State‐owned equity participation and corporate green innovation: evidence from Chinese private enterprises

Qingzhen Deng, Liguang Zhang, Shasha Wang, Yunxiang Liao and Jiaqi Zeng

Asian-Pacific Economic Literature, 2025, vol. 39, issue 1, 152-171

Abstract: This study examines the influence of state‐owned equity participation on green innovation in private enterprises. Using the data of China's A‐share private listed companies between 2009 and 2021, the paper finds that state‐owned equity participation has a positive impact on corporate green innovation and this finding remains consistent and dependable after conducting a series of robustness tests. In addition, this paper also uncovers that the impact of state‐owned equity participation on corporate green innovation differed across regions, industries, and external corporate governance. The results show that the incentive impact of state‐owned equity participation on green innovation is more pronounced in private enterprises with higher levels of intellectual property protection in the region where they are located, belonging to high‐tech industries and with higher media attention. Further mechanism analysis reveals that state‐owned equity participation enhances corporate green innovation by improving the fulfilment of corporate environmental responsibility and alleviating corporate financing constraints. Overall, this study enriches the research of green innovation influencing factors from the perspective of minority state‐owned equity and can help to inspire governments to make full use of state‐owned equity to promote the green transformation of private enterprises, thus contributing to the sustainable development of the global economy.

Date: 2025
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