“国家队"持股、绿色创新与新质生产力

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中图分类号：F832.5 文献标志码：A 文章编号：1671-9840（2025）03-0026-09

DOI：10.16713/j.cnki.65-1269/c.2025.03.003

"National Team" Shareholding， Green Innovationand New Quality Productivity Forces

ZHANG Xianhua’，WANG Ziren'，QIN Dongsheng² （1.LanzhouUniversityofFinanceand Economics，Lanzhou 73olOl，China; 2.Capital UniversityofEconomicsandBusiness，Beijing1ooo26，China）

Abstract：Asanimportantparticipantinthecapitalmarket，the"nationalteam"institutionalinvestors'shareholdingbehaviornotnlyafectsthebusinessdecisionsandgovernancemechanismsoflistedcompaniesbutalsoinfluencestheirhighquality development.Thisarticleselects thedataofA-sharelistedcompaniesinChinafrom2O15to2O22astheresearchsampletoempiricallyanalyzetheimpactof the"national team"shareholdingwithaspecialbackgroundonthenewqualityproductivityofenterprisesanditsmechanism.Theresultsshowthatthereisasignificantpositivecorrelationbetwenthe"national team"shareholdingandthenewqualityproductivityofenterprises.Themechanismtestresultsindicatethatthe"national team"shareholdingenhances thenewqualityproductivityofenterprisesbypromoting greeninovation.The heterogeneityanalysisresultsshow thatthe"nationalteam"shareholding hasamoresignificantefectonthenewqualityproductivityoflarge-scaleenterprisesand state-ownedenterprises.Basedonthis：thegovernmentcanencouragethe"national team"shareholding through policy ncentives to prompt enterprises tocarroutgreen innovation;enterprisesneed toactively introduce"nationalteam" investentand rely on itsadvantages to effectively enhance the new qualityproductivity.

KeyWords： "national team"shareholding; green innovation; new quality productive forces;high-qualitydevelopment

一、问题的提出

“国家队”是指具有政府背景的机构投资者，主要包含中国证券金融股份有限公司（简称“中国证金"）中央汇金投资有限责任公司（简称"中央汇金"）、中央汇金资产管理有限责任公司、中证金融资产管理计划、5只救市基金和国家外汇管理局旗下的投资平台[1]。（剩余9839字）