Partial privatisation and green innovation in China: The role of industrial context and regional development
研究了中国企业部分私有化（减少国有持股）对绿色创新的影响，发现私有化促进了绿色创新，且在环境敏感行业和发达地区效果更强，最终提升了企业绩效。
Abstract This study examines the relationship between partial privatisation (i.e., state ownership reduction) and green innovation in China. Employing a large dataset of 36,072 firm‐year observations between 2005 and 2022, we document a positively significant association between partial privatisation and green innovation, suggesting that privatisation promotes green innovation in Chinese firms. Further analyses shows that the relationship is stronger for firms in environmentally sensitive industries and those located in more developed regions. Our main finding is robust to the alternative measurement of variables and endogeneity concerns using the propensity score matching (PSM), firm‐fixed effects and the system generalised method of moments (GMM) approach. Finally, we document that green innovation in privatised firms yields superior performance. Our findings highlight the significant contribution of privatisation in the quest for low‐carbon emissions in China by promoting green innovation.