Characteristic Governance and Green Performance of State-Owned EnterprisesEmpirical Analysis Based on Listed Companies from Heavily Polluting State-Owned Manufacturing Industry

The key feature of the governance of state-owned enterprises that distinguishes stated-owned enterprises from general enterprises is “the integration of Party leadership into all aspects of corporate governance”. The empirical analysis of the data from heavily polluting state-owned manufacturing enterprises reveals that this characteristic governance of state-owned enterprises can effectively improve their green performance in the process of pursuing green development in state-owned enterprises, and it can ultimately improve the overall corporate green performance through three mechanisms of increasing green investment, boosting green output, and enhancing green management. In terms of boosting green output, although the characteristic governance can significantly promote corporate emissions reduction, it does not have a significant effect on green innovation. Further analysis finds that the regulatory effect of the characteristic governance of state-owned enterprises is not significant in the process of transforming green performance into overall corporate performance. The above results indicate that the characteristic governance is an important guarantee in the green activities of state-owned enterprises. But it is necessary to study the ways and means for the Party leadership to play the role of governance from the perspective of fostering innovation and optimizing business operations, in order to achieve high-quality development of enterprises.