Multiple Large Shareholders,Environmental Regulation And The Environmental Governance Of State-owned Enterprises

Since the reform and opening up,China’s economy has achieved remarkable results,and the development of ecological civilization and environmental protection has also achieved milestones.The Central Party Committee has made specific plans and put forward new requirements for environmental governance in China,elevating the construction of ecological civilisation to a new strategic level.The reason why China attaches great importance to the construction of ecological environment is that our country has limited environmental capacity,fragile ecosystem,heavy pollution,high losses and high risk of ecological environment has not been fundamentally reversed.The daily production and operation of enterprises cause a serious burden to the ecological environment,and even the irregular operation,illegal production and illegal discharge and dumping of enterprises are also important causes of environmental emergencies,and enterprises must assume the main responsibility for managing environmental problems.And it is concluded that whether an enterprise adopts environmental governance behavior depends largely on the level of corporate governance,and the equity structure,as one of the key factors affecting the level of corporate internal governance,has been a hot spot for research.It is worth exploring whether the effectiveness of the shareholding structure of multiple major shareholders on corporate governance decisions affects the environmental governance behavior of enterprises.Based on this,this paper takes the shareholding structure of multiple major shareholders of state-controlled enterprises as the basis of research,and combines the background of mixed ownership reform of state-owned enterprises,and the state-owned heavy pollution industry from 2013-2018 as the data,through theoretical combing and literature integration,the research hypotheses are proposed around the economic consequences of multiple major shareholders and the pre-study of the influencing factors of corporate environmental governance.Then,an empirical model is developed to test the impact of multiple large shareholders on the environmental governance of state-owned enterprises and the moderating effect of government environmental regulation on both.Finally,a robustness test is conducted to investigate the monitoring power of multiple major shareholders,the governance model of SOEs,and the independence of the board of directors.The results are obtained:(1)The shareholding structure of multiple major shareholders can promote SOEs to carry out more environmental investment activities to improve environmental governance.(2)The impact of multiple major shareholders on SOEs’ environmental governance is more significant in regions where government environmental regulations are relatively lax.(3)The stronger the supervisory power of multiple major shareholders,the higher the level of environmental governance of SOEs,and the higher the level of environmental governance of SOEs with economic-type governance model and SOEs with more independent boards of directors.Based on the research results,this paper proposes policy recommendations for the above study based on government,enterprise,and public and media perspectives.Regarding government departments,policy guidance should be strengthened to improve the implementation of environmental regulation policies,while mixed ownership reform should be deepened to release the vitality of diversified major shareholders.With regard to enterprises,they should play a supervisory role of non-controlling shareholders and guarantee the independence of the board of directors,while establishing an eco-friendly corporate culture and increasing investment in environmental protection.Regarding the public and the media,market supervision should be strengthened and green consumption should be emphasized.The research in the article provides reference for deepening mixed ownership reform and the development of internal governance mechanisms and equity structure arrangements of modern enterprises.