Can Mixed-Ownership Reform Drive the Green Transformation of SOEs?

In the construction of ecological civilization, green innovation has become an important driving force for sustainable development state-owned enterprises (SOEs). This paper uses panel data listed from 2008 to 2019 explore mixed-ownership reform’s influence on transformation SOEs and its specific mechanisms. The results show that diversity mixed shareholders, depth equity, restriction equity significantly promote SOEs’ innovation. Moreover, there are distinctions in impact shareholding ratio heterogeneous shareholders Only increase foreign a positive correlation with mechanism tests indicate reform plays governance role by optimizing reasonable allocation environmental protection subsidies propelling social responsibility’s active performance. Our study further subdivides significant promotion effect innovation, finding it only exists heavily polluting industries regions high degree marketization. Finally, we find ownership structure adjustment caused improved management system facilitated capabilities.