Green technology innovation plays a key role in balancing economic development and ecological protection. However, enterprises encounter several core obstacles in its implementation. These include high innovation risks, substantial capital investment and extended return cycles, which significantly weakens their inherent innovation drive. Mixed ownership reform introduces diversified property rights structures and market-oriented governance mechanisms. This institutional arrangement effectively optimizes resource allocation and diversifies innovation risks. Furthermore, it strengthens strategic synergy among stakeholders. These advantages collectively provide stable resource support for green technology R&D and stimulate the vitality of corporate green technology innovation. Therefore, the purpose of this paper is to examine the impact of reverse mixed-ownership reform on corporate green technological innovation and its potential channels of action.
Based on the data of China’s A-share state-owned listed companies during the period between 2013 and 2024, this paper examines whether and how reverse mixed ownership reform affects corporate green technology innovation. Then, the mediation effect model is used to verify the mediating effect of executive compensation stickiness. Then, the mediating effect of executive compensation stickiness and the moderating effect of government subsidies are verified. Furthermore, the authors examine heterogeneity based on the regional development level and enterprise pollution level.
The findings demonstrate that reverse mixed ownership reform can significantly stimulate corporate green technology innovation. The authors also propose a fundamental mechanism for this interaction, which is to reduce the executive compensation stickiness by introducing state-owned shareholders to reduce executive hollowing out behavior and promote corporate green technology innovation. Additionally, the government subsidies strengthen the positive relationship between reverse mixed ownership reform and corporate green technology innovation. Further analysis suggests that positive impact of reverse mixed ownership reform on corporate green technology innovation is stronger in the eastern region and non-heavily polluting enterprises.
This paper breaks through the limitations of single ownership and optimizes the governance structure of non-state-owned enterprises through reverse mixed ownership reform. It not only enriches the theory of green innovation driving but also promotes cross-ownership collaboration and enhances the core competitiveness of enterprises in low-carbon economy.
