating role of regional characteristics is studied from the intensity of environmental regulation and the degree of marketization,which deepens the understanding of the action path and influencing factors of mixed share structure,and provides empirical evidence for relevant government departments to formulate and improve relevant policies from the perspective of corporate green development.