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| State-owned Equity Participation, Absorptive capacity and the Green Technology Innovation of Private Enterprises:A Moderated Mediating Model |
| Zhao Xin1,Yang Mianzhi2,Cao Xun1 |
| (1. School of Economics and Management, China University of Petroleum, Beijing 102249, China;2. School of Economics and Management, University of Science and Technology of Beijing, 100083, China) |
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Abstract Enterprises are the main body of green innovation and the manufacturing industry is the main body of the real economy. It is significant for enhancing the market competitiveness of enterprises, promoting the green transformation and upgrading of the real economy by improving the level of green technology innovation of manufacturing enterprises. At the present stage, China is in an important period of deepening economic restructuring and actively developing a mixed-ownership economy. In order to promote the cross-shareholding and mutual integration of state-owned capital, collective capital and non-public capital, and better combine public ownership and market economy together, it is necessary to integrate non-public capital into state-owned enterprises, and also requires the participation of state capital in non-public economy, which is an important part of the development of mixed ownership economy.#br#Existing studies believe that state-owned equity participation can ease the financing constraints of private enterprises, enhance the risk-bearing capacity, and thus promote the technological innovation of non-state-owned enterprises. However, the impact of state-owned equity on the green innovation of enterprises is rarely explored. Moreover, compared with general technology research and development, externality theory assumes that the uniqueness of green technology innovation lies in the dual-externality and significant knowledge path dependence characteristics; absorptive capacity theory and institutional theory also show that internal absorptive capacity and external environmental governance have important impacts on the green innovation activities of enterprises. In this case, how the participation of state-owned equity affects the green technology innovation of private enterprises and how the interactive relationship between the internal absorptive capacity of private enterprises and the external environmental governance works remain to be further discussed.#br#Therefore this paper tries to answer the following questions. Can state-owned equity participation promote the green innovation and development of private enterprises? What role do the absorptive capacity of private enterprises play? How can the external environmental pressure affect the role of state-owned equity participation on the green technology innovation of private enterprises? On the basis of the green patent data of China private enterprise manufacturing listed companies from 2013 to 2021, this study builds a moderated mediation model to analyze the influence of state-owned equity participation in private enterprise green technology innovation, and explore their own absorptive capacity in the mediating effect, as well as the moderating role of analysts following.#br#It is found that first, state-owned equity participation has effectively promoted the green technology innovation of private enterprises. Next, the improvement is partially mediated by absorptive capacity. At the same time, analyst following helps to leverage the resource acquisition advantage of state-owned equity participation and curb political rent-seeking, and strengthens the mediating effect of the absorptive capacity between state-owned equity participation and green technology innovation. From the characteristics of state-owned equity participation,the central state-owned equity can better promote the green technology innovation of private enterprises compared to the local state-owned equity rights. From the characteristics of private enterprises, it is confirmed that for enterprises in highly polluting industries, when the economic policy uncertainty is high, the participation of state-owned equity plays a more significant role in promoting the green technology innovation of private enterprises.#br#This study makes the following marginal contributions. First, it enriches the relevant literature of mixed ownership reform in enterprise green technology innovation. The study constructs the analysis path of state-owned equity by improving the absorptive capacity of private enterprises and then the performance of green innovation, and expands the research perspective of equity governance under the background of mixed reform from general technology innovation to green technology innovation. Second, this study provides empirical evidence of how to enhance the vitality of state capital and promote the green and sustainable development of mixed-ownership economy. The research conclusions show that the entry of state-owned capital into private enterprises can not only give full play to the advantages of resource acquisition and property rights protection, but also promote the green and healthy development of manufacturing enterprises, thus promoting the green transformation and upgrading of the mixed-ownership economy.#br#
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Received: 25 July 2022
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