Research On The Relationship Between Chain Shareholders Of Listed Companies And Green Innovation

With the rapid development of economy,environmental problems become the focus of all walks of life,green development has become the inevitable choice of high quality economic development,green development requires enterprises to change the mode of economic development,avoid too much environmental pollution,through green innovation at the same time achieve high quality economic development and effectively improve the ecological environment.However,green innovation has dual externalities,including both positive externalities of knowledge spillover and negative externalities of pollution emission cost.This problem will weaken the enthusiasm of enterprises to carry out green innovation.Green innovation is often an innovation activity with high resource investment,high investment risk and long research and development cycle.Compared with traditional innovation,it will be more vulnerable to financing constraints.Moreover,the principal-agent problem caused by the separation of the two rights may also have an impact on the green innovation of enterprises.Chain shareholders exist more and more widely in the capital market.There are two views of "governance optimization" and "competition collusion" on the economic consequences of chain shareholders.Should chain shareholders promote green innovation or inhibit green innovation of enterprises? What is the mechanism of action? These questions are worth further investigation.Therefore,this paper integrates the principal-agent theory,financing constraint theory,resource theory and utility theory,takes the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 as observation samples,and makes A detailed study on the relationship between chain shareholders and green innovation,and verifies the conclusions as follows:First,the chain shareholders have a positive impact on the green innovation of enterprises.This research conclusion enriches the research scope of green innovation,provides a valuable Angle for enterprises to improve the level of green innovation,and can better promote the sustainable development of enterprises and market economy.Second,chain shareholders can reduce the financing constraints and agency costs of enterprises,and then promote the green innovation of enterprises.This conclusion helps to clarify the role mechanism of chain shareholders on green innovation.Thirdly,we further analyze the influence of chain shareholders on green innovation from the perspectives of management power and property rights,and conclude that chain shareholders play a more active role in enterprises with two jobs and non-state-owned enterprises,which also enriches the heterogeneity research of chain shareholders and green innovation.