逆向混改与企业绿色创新绩效研究综述

A Review of Research on Reverse Mixed-Ownership Reform and Enterprise Green Innovation Performance

摘要: 本文基于现有文献，系统梳理了逆向混改的动因、正负效应，绿色创新绩效的定义和指标评价体系，以及逆向混改和绿色创新绩效的关系、作用机制和国有资本持股比例的影响。研究表明：国资逆向混改的动因是为了助推经济高质量发展，企业逆向混改的动因是优化治理结构、缓解融资约束并获取资源；逆向混改既有改善企业融资、治理与ESG表现等正向作用，也存在行政干预、成本增加及经营僵化等负面效应。绿色创新绩效是企业绿色创新活动产生的综合成效，其评价包含传统投入产出与多维度综合两类指标体系，目前学界尚未形成统一标准。逆向混改整体能够提升民营企业绿色创新绩效，但也存在部分实施效果不达预期的特例。逆向混改主要通过政府补贴、治理优化等路径提升企业绿色创新绩效，且国有资本持股比例越高，对企业绿色创新绩效的促进效果越显著。当前逆向混改与绿色创新绩效相关研究尚处初步探索阶段，未来需对比不同国资入股对民企绿色创新策略的影响差异，剖析逆向混改后企业内部非正式制度的变动及其对企业绿色创新活动的中介与调节机制，并结合政策与技术演进开展动态研究，指导民企绿色可持续发展实践。

Abstract: Based on existing literature, this paper systematically reviews the motivations, positive and negative effects of reverse mixed ownership reform, the definition and indicator evaluation system of green innovation performance, as well as the correlation and mechanism between reverse mixed ownership reform and green innovation performance, and the impact of state-owned capital shareholding ratio. The research finds that the motivation for state-owned capital to promote reverse mixed ownership reform lies in boosting high-quality economic development, while enterprises carry out reverse mixed ownership reform to optimize governance structure, ease financing constraints and acquire heterogeneous resources. Reverse mixed ownership reform exerts positive effects such as improving corporate financing conditions, governance efficiency and ESG performance, while also bringing negative implications including administrative intervention, rising operating costs and operational rigidity. Green innovation performance refers to the comprehensive outcomes generated by enterprises’ green innovation activities, whose evaluation system falls into two categories: traditional input-output indicators and multi-dimensional comprehensive indicators, and there is yet no unified evaluation standard in academic circles. Overall, reverse mixed ownership reform can enhance the green innovation performance of private enterprises, though a few cases fail to achieve expected implementation effects. It mainly improves corporate green innovation performance through pathways such as government subsidies and governance optimization; furthermore, a higher shareholding ratio of state-owned capital yields a more prominent promotional effect on green innovation performance. Current research on reverse mixed ownership reform and green innovation performance is still in the initial exploratory stage. In the future, it is necessary to compare the differential impacts of different state-owned capital investments on private enterprises’ green innovation strategies, analyze changes in enterprises’ internal informal institutions as well as their mediating and regulating mechanisms for green innovation activities, and conduct dynamic research alongside policy and technological evolution to guide the sustainable green development of private enterprises.