As global investors and stakeholders increasingly prioritize environmental, social, and governance (ESG) performance, corporate social responsibility and sustainability have become crucial factors in determining corporate success. In the context of China’s robust economy, the involvement of state-owned capital exerts a profound impact on the ESG performance of private enterprises. This paper, starting from the perspective of ESG, analyzes how state-owned capital participation influences the ESG performance of private enterprises. Additionally, it proposes recommendations for the involvement of state-owned enterprises in private enterprises, aiming to foster the sustainable development of private enterprises and enhance their social responsibility.
Gillan SL, Koch A, Starks LT, 2021, Firms and Social Responsibility: A Review of ESG and CSR Research in Corporate Finance. Journal of Corporate Finance, 66: 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Lin JY, Cai F, Li Z, 1998, Competition, Policy Burdens, and State-Owned Enterprise Reform. American Economic Review, 88(2): 422–427.
Ye Y, Zhang L, 2022, Mixed Ownership Reform Will Help Stabilize Employment? – A Discussion on the Employment Absorption Capacity of Private Enterprises Based on the Entry of State-Owned Capital. Industrial Economics Research, 2022(2): 57–70.
He D, Zeng M, Zhang S, 2023, How Does State-Owned Capital Participation Affect Private Enterprises? – A Study Based on the Perspective of Debt Financing. Social Science Abstracts, 2023(5): 82–84.
Wang X, Xu J, Xu X, 2023, Research on the Impact of State-Owned Capital Participation On the Financialization of Private Enterprises. Journal of Shanghai Lixin University of Accounting and Finance, 35(4): 58–75.
Song Z, Feng L, Tan X, 2014, State-Owned Equity, Private Entrepreneurs’ Political Participation and Corporate Financing Convenience: Empirical Evidence from Privately Held Listed Companies in China. Research in Finance, 2014(12): 133–147.
Wang A, Liu Y, Liu Y, 2022, State-Owned Equity Participation and Private Heavy Pollution Enterprise Green Management. Journal of Accounting Research, 2022(1): 49–63.
Xie J, Du L, 2023, State-Owned Capital Participation Can Inhibit Private Enterprises Violations? Journal of Accounting Monthly, 44(15): 146–152.
Tang S, Sun J, Li D, 2021, Can State Shares in Family Companies Curb the Risk of Stock Price Collapse? Journal of Shanghai University of Finance and Economics, 23(6): 3–19.
He S, Yang S, 2023, Can State-Owned Capital Participation Improve the Environmental Social Responsibility of Non-State-Owned Enterprises? Accounting Monthly, 44(15): 153–160.
Wei Y, Mao Z, Wang H, 2023, Research on the Impact of State-Owned Capital Participation on the ESG Performance of Private Enterprises. Journal of Management, 20(7): 984–993.
Bai J, Liu Y, Qiu S, 2018, Does the Participation of State-Owned Capital Promote the Technological Innovation of Private Enterprises? Journal of Finance and Economy, 2018(9): 38–45.
Li F, Luan F, 2019, Optimize the Countermeasure Research of State-Owned Equity Capital Regulation. Journal of Zhongzhou, 2019(8): 42–46.
Pan J, 2021, How State-Owned Share Company Effectively Perform the State-Owned Capital Financial Supervision. Journal of Accounting, 2021(4): 14–15.
Yu H, Song C, Song Z, 2021, Can State-Owned Equity Promote the Technological Innovation of Private Enterprises? Empirical Evidence from Chinese Listed Companies. Journal of Shanghai University of Finance and Economics, 23(6): 20–34.