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It is of theoretical and practical significance to study the impact of mixed-ownership reform, the core measure of stateowned enterprise (SOE) reform, on the green innovation of SOEs. Using the data of SOEs listed in the China A-share stock market from 2010 to 2019, this study empirically tested the impact, mechanisms, and heterogeneous impact of mixed-ownership reform on the green innovation of SOEs through a Propensity Score Matching+Difference-in-Differences (PSM-DID) model based on the shareholding ratio of non-state-owned shareholders among the top ten shareholders of state-owned enterprises. On this basis, this paper further explored the spillover effect of mixed-ownership reform on the green innovation of SOEs. The results showed that: ① Mixed-ownership reform could effectively promote the green innovation of SOEs. After using the placebo test and instrumental variable method to alleviate the endogenous problem and replacing the matching basis for the robustness test, the conclusion was still valid. ② The mechanism test showed that the improvement of corporate governance level and the knowledge spillover effect were important channels for mixed ownership reform to promote the green innovation of SOEs. The profit-seeking nature of non-state-owned shareholders might have a dampening effect on the green innovation of SOEs in mixed-ownership reform. ③ The heterogeneity analysis of industry characteristics showed that in competitive industries and environmental protection industries, mixed-ownership reform had a more obvious impact on promoting the green innovation of SOEs. ④ Although the mixed-ownership reform promoted the green innovation of SOEs, it was not the higher the better in terms of the proportion of non-state-owned shareholders. When non-state-owned shareholders accounted for 15% to 30%, the promotion effect on the green innovation of SOEs was most obvious. ⑤ The mixed-ownership reform had a spillover effect on the green innovation of unreformed SOEs, effectively promoting the substantive green innovation of these SOEs in the same industry. Therefore, the study proposes that the important role of mixed-ownership reform in green development should be fully recognized and the mixed-ownership reform of SOEs should be further promoted. We should promote the formation of a mutually balanced equity structure and rationally allocate the proportion of non-state-owned capital. At the same time, we should avoid the ‘one-size-fits-all’ mixed-ownership reform and adhere to the classification and stratification of orderly progress. [ABSTRACT FROM AUTHOR]

In the context of China' s active construction of a multi-party environmental governance system, it is worth discussing how environmental regulation policies affect the market contractual relationship. In fact, government environmental regulation can trigger interactions between enterprises. When an enterprise gets environmental penalties such as fines and halts production, this enterprise will affect the customers, and the customers may adjust their buying strategies or replace this supplier in order to avoid risks. Given that environmental regulation will increase the risk of polluting enterprises and further affect the operation of downstream customers, this paper empirically tested the impact of environmental regulation on market contractual relationship based on the data of Chinese A-share listed companies from 2009 to 2019. We found that: ① The strengthening of environmental regulation on suppliers would cause the customers to reduce the purchase quantity; thus, environmental regulation could trigger a negative market response. ② Between 2015 and 2019, with the overall and long-term tightening of environmental regulation, enterprises usually increased investment and innovation in environmental protection, resulting in a weakening of the negative market response. ③ When customers had a green reputation or the suppliers belonged to a polluting industry, the customers' negative response was significantly stronger, but when the suppliers were state-owned enterprises, customers were no longer sensitive to their environmental risks. ④ Further analysis showed that environmental regulation affected customers' adjustment of purchase share through 'risk' mechanism and 'environmental governance' mechanism. This article reveals that the government environmental regulation will impact the market contractual relationship, which complements and enriches the relevant literature on environmental governance from the micro perspective, and makes a solid attempt to promote corporate environmental governance from the perspective of the supply chain. The policy implication of this article is that we should strengthen the fairness of the implementation of environmental regulation policies and encourage the development of green supply chains. The conclusion of the study has certain implications for further improving the government environmental regulation, motivating corporate environmental governance, and realizing the multi-party co-governance environmental governance system. [ABSTRACT FROM AUTHOR]

The system as a whole is composed of various interrelated sub-systems. The effect of a system will be affected by the coordination of other systems associated with it. Only when the complementarity and coordination between systems increase can the implementation effect of the system be fully brought into play. As an informal system, social trust can affect the implementation effect of formal environmental regulations, but there are few studies on the moderating effect of social trust on the impact of environmental regulations on carbon emissions. Based on this, the panel data of 281 prefecture-level cities in China from 2010 to 2019 were selected as research samples. The moderating effect model and mediated moderating effect model were used to study the moderating effect and mechanism of social trust on the impact of environmental regulations on carbon emissions. In addition, the heterogeneity of this moderating effect was tested by region. The results showed that: ① The impact of environmental regulations on carbon emissions showed an inverted Ushaped nonlinear relationship, and the promotion effect of environmental regulations on carbon emissions was dominant in the present stage. FDI, the upgrading of industrial structures, and R&D innovation were important mediating channels for environmental regulations to affect carbon emissions. ② As a moderating variable, social trust positively moderated the impact of environmental regulations on carbon emissions and accelerated the arrival of the inflection point of the inverted U-shaped curve. ③ In terms of the mediating effect, the moderating effect of social trust on the impact of environmental regulations on carbon emissions was realized through the mediating effect of FDI, the upgrading of industrial structures, and R&D innovation, and the impact of social trust on the inflection points of the three intermediary channels was heterogeneous. ④ The moderating effect of social trust had regional heterogeneity. In small cities, the impact of social trust on environmental regulations on carbon emissions was greater than that in large and medium-sized cities. The moderating effect of social trust was greater in the cities without environmental protection than in the cities with environmental protection. The above conclusions were still valid after a series of robustness tests. It is hoped that this paper can enrich the relevant research on environmental regulations and social trust and be helpful for local governments to formulate relevant policies according to local conditions, improve the carbon emission reduction effect of environmental regulation, and accelerate the green development and transformation of Chinese cities. [ABSTRACT FROM AUTHOR]

The innovative application of green credit policy as a means of financial regulation in the field of environmental governance is an important attempt to balance the relationship between environmental protection and economic development. It reshapes the credit financing environment of high-pollution enterprises, forces them to transform and upgrade, and arouses their enthusiasm for green development. At the same time, it can profoundly affect their ‘real-to-virtual’ transformation, that is, the financialization of real enterprises. Based on the wide application of the green credit policy and rapid development of the financial market, this paper selected the empirical data of A-share listed companies in China from 2008 to 2019, and used the DID method to test the differences in financialization between high-pollution enterprises and non-high-pollution enterprises before and after the implementation of the Green Credit Guidelines. Benchmark regression showed that, compared with non-high pollution enterprises, green credit policy significantly inhibited the finan‑ cialization of high-pollution enterprises. After a series of robustness tests such as the parallel trend test, the placebo test, and PSM-DID, the results were still valid. The mechanism test showed that, this benefited from the technological innovation promotion and agency cost reduction resulting from the green credit policy. Heterogeneity test further showed that the inhibition effect on the financialization of high-pollution enterprises varied with the nature of the property rights of these enterprises and the intensity of the enforcement of regional environmental laws. Compared with state-owned enterprises and enterprises in areas with weak environmental law enforcement, the inhibition effect on the financialization of enterprises was more obvious in non-state-owned enterprises and areas with strong environmental law enforcement. The result confirms the effectiveness of the application of green credit policy at the micro level, which could help policymakers evaluate the policy effect, formulate and implement the incentive and restraint mechanisms of green credit policy, as well as remind the high-pollution enterprises of the importance of strengthening technological innovation, seeking green transformation, and rationally investing in financial assets. [ABSTRACT FROM AUTHOR]